Rental Property Walk-Through & Analysis W/ Felipe Mejia

Felipe Mejia takes us on another great walkthrough of a rental property he's looking to make an offer on.

Felipe breaks down the numbers so he knows what price to offer, how much he can cash flow, and all the other great stuff!

[LashusJourney]

Great content as always 👍, God bless 🙏

[karenparks]

What about the parking space? Does this house have an HOA?

[FasterFreedom]

We have several awesome rental walkthroughs on our page too!

[AChainofBlocks]

High Quality Content like this, is what keeps me coming back. Always inspiring everyone to do better!

[GameBytesBlog]

As someone living in a very large SFH converted into something to this... it’s not a great experience for me. The owners tried to do too much and I don’t think it’s going to work out for them in the long run. 8 adults in one place is just not a great idea. The fridge is always packed, everybody makes so much noise, different personalities (some roommates bringing over friends in the middle of a quarantine), carpets already look terrible and we’ve only been here 3 months. It’s just not great.

Edit: I partly moved in because I was curious about how it would work and already regret it.

[mannypatel]

Great video Felipe. I am a rookie investor and subscriber to your podcast. love bigger pockets and listen to you and Ashley on the real estate rookie podcast as well. Learning a lot from you guys, thank you for making this video. I liked the fact that you provided the exact address of this property so a big thank you for that because without it we won't be able to compare apples to apples. none of the other real estate gurus does that you guys at bigger pockets are doing that and I thank you for it. Now as a new student your numbers didn't make sense to me. I see on Zillow and different rental sites that less than 10-15-year-old 3-4-5 bedroom houses in Antioch TN are renting anywhere between 1200 to 1800 range. full house not half of the house; and mostly all of them are way better looking and condition then this particular property. Also, the location of this house is not even in a great school district Stratford comp and cane ridge both highschools are some of the lowest-rated high schools along with cole elementary and Antioch middle. so good stable families won't be looking for this house. When you broke down the numbers you said you want to rent out the top floor with 3 bedrooms, 1 bathroom for $1350.00, and downstairs after renovation is done will be $1550.00. my question is who is going to pay that much and share 1 bathroom at the same time 3 other guys. I also notice there isn't any university campus within walking distance of this house so how will you get these "bathroom sharing" guys. Numbers just don't make sense to me please enlighten.

[connorseymour]

If you were already cashflowing around $1, 000 before adding the space in the basement, wouldn’t that make your total cash flow around $2, 000? Or am I just missing something?

[jr]

This is a real question. I am trying to picture myself renting out a room in a home with a bunch of strangers. I don't think that I would be happy for very long. I much prefer having my own space, especially at that price point. Have you been successful with this type of rental in the past, or did you end up using it as a single-family rental in the long run?

[JusdoinstuF]

i like the short but still informative style video.

[selfnote]

WHAT IF U DONT PER ROOM BUT PER UNIT? HOW MUCH WOULD U CASHFLOW

[SIMSNYC]

How to turn a single family home in to an illegal multifamily slum. Yes you can make money doing this but im sure the neighbors will hate you and you will decrease property value. Depending on the town they may shut you down completely.

[javiergrimaldo]

Great stuff dude. Like the breakdown of it. Hopefully closing on our third rental soon. Baby Steps lol

[claudediggs]

How do you find the individual renters?

[SnLProperties]

How’s it going? What bank, or lender are you going through to get a 20% down for investment? I have spoke to a handful of lenders, and I’m having to put 25% down? They all says that’s the down you have to put for a investment.

[mohamedosman]

so why not add maintenance/rapairs and vacancy cost, oh, and the remodel cost?

[fullauto]

Turn it into half way house? Dude, many cities would not let u do this.

[derrecktaylor]

Do you specialize in group homes or boarding houses?

[kaatto]

Damn he’s in my city ? And I did even know properties like this existed

[ricko]

Some will shower in the morning and some after work? What?

[fabiola]

Since it’s an income property so you have to put a 20% deposit? Or can you go lower?