All Forum Posts by: Will Byrne

Hi @David Hall

Welcome!  I'm just starting out too and hope to have a rental property in the next several months.

I'm not familiar with the Choctaw area but OKC still seems to be pretty busy despite the oil downturn.  

Glad to have another member from Oklahoma.

@Ralph R. Thank you very much! I was thinking repairs would include capital expenditures but you're definitely correct.  I will have to create additional calculations for that.

@Ian Reeves It is an older property with a newer roof but I need to do a lot more investigating on when exactly the roof was replaced and how old the furnaces are, etc.  Also, thanks about the tax and insurance information, I also need to verify those.  And thanks for the link to the calculator!

@Robert Santangelo Thanks for the info! The rents are definitely below market but the garage apartment tenant currently handles landscaping, minor repairs, etc. so he has a reduced rate.

Again, thank you all!  I have a lot more to look into before considering this deal.

Hi,

I'm looking to buy my first duplex and I would greatly appreciate some feedback on the numbers below.  The duplex is listed at $200,000 but I wouldn't accept anything above $175,000.  The numbers below would be if I got it at $175k.

Income:

• Total rent = $1,700/mo
• First story 2 bed/1 bath = $650/mo
• Second story 2 bed/1 bath = $650/mo
• Garage apartment = $400/mo

Expenses with 4.375% mortgage:

• 25% down payment = $43,750
• Principal & interest = $655/mo
• Property taxes = $175/mo
• Home insurance = $82

Here's a screenshot from some basic calculations.

I know that's a lot of cash to put down but I'm a conservative person and I'd like to avoid little or no down payment situations.   I know it doesn't exactly meet the 1% rule or get the $100/door rule.  Any thoughts or major concerns?  Do the numbers look correct?

Thanks in advance for your help! 

Welcome! Always good to have another person from Oklahoma on here.  I'm in the same boat, just trying to learn as much as I can right now.

Impressive, @Nancy Totino!  That's an inspiring story.  I always enjoy hearing success stories like yours.

@Paul Timmins Thanks for all the info!  I will look into that.  The "Real Estate Rewind" book sounds particularly interesting.

@Brett Snodgrass Thanks for the words of encouragement! 

Hi,

I recently started reading about real estate and listening to the BP podcast.  I'm a database developer in Oklahoma City and I'd like to get involved in real estate investing.  My plan is to purchase several multi-family properties in the Northwest OKC area in the next few years to provide enough cash flow to cover my basic living expenses.  

I think my biggest hurdle will be making the first purchase.  I've been pre-approved for a mortgage and have been looking at different properties for a while now.  I tend to over-analyze things so I need to work on actually making an offer once I find the right deal.

I'm excited to learn as much as possible through this community and I look forward to starting my real estate career.

Will Byrne