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23 May 2024 | 13 replies
That's hard to come by in today's market.I'm not a fan of borrowing money to borrow money.
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22 May 2024 | 48 replies
And whatever you do, don't trust anyone who uses Zillow to analyze deals in Detroit (sorry @Michael Smythe, but that's just bush league) Calm down bro.
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26 May 2024 | 102 replies
t hits the fan complain and come here to ask for advice.
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21 May 2024 | 25 replies
Quote from @Michael Mainini: I'm a big fan of holding property forever, but you need to know the numbers.
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22 May 2024 | 19 replies
I am a huge fan of self-managing.
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20 May 2024 | 1 reply
Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.
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21 May 2024 | 14 replies
I’m still in the exploratory phases of learning about AI and I’m sure will become a bigger fan of it the more I use it.
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21 May 2024 | 10 replies
I'm a Ricky fan and also Brandon, they really preach cold calling/prospecting.
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21 May 2024 | 4 replies
Not a huge fan of Buildium due to their customer service.We had to show the team that it was in their best interest, and it would help their lives immensely.