All Forum Posts by: Wyatt Postal

@Bryan Devitt yeah you’re totally right! And I’m unsure about if I qualify for anything like that I actually haven’t looked into it, but I definitely will. I was also looking into maybe finding a partner on a larger deal (like a duplex/triplex) if the numbers made sense

@Bryan Devitt @Bryan Devitt @Bryan Devitt i came up with 8k based on average costs of similar jobs and after all my discounts I get on appliances through work. All it needs is new light fixtures, paint and floor, appliances, and cabinet refinishes. I doubled my estimated amount because I figured I'd be way off. The building was built in 2003 and the HOA went up to 280 from 200 2 years ago and hasn't changed since. The buildings are also scheduled to be repainted in a few months and the complex is very well maintained. That's really all of the info I have so far. The bathrooms luckily don't need any work which was my major concern. I was looking into duplexes for sure as well but there's only 3 that have been in the market recently for about 800k but even with the rental income I just don't qualify for them. I think you're totally right about the income it's just too small and it has high odds of my breaking even or losing money, thank you!

@Adam Lang thank you for the response! Do you have a recommendation for an area like mine? Real the median home price here is 650k and median rent is about 2400 per month and it’s really hard to find a property here that even breaks even unless you have about 40% equity into the place. My market also has been averaging 7% appreciation the past 3 years

Hey guys I’m 20 years old and I’m currently working on getting my first deal! In my area in the North bay real estate is very expensive and I am looking into a condo for my first rehab/rental. I will lay out the info and I would love some input from you guys because I’m really wondering if this deal I found is worth it.

2 bed/2.5 bath 2 story 1100 sq. Ft condo with 1 car garage in a C neighborhood

Cost 315,000 and exact same floor plan next door sold in May for 345,000 with a basic low budget renovation (still a bit outdated) and my rehab costs would be about 15,000

Condo last rented in horrible cosmetic condition for 2,200 per month. Remodeled comps in the area rent for 2400-2500

Mortgage payment (7% down, 3.75%, PMI, and HOA) would be 2100 per month

My plan would be to remodel in one month upfront then live there for about a year or so then rent it out when I find my next deal. By then I hope to build enough value to apply to remove the PMI and increase my cash flow.

I know it’s not the best deal in the world, but what do you guys think? Thank you guys so much and sorry if I left out any important info