All Forum Posts by: Jimmy Murray

@Anton Taylor The best way to stay top of mind is consistent follow-up. During your follow-up I would recommend starting to fee him small pieces of what a Lease Option deal would look like. From there it is a gradual build until you close the deal. Good Luck!

@James Fede Excited to have you coming out! We are really looking forward to providing a TON of actionable advice to help investors in Rhode Island.

@Sahil K. Looking forward to seeing you!

@Nate Estelle Best route would be to go to a local REIA group in your area to find a private lender.

Also, BP is a great resource to find a lender. It is amazing at how much money is out there to fund deals. 

@Andrew Michaud It seems that you are evaluating the property correctly. What is the demographic of renter in the area?

If those numbers pan out, I would very seriously look at investing in Caribou, ME myself!

Typically in my market we account for 8% vacancy, 10% R&M, and 10% management fee. The fees can vary by property and property manager but those are rough figures. 

Cash on Cash return varies greatly by neighborhood in Rhode Island.

@Eric Mukai from personal experience, using both strategies in the past, I would vote for Investor Carrot. You will absolutely see the best return dollar for dollar with their program.

I think if you are focused on Cashflow I would go wth the 30 year mortgage option. If you are focused on Cashflow the name of the game would be to generate the largest return for your $ invested. I would focus on Cash on Cash return.

The screenshots seem reasonable below. I would also incorporate a line for vacancy.

I think as long as your account for CapEx and then from an operating perspective you add any unspent CapEx into a reserve account you will be fine. Including both in an analysis seems a bit duplicative.

Hope this helps!

@Karen F. Not sure what is going on here but I wonder if its the courts just cleaning their records. I would call your eviction check provider to see how they go about obtaining information to be included on your background checks.

@Jerrel Almeida Congrats on you 2-Family purchase!

As always, great advice from @Anthony Thompson. Your best resource will be to either leverage a lease used by your Realtor or to network with an attorney. 

I'd also be willing to share a copy of the lease I use. If you would find that helpful please send me a PM.