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24 October 2024 | 139 replies
It's a FANTASY, a mirage thinking you a RETAIL customer will ever match, more or less beat, what I the professional buying millions annually in volume get from the manufacturers.
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18 October 2024 | 1 reply
Higher maintenance must be accounted for and is annoying, but if you end up refreshing it before renting, that will save you time and money down the road.
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15 October 2024 | 14 replies
Preventative maintenance (things like gutters or removing/trimming trees).4.
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15 October 2024 | 7 replies
For example an Uber driver might show $4k per month in deposits, BUT that doesn't factor in their EXPENSES such as fuel and maintenance which might be $1k per month.
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15 October 2024 | 2 replies
Property taxes are $6,156 annually ($513 /mo).
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16 October 2024 | 5 replies
Looks like you removed CapEx in Proforma and increased repairs/maintenance by only $3,500?
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15 October 2024 | 15 replies
Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.
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13 October 2024 | 19 replies
That means I'm in the unit a handful of times each year, and it helps me stay on top of maintenance WAY better than I could with an LTR.
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15 October 2024 | 5 replies
I will be making around $110,000 annually and have $20,000 in student loan debt.
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16 October 2024 | 13 replies
Same with cost of utilities, and cost of repairs/maintenance.