All Forum Posts by: Zach Fulton

Thanks for the feedback @Ross Gortney. This is helpful

Thanks for the feedback Mack!

I've been going hard at real estate and am looking to do a flip soon. Does anyone know of any attorneys, CPAs, and contractors that are good to work with in the Greenville, SC area? Any feedback is helpful, thanks!

This property is well below market price because I am buying from a wholesaler. It is right in Greenville, 5 minutes from downtown. The property has new construction homes all around it and is in a very desirable area. They are offering seller finance. 

Purchase Price: 155,000

Downpayment: 30,000

Interest rate: 7%

Length of Balloon: 10 years

Length of Amoritized: 25 years.

Below are my calculations. 

"Monthly Payment $883.48
Balloon Payment Amount $99,174.21
Loan Amount $125,000.00
Total Interest $79,308.33
Total Paid $204,308.33
Payoff Time 10 Yrs"

2/1(Under 900 sqft)

Repairs(If I decide its worth it, its not needed): 30,000

ARV: It could easily go for 250,000 after a general rehab, probably more. I think it could sell as is for around 200,000.

Market rent: As is I think it would rent out quickly for 1300(Currently 1100). After Rehab I would estimate 1500-1800(Again, it depends on the repairs)

Taxes should be under 1,000

I estimated insurance around 1,000

What am I missing? This could be a good opportunity to get my foot in the door with sellers finance. I see the real opportunity as the chance to hold this property and cash flow a little bit along the way, or rehab, refinance(If I can find a better interest rate), then rent it out for an even better cash flow. Either way I see holding as the best move. 

Please read my post before you just say yes. 

I just bought my first single-family house. This will be a house hack and I will rent out the three other rooms in the house. Each renter is a good friend of mine. I asked my agent what he thought and this was his response. "The insurance is tricky. You may want to call a couple local agents and talk through a couple options. Them getting renters insurance may change the type of insurance you have to carry. Might do you more harm than good." So if they live in the same house with me should I require them to get renters insurance?

Another question I have is what kind of things should I put on the lease agreement. If anyone could provide one they have done specifically for a house hack that would be wonderful. I've already written one up but I'm sure I've missed something. 

Just wanted to hear some thoughts of someone who has done this before and knows more than I do. Thank you All!