All Forum Posts by: Susan Reehill

@Tim, thanks that's great information! A lot of the numbers I just use the BP Insights suggestions (such as using 5% vacancy rate). I did forget about the PMI, I'll make sure and put that in to my numbers. I don't understand what you mean by the gas company paying me $11 per month ... unless I accidently put something in the numbers that doesn't belong. I don't think there's a place in Tacoma that will cash flow with the current market. So I'll have to figure out how to make it work! Thanks again for all the great info!

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*This link comes directly from our calculators, based on information input by the member who posted.

What should I be looking for when I analyze properties in my area? What makes a property a "good deal"? This says cash flow at less than $200 per month, that's okay yet doesn't leave me room for errors. I'd love to get your thoughts! 

Hi All, I'm new to BP, the podcasts, REI and my BP Pro membership.

I’m so, so grateful to be here!

As I search for my first deal, I wanted to share my real estate story on this forum!

In 2009, I bought my first home. It had been on the market for about a year, originally listed at $320k and they had brought the price down to around $250k by that time.

They accepted $195k plus finance my closing for a total of $203k, financed with an FHA loan. Those first few years were rocky and my home value plummeted to $160k. I thought homeownership was a joke! Luckily, the housing market bounced back!

1st home: 4 bd, 2.5 ba, 1760 sq.ft + 2 car attached garage. 1418 S 95th St, Tacoma, if you wanna check it out.

Fast forward seven years to 2016, I decided to move closer to downtown Tacoma where I can bike / run / walk everywhere!

By that time, I was Dave Ramsey’ing my life and qualified for a $255k conventional loan w.20% down, without selling my first home!

I decided to rent out my home after two months of trying to sell it with no luck.

I knew nothing about landlord-ing so accepted the first tenant who applied. She had a huge sob story, and I had a huge heart!

Seven months later, I gave her cash-for-keys to GTF out of my home!

She did more damage to my home in seven months than my son and I had done in seven years!

The lesson for me: I was a horrible landlord because I cared too much about my home!

With that, I sold my home for $282k in 2017. I try not to think about how it’s worth about $500k now and I shoulda just kept landlording!

I’m now looking for my first house hack so I can rent out my current home. I’d love to hear your first rental stories!

Hi All! I'm new to BP, the podcast, and my BP Pro Membership. I'm so, so grateful to be here! While I search for my first deal, I wanted to say hi and tell you about "the one that got away".  

My first home purchase was 2009, I bought a brand new home that had been sitting for about one year during the crash. Orig list: $320k, I offered and they accepted $203k with closing costs. 

4 bd, 2.5 ba, 1730 sq.ft. 

1418 S 95th St, Tacoma, if you want to look it up. 

Fast forward 7 years later (2016). I wanted to live closer to downtown Tacoma and be able to bike / run / walk everywhere!  

I bought my current home in 2016 for $255k, conventional loan with 20% down. I was working the Dave Ramsey lifestyle at that time! 

I moved and put my first home up for sale yet didn't have an offer I was happy with so rented it out. Not knowing anything about how to be a landlord, I took the first person who applied and said "okay, I'll rent to you". I had a big heart and she had a big sob story ... ha!  

You can tell where this is going, right? 

Seven months later, I give her cash for keys to gtf out of my home! 

Her and her family did more damage to my home in seven months than my son and I had done in seven years.

After booting the horrid tenants out, I put my home up for sale again (2017). I got $282k and still have some of that money in the bank for my next "first home hack" or multi-family. 

The biggest lesson I learned was that I was NOT a bad landlord, I just had bad tenants. 

It's hard to see how my previous home has now doubled in value, yet I can't live in the past.

What's the biggest lesson you learned on your first home sale, purchase or landlording adventure? I'd love to hear your story! 

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi All! I'm utilizing the All You Can Analyze Weekend, and that's been fun! 

I've noticed that none of the properties I'm analyzing, looking at for potential LTRs will positive cash flow. so that's a little discouraging. 

I don't think I can do a BRRRR for my first home because I don't have the build skills nor the time with my full time W2 job, so I'm looking for a home that's mostly ready to go! I can do simple things like paint, some electrical, some plumbing ... regular home maintenance stuff.

So many of my numbers are probably "Off" though, since much of the time, I don't know what to put in the box. The suggestions BP has built in are super helpful! I look forward too listening to whomever wins the call with Ash and Tony!! That'll be so fun!