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12 April 2018 | 68 replies
My 10 unit cash-flow only went up $1700, but it was a fat payment with a low balance (old loan) so it was messing with my DTI.
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10 April 2018 | 21 replies
Awesome to hear you have a path, some drive and some realistic expectations.
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8 May 2018 | 10 replies
The money is more in long term appreciation which you can expect here vis a vis other markets but cash flow is hard.
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9 April 2018 | 0 replies
Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.
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11 April 2018 | 2 replies
I could be wrong, but I believe that if I just stick to what I can do and continue putting in my effort to connect with others with offers to help them (for free), help those even newer than I am to this website, be open to opportunities that come my way without expectations of their size, then I will eventually succeed.I think that the one determining factor in me that makes me sure I will succeed in the end is my drive to keep at this until I have achieved success, and I plan to never give up as long as I am alive.
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11 April 2018 | 20 replies
But my target areas are probably a little less polished than yours, and I'm looking for areas with room (and the expectation) to improve in a couple of years.
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12 April 2018 | 7 replies
The numbers you come up should expect for replacement of some/all of the plumbing.
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10 April 2018 | 3 replies
However, you need to consider that over time taxes and insurance do go up, so if the margins are very thin in its present state with limited expected rental growth it might not be a viable deal.
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10 April 2018 | 3 replies
I would expect 70-75% LTV.