All Forum Posts by: Tyrone Osilesi

@Demarcus Crump correct. 

1% rule says a property should rent for at least 1% of its purchase price. so $100K home = $1K in rent

2% test says a property's rent/price paid should equal at least 2% - (Hard to come by in my market)

Keep in mind these are just evaluation criteria to quickly determine if a property may be right for you. 

I'm new also, welcome! For me it's really analyzing deals daily and making use of the calculators here on BiggerPockets. Knowing the 2% test, and what the 1% and 50% rules are definitely help me to quickly evaluate possible deals. If flipping, you'll need to know the ARV formula as well.

Keep listening to the podcasts and reading! I’ve been studying real estate for a lil over a year and just closed on my 3rd turnkey property each to be cash flowing >$200/month! Looking to do all BRRRRs going forward though. Good luck!

Hey BP folks,

I have some questions regarding strategies you all may use who do long-distance real estate investing. I read David Greene's book, but either I missed it or I just didn't see any content around the following:

- It's closing day (yeah!), how do I close on a property to include accepting keys all while not physically being there?

- Your contractors require daily access to your property for reno work. Who let's them in? How/where do they get the keys?

I did read some great advice on having your property management company come by every now and then and give updates during reno work which is great, but honestly, I'd really love to self-manage while investing long-distance via apps like RentRedi if I can.

Anyone have any advice/tips for me? Thanks!

Anyone care to share their CPAs specialized in real estate tax in the DC/MD/VA areas? This week's podcast has me on the hunt!

thanks @Chris Mason!

thx @Andrew Postell & @Aaron K.

It almost sounds like you, as the now seller have to create this value while adhering to neighborhood statistics, quality of products used, etc.

Let me ask this, do you guys trust Zillow and the likes to be somewhat accurate on home values in a given area? If not, how do you determine this short of just seeing a house that looks good from the outside in the area and looking it up manually?

Maybe I'm over-complicating this...

Rentometer Pro is great!

Hey all,

Is there a website/resource out there in use similar to Rentometer that can easily calculate the estimated ARV of a project taking in variables such as neighborhood statistics?

So I have a question, if most conventional lenders (fannie and freddie) will only finance you for up to 10 properties due to DTI, how are so many people able to continually do BRRRR deals? Seems to me that after a certain point you'd have to stay locked into another lending method which makes the strategy less optimum. Am I missing something?