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13 February 2025 | 22 replies
Additionally, when underwriting deals, you need to account for the general idea that repairs and maintenance will be a larger percentage of your rent, the lower your rental is.
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1 February 2025 | 1 reply
The cleaning and repairs cost a conservative $2,000 because you did all the work yourself.
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23 February 2025 | 18 replies
A single family could ultimately be a lower price point for you but depending on how much money you have available to spend on the purchase and any repairs/maintenance, either one could work.Have you found any SF or duplexes that catch your eye or know how much money you have to spend?
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31 January 2025 | 27 replies
From repairs and maintenance?
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2 February 2025 | 1 reply
Deal #4 - SFH, 3BD/1BAAsk: 80KNeeds new paint, flooring, new kitchen, and bathroom, and roof will need to be repaired.
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27 January 2025 | 7 replies
Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.
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17 February 2025 | 10 replies
I would like to at some point invest in an auto body shop so I have no issues with automotive repairs.
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28 January 2025 | 12 replies
Having it solid in a spreadsheet instead of in your head or on notebook paper and playing with the numbers for the repair budget isn't wrong.
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27 January 2025 | 13 replies
Document all your efforts, including repair invoices and communications, to show you’re acting in good faith as a landlord.
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28 January 2025 | 2 replies
For abandoned parks with infrastructure, some lenders may consider them as long as there’s a plan for the rehab and the infrastructure is in good condition or can be repaired.