All Forum Posts by: Vincent Morris

Hey, all! 

First thanks for the responses.

@Jeremy Taggart  I have a 30 year fixed rate at 5.75 after 25% down last year in December. However, a cash out refinance will bring that down to a 4.25 (I'm an ex loan officer going through my old brokerage).

Capex/ repairs are set at 105 each. Sorry for not clarifying.

@Clayton Helper, I bought the property off Market. And is located near south side slopes. I had to do a lot of tear out and drove up multiple times to do additional work to keep labor cost down. Learning from this experience, I will be aiming for different neighborhoods (next property has already been identified). Not that it's bad, but we all learn something along the way.

Purchase price: $39,000

Closing and down payment: $13,200

renovation cost: $30,000

Total investment: $43,200

after renovation value: $95,000

Income: $1,500

Mortgage, ins, tax: $257

manager: $135

vacancy: 105

capex: 105

utilities are separate

Cash flow: $898

ROI: 25%

cash out equity available: $37,404

Hello BP Community!

I'm so excited to say I have officially closed on my first duplex. Fully leased, only estimated expense is utilities. Everything else is approx. Rents are well below market with room for renovation and increase. Below are the details, let me know where I could have improved!

Regards,

V