My first Analysis on a property...Now what?
Hello everyone, so after checking out David Greene's Multi Familiar webinar I went ahead and used the BP Rental Property calculator for a Triplex I saw on Zillow that fits in my budget just to practice. Below you can see the results and the numbers I plugged in.
So a few questions here, my first being, do my numbers seem at all accurate? For rent I went to Rentometer.com to get an estimate on rent. The average is $1500 and after checking out some of the other properties I think this can be rented for $1500 after its fixed up. I only put 10k for repair costs but that is just merely a guess. I don't know how to make that number more accurate since I have zero experience. I put 5% for Vacancy, CapEx, repairs/maintenance, and I put 8% for management fees. Again just sort of guessing here.
My second question is, what would you do next ?
My 3rd, is how much time does it usually take to fix up a place of this size? Again I did this to practice, but if I was seriously considering this property how do I find contractors to do the work and how do I make sure its getting done correctly and in a timely manner?
Lets say it took 2 months to get this place fixed and then another month to get this place rented. How much would I have to set aside ahead of time for those 3 months?
Thanks for your help!