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24 November 2017 | 4 replies
I'm expecting a short term drop in prices at the beginning of 2018..Also, the $40 Billion housing project will definitely have pressure on prices
26 November 2017 | 2 replies
Is there any chance to receive a financial backing to move ahead with this project?
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24 November 2017 | 7 replies
I'm not sure I get it...it seems that there are very few things we can do that actually add value to a fix up project.
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6 December 2017 | 33 replies
If I had done so with a project last summer, I could have saved myself a lot of grief.
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8 January 2018 | 3 replies
Looking at the numbers CAPEX and repairs add a huge amount to the monthly expenses.For instance, this third deal:Monthly Income: $1,100Monthly Expenses $1,134.14Monthly Cashflow: -$34.14Pro Forma Cap: 5.22%NOI: $5,215Total Cash Needed: $11,050Cash on Cash ROI: -3.71%Purchase Cap Rate: $5.73Sale Price: $91,000Closing Costs: $2,500Renovation Costs: $4,550 (5%)TOTAL PROJECT COSTS: $98,050Down Payment: $4,550 (5%)Loan Amount: $87,314.5Loan Points: $864.5 (1%)Amortized: 30 yearsInterest Rate: 5%P&I: 468.72Total Cash Needed: $11,050Property Taxes: $2,184/yr2% Rule: 1.13%Initial Equity: $12,685.50Gross Rent Multiplier: 6.89Debt Coverage Ratio: 0.93Expense Increase: 4%/yrIncome Increase: 5%/yrProperty Value Increase: 4%/yrCash on Cash ROI: YR1 (-3.71%) YR2 (-0.63%) YR5 (2.64%) YR10 (9.76%) YR15 (31.56%)Annualized Total Return: YR1 (2.48%) YR2 (22.27%) YR5 (26.37%) YR10 (26.47%) YR15 (22.20%)Total Profit if sold: YR1 ($274) YR2 ($5,469) YR5 ($11,251) YR10 ($24,701) YR15 ($70,982)Expenses:HOA: $82Insurance: $66Taxes: $182MTG: $468.72 (@5%)TOTAL: $798.72Vacancy: $110 (10%)CAPEX: $190/mo (~2.5%)Repairs & Maint: $380/mo (5%)TOTAL EXPENSES: $1,478.72These expenses are different than the $1,134.14 mentioned early on.
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25 November 2017 | 3 replies
I have experience working on a wide range of residential projects, from small kitchen remodels to custom homes, everything from $50 per sq ft to over $1000 per sq ft.
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16 February 2018 | 16 replies
Hey Michael -Not sure if you are still looking for some contractors, but I have a team (based in Dayton, OH about 90 min away) that can tackle pretty much anything.We work in the Columbus area too, so if you should need any help, please feel free to reach out to me.
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24 November 2017 | 4 replies
@Patrick Martone I feel that this will be complete personal preference but if you are intending to do flips, would you consider doing more than one rehab project at a time?
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4 December 2017 | 4 replies
Just show them you have the funds and show them some of your successful projects.