Flipper/Rehabber · Grand Junction, CO · Member since 2021 · 20 posts · 7 votes
I’m new to real estate and have never owned a rental property before. I’d like to get a couple opinions on my evaluation on a multifamily unit to see if my numbers are correct. Or if it’s worth it. Commercially Zoned Property with Multi-family Use. Tenants in place already.
I have the PDF report to send to anyone who would like to help me out.
I’m new to real estate and have never owned a rental property before. I’d like to get a couple opinions on my evaluation on a multifamily unit to see if my numbers are correct. Or if it’s worth it. Commercially Zoned Property with Multi-family Use. Tenants in place already.
I have the PDF report to send to anyone who would like to help me out.
Thank you!
KEEP IT SIMPLE, Take the gross income less total expenses, divide by PP. If you are happy with the net cap, buy it. For me my magic number is not less than 20% NET cap.
I strongly suggest showing the deal to someone with experience and flipping the contract. If you decide to buy it I highly recommend hiring a PM co
@Barry Ruby also I don’t believe the sellers description is up to date. This is the new description
“Rare Opportunity to Own a Commercially Zoned
Property with Multi-family Use. This Property is Located on a High Traffic and Highly Visible Corner of Ute & 13th Street. General Meeting with the City Has Been Completed. Additional Residential Structures Are Permitted. Tenant in Unit A has a signed Lease Agreement that entails $1,050/Month in rent plus 60% of the utilities. Unit B updating was complete 10/31/2022. Tenant in Unit B has a signed Lease Agreement starting 11/18/2022 that entails $950.00/Month in rent plus 40% of the utilities. Tenant Revenue is $2,000.00/month - $24,000 Annually at 8.2% cap rate. Exterior updating is complete. Exterior painting is scheduled pending weather, Seller willing to issue $3,500 in towards purchase price for exterior painting.
Seller is a Licensed Real Estate Broker in the State of
I’m new to real estate and have never owned a rental property before. I’d like to get a couple opinions on my evaluation on a multifamily unit to see if my numbers are correct. Or if it’s worth it. Commercially Zoned Property with Multi-family Use. Tenants in place already.
I have the PDF report to send to anyone who would like to help me out.
Thank you!
KEEP IT SIMPLE, Take the gross income less total expenses, divide by PP. If you are happy with the net cap, buy it. For me my magic number is not less than 20% NET cap.
I strongly suggest showing the deal to someone with experience and flipping the contract. If you decide to buy it I highly recommend hiring a PM co
@Bob Stevens ok I think I understand what you’re saying! Is that the only thing you look at before purchasing a rental property is your capF rate?
For the most part yes, Of course I do not want to buy under a freeway or a bridge LOL ..All that matters is what is going in your pocket now and in the future, hopefully a nice % of appreciation as well