All Forum Posts by: Ty Moore

How are you running your numbers in terms of toal purchase price, down payment.

Rates are not at 6% for an investment property unless you are putting 30% to 40% down. If this is a Primary home you can get a rate for under 6% with credit above 720. On an investment you will need 15% down minimum so at a sale price of $161K your mortgage P&I would be around $941.80 that based on a 7.75% 30 Year.

What are the common rents of that market?

Thanks for the info Jason. We are planning to purchase it cash and then refinance after the reno. Our realtor estimates that we can get $1,700/month rent as a single family. We might be able to get more but I'm trying to be conservative. There's another rental down the street for an uglier house with similar amenities but less square footage listed at $1,500/month.

0 Votes

South Bend, Indiana

Hey Seth. I'm in the same boat but just wanted to connect with you. I'm in Warsaw Indiana (West of Columbia City and Fort Wayne) and trying to get started. Might be buying my first house here this week if all goes according to plan!

1 Vote

Fort Wayne, Indiana

Buying a flip for $161,000, hope to flip it under $20k and sell for around $225k conservatively giving me $45k in profit. Wondering, though, if we could somehow make this cashflow as a BRRRR. As I've been doing the numbers, I'm a little negative on the cashflow because what we would need to mortgage to get our $ back out would make the mortgage payment too high to cashflow when the rent would only be about $1,700/month. Short of charging more $ per month for rent, is there something I might be missing? My understanding with the numbers is that the only other way is to get lower interest on the mortgage. I penciled it out at 6%.

0 Votes

South Bend, Indiana

All Forum Posts by: Ty Moore

Ty Moore has started 2 posts and replied 13 times.

Post: Can I Make This Flip Work As A BRRRR?

Post: Networking with investors

Post: Can I Make This Flip Work As A BRRRR?