All Forum Posts by: Todd English

Thanks @Thomas Sill all really good points on expected vs. actuals, payback time, as well as reserves.  Let's assume I have the reserves.  Appreciation rates are about 3-5% right now.  Market is tight and deals are hard to come by.  Should I pass and wait for a potential bigger fish?   

Hello BP community!

I've come across a potential deal that I'd appreciate any feedback or thoughts on the soundness of it.

It is a 700 sf 1bd/1ba condo that is in an area where vacancies should be very low.  Here are the #'s:

Purchase: $90,000

Down:  20% = $18,000

Monthly Loan PITI payment: $475.00

Monthly HOA: $275.00

Property Management: $100.00

Total Monthly Expenses: $850.00

Expected Monthly Rent: $975.00

Expected Monthly Cash Flow: +$125.00

I'll need to put about $4,000 into rehab.  What do you guys think?  Worth it or pass?

Thanks much for taking the time to review this with me!

Thanks for sharing, unfortunate outcome, but there is always another deal somewhere...

Hi @Jennifer Williams! I just bought my first property 9 months ago and have a professional management team deal with the day to day management of the property. I love it because it allows me time to focus on my corporate career and family, while still making extra $ each month. I chose to invest in a townhouse due to the lower maintenance (HOA covers exterior stuff). I scour the MLS and investor sites frequently, my realtor and property manager also bring potential deals to me once in a while. I have contemplated team investing, however, have stayed away for now - It seems simpler to fly solo. I'm might be wrong though! Happy investing!

 Wow, @Stephen Hundley!  Nice!

Welcome @Kyle Corkery to BP!  I have a similar plan in the Twin Cities, I'm hopeful it works!  Seems reasonable though - good luck!

Hi @Jessica Loan  welcome to BP!  I live in MN and I think the real estate licensing requirements are similar here... I was wondering the same question - Can I get my license even if I'm not employed by a broker?  So far, from what I've heard (anyone jump in and correct me please) the answer is no...  bummer.

@Jay Lohn  haha!  very true.  I fish daily, patiently waiting...  :)   Maybe its time to fish another spot??

Thanks @Mike Krzesowiak!  I guess patience is the theme here in the Twin Cities metro area. 

Hi BP community,

My name is Todd English, I'm a father of 3. Have a successful full-time day job outside of real estate. I'm a new real estate investor having bought my first rental property last Fall.

My first "rental" was purchased as my first home that I later became a landlord out of necessity since I couldn't sell it for enough without having to bring cash to close. I have just recently bought my first investment property that its sole purpose is to be a long term rental.

I'm hoping to add to my rental property portfolio. Ideally, I'd like to add 1 or 2 properties per year.  I've been reading others stories here on BP and thought I should join and contribute my ups and downs as well.  Peer learning is a great way to go. 

I'm interested in long term buy hold rentals. I'm actively searching for my next property!  The market is sizzling here and I'm having a challenging time finding opportunities that will pencil for me.