All Forum Posts by: Victor H nieves

@Cameron Lange Thanks. No, I am rehabbing a duplex in Indianapolis which will be complete in 10 days :)

@Trevor Bingham Keep in mind that my TK was with Memphis Investment Properties. Things are great thus far, cash flowing!

 HA...@Tyler Jahnke ALLLL the news!

Thanks, its been a crazy journey! Now onto the next one...BRRRR here I come!

I'm now on the hunt for a Buy Rehab property in another market so I can BRRRR!

UPDATE:

Feb 10:

• Received the 1st prepayment of rent on the property management portal!

Cash flow dreams becoming reality :)

 Appraised at $75 pretty much the same as Purchase Price $72.5k

 I had to pay $ points to get to 4.75%

UPDATE:

Feb 5:

• Reedy and Company notified me today that they secured my tenant (move in date Feb 23)...WHOOP!

Here is a recap of my Proforma:

PURCHASE PRICE: $ 72,500

INTITIAL CASH INVESTED: $19,749 (I had to pay alot of points because of my 680 score)

OPERATING INCOME: $831

• Rent: $875
• Vacancy 5%: $44 

OPERATING EXPENSES: $ 328.08

• Prop Tax: $87 (County & City)
• Insurance: $40
• Mgmt Fee 8%: $70
• Maintenance Reserve 5%: $44
• Capex 10%: $88

NOI: $503

DEBT SERVICE: $303

CASH FLOW: $ 201 ($2,407)

CAP RATE: 8.33%

CASH ON CASH RETURN: 12.19%

RENT TO VALUE: 1.21%

Once I receive the first payment, I will update this thread...

I am about to update this post ... a renter was secured!