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13 June 2024 | 1 reply
Given this I know I will need a property managner/property management firm at some point.
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13 June 2024 | 7 replies
If I'm trying to determine how much to rent an LTR for I'll also use Zillow to see what others are asking for similar homes and how many people have reached out & applied.If I'm trying to determine how much to rent an STR for I'll use the enemy method, AirDNA, and estimates from property management companies.
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11 June 2024 | 15 replies
Run the numbers in the UW to see how big of a gap you have for new construction of those units 4.
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13 June 2024 | 0 replies
Although no major renovations were needed, our strategic approach and rapid transaction management significantly increased the property's market value.
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12 June 2024 | 2 replies
They do require patience because they are similar to construction where they can take 60-90 days on average to close.You cannot do the work you need an approved GC or builder and typically required to get (3) estimates from (3) local licensed GC/Builders.
13 June 2024 | 1 reply
I also have many connections in the area for other trades, ie electricians, plumbers etc that I can call upon and potentially project manage on a house flip, rental etc
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12 June 2024 | 20 replies
I’ve flipped in the dc area for years, right now there is just money & in the vast majority of cases there is high likelihood of losing money, right now the best investments in the area imo are buy & hold, I’ve even gone full circle and while I really liked value add for most of the last decade I think in a lot of ways new construction especially in more affordable markets (I’m personally a big fan of the eastern shore market) is a much better way to make money long term than flipping and brrring while I know they are sexy & certainly you getting a huge paycheck is great, there just isn’t any money in it right now, especially in nova.
14 June 2024 | 10 replies
For a $300,000 property, this could be $6,000 to $15,000.Mortgage on Rental Property:Loan Amount: $240,000 (assuming 80% financed at 4% interest over 30 years).Monthly Payment: Approximately $1,145.Other Expenses:Property Taxes: Estimated at 1.5% of property value annually ($4,500).Insurance: Estimated at $1,500 annually.Maintenance: Estimated at 1% of property value annually ($3,000).Property Management Fees: Assuming 10% of monthly rental income ($2,400 annually if rent is $2,000 per month).Vacancy and Turnover Costs: Estimated at 5% of annual rental income ($1,200).Total Initial Investment and Annual Operating ExpensesInitial Investment:Total Borrowed from Equity: $150,000Down Payment for Rental Property: $60,000Closing Costs for Rental Property: $10,500 (average)Total Initial Cash Outlay: $70,500 (initial investment from equity) + $10,500 (closing costs)Annual Operating Expenses:Property Taxes: $4,500Insurance: $1,500Maintenance: $3,000Property Management Fees: $2,400Vacancy and Turnover Costs: $1,200Total Operating Expenses: $12,600 annuallyExpected ReturnRental Income:Assuming $2,000 per month, annual rental income = $24,000.Net Operating Income (NOI):Annual Rental Income: $24,000Minus Annual Operating Expenses: $12,600NOI: $11,400Debt Service:Mortgage Payment on Rental Property: $1,145 per month, $13,740 annually.Total Debt Service: $13,740 (rental property) + $8,592 (equity loan) = $22,332 annually.Net Cash Flow:NOI: $11,400Minus Debt Service: $22,332Net Cash Flow: -$10,932 annually (negative cash flow initially due to high debt service).Cash-on-Cash ReturnInitial Cash Investment: $70,500Net Cash Flow (first year): -$10,932Cash-on-Cash Return: Not applicable initially due to negative cash flow.Long-Term Appreciation and AdjustmentsProperty Appreciation:Assuming a 3% annual appreciation, the property value could increase by $9,000 annually.Rent Increases:Assuming a 2% annual rent increase, rental income will rise, improving cash flow over time.
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12 June 2024 | 4 replies
I am looking for suggestions on how to host these on a platform using AI and other new technology to help people match with a lender or build a list of investors for multi family, self storage, assisted living, short term rentals, mobile home parks, new construction etc.
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12 June 2024 | 4 replies
I have some questions about qualifying for another mortgage when I have outstanding mortgages on investment properties.So here's the scenario:I am purchasing a Quadplex on 6/28/2024 and it's new construction.