All Forum Posts by: Tiffany Watkins

Hey @Jessica Parker I don’t know a lot about taxes but I understand that Michael is correct. Taxes can be mitigated using certain strategies, such as a 1031 exchange. You can look into that but I plan on consulting with a CPA that is knowledgeable in real estate. Also, in my personal opinion, if the interest rates are still low when you move, it might be a more lucrative option to finance the properties with 20% down and invest your cash in other places (stock market, gold, etc.) depending on the rate of returns you could get. 

Thank you all. I looked up CRBE and found some of what I needed. I also tried city-data first. Maybe I just don't know where on the site to find it because the site is so vast. I was hoping for a single source because some sites have some of the cities and the different sites use different years, so I'm not truly comparing apples to apples. But I think I will be able to cobble together enough data for my purposes. Thanks again. 

@Joanne Eriaku and @Mitch Messer Thank you both; I appreciate your help. I do use many of the BiggerPockets calculators but I honestly don't know how to properly use the construction calculator. It asks questions I don't really know how to answer. I decided against this property as my first flip, and it went under contract 2 days later, from the MLS. Maybe one of the cash investors in the area.

Hello BiggerPockets. I am a rookie trying to put together a spreadsheet of some of the markets I have in mind for BRRRR properties. What is taking so long is that I don't know where to find the most recent, accurate data. Where can I find median rent (I can't find this on Zillow), Rental vacancy rate, population growth, job growth, and rent to income ratio? Is there one website with this data? Or do I need to piece it together with several websites? Thanks!

@Nicholas L. If there were less risky options in my area I would be all over them! I think I’m just going to invest out of state. Today I am researching which area I want to be in and plan to build my team as fast as possible. 

@David M. Thanks for your response. I appreciate your input. 

@Nicholas L. Thanks for your response. Inventory is extremely low here and I tend to agree with you but I’m also chomping at the bit right now. 

@Steve Morris I acted as my own GC last year when remodeling my house so I’ve coordinated subs but no permits were needed. 

Hey BP community. I am a new investor in Washington and I need help with some numbers. I found a 2/1 w/o a garage, built in the 50s that is in an area where the median home price is $330,000. The neighborhood has homes that are larger and a lot of them have 3/2 with a 1 car garage. It's on a large lot. The house has been on the market for $215,000 for two months. I have a target buy price of $160,000 (I think). I am thinking about adding a master suite, a garage, and updating the current interior, and have a target sale price of $330,000. I am guessing the addition and remodel budget would be about $100,000 but this is one of the numbers I am not clear on. I am guessing the time frame would be 6-9 months but again, I'm not sure if that is realistic. I would be using hard money at 10% interest (70% of ARV) and making up the difference in cash. Is it realistic to expect $2500 a month in holding costs to include the mortgage payment, taxes, utilities and insurance? I also figure there will be a total of $8k in closing on the front and back end total and a 6% agent commission on the sale. If all my numbers are correct, I might profit at most $30K. Do you think the numbers are realistic and would you do this as your first deal if you have limited construction experience?

Tiffany Watkins

Hey BP community. I am a new investor in Washington and I need help with some numbers. I found a 2/1 w/o a garage, built in the 50s that is in an area where the median home price is $330,000. The neighborhood has homes that are larger and a lot of them have 3/2 with a 1 car garage. It's on a large lot. The house has been on the market for $215,000 for two months. I have a target buy price of $160,000 (I think). I am thinking about adding a master suite, a garage, and updating the current interior, and have a target sale price of $330,000. I am guessing the addition and remodel budget would be about $100,000 but this is one of the numbers I am not clear on. I am guessing the time frame would be 6-9 months but again, I'm not sure if that is realistic. I would be using hard money at 10% interest (70% of ARV) and making up the difference in cash. Is it realistic to expect $2500 a month in holding costs to include the mortgage payment, taxes, utilities and insurance? I also figure there will be a total of $8k in closing on the front and back end total and a 6% agent commission on the sale. If all my numbers are correct, I might profit at most $30K. Do you think the numbers are realistic and would you do this as your first deal if you have limited construction experience?