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5 January 2025 | 12 replies
.$8,981 mortgage at 7%$2,918 expenses monthly 33.38% of Gross rental income (Prop mgt, maintenance reserve, utilities, Prop Taxes, Insurance, other)$6,852 NOI/monthly ($2,129) negative monthly cash flow..Same scenario with 50% down, $864 positive monthly cash flowNot saying it's the best use of capital or the only way to do it, instead providing an example using an available market opportunity to share what the numbers look like.
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3 January 2025 | 7 replies
There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.
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11 January 2025 | 420 replies
.)$10K out of my $30K line is only about 34% utilization maximum after I take each chunk.
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4 January 2025 | 4 replies
Alternatively, once you have a full time job (or an employment contract), you should be able to qualify for a loan and utilize a Down Payment Assistance program.
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3 January 2025 | 3 replies
Due to increased rates i did not refi so i did not get opportunity to see how an appraiser valued the half bathroom but the comps with same bathroom count had crazy valuation for the additional half bathroom.Taking under utilized space like a work area to add a br where the added br does not put you above the normal for the area can add value.Similar if a neighborhood is virtually all 3 br and 4 br properties and you find a 2 BR, it could be a value add to add the bedroom via new construction.
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2 January 2025 | 2 replies
Don't stress out on picking the prefect name, you can always do a DBA to use.
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6 January 2025 | 5 replies
I recently acquired my first primary residence and am seeing ways I can best utilize the space for real estate investing.
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2 January 2025 | 1 reply
I have also utilized owner financing for longer periods of time, including personal residence and 2 barrier island houses on the coast of Florida.
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13 January 2025 | 8 replies
In my analysis, I utilized a 40% assumption as a baseline, though I acknowledge that this may underestimate expenses for a park with the characteristics you’ve described.
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7 January 2025 | 16 replies
I'm going to start reaching out soon to a friend of a family member who owns a local PM group with roughly 1000 doors for lower income, just to pick his brain, but I can envision a scenario where if I needed to partner with someone to get my first deal and gain some creditability and experience, he may be willing to assist.