hello all. My first deal is a multi family. It has 2 1 bedroom apartments with tenants In place. Income is 800 a month per apartment and my expenses are 157 a month for gas and electric. 5600 for taxes 1100 for insurance water and sewer are 200 a year. I am going into contract soon. The house is decent minor issues to fix. The asking was 99000 I got it down to 91000 and the estimated value is 115000. I believe the deal is decent and I hope all goes as planned. I hope to be working on another deal soon after this As long as this works out for me. I am planning to raise the rents 50 a month per unit to give a little better cashflow.
Make sure you still cash flow after you account for all expenses, not just PITI and utilities. Good luck!
congrats on your first deal! Let us know if it goes into contract and closes as planned. The first one is always exciting and nerve racking. Good luck!
Good Luck! Congrats on taking action : )
Let us know how it goes. Is your investment in Orange County? I am curious because I am in Rockland and I think about investing in Orange County as well.
Congratulations and good luck!
Well the seller gave incorrect information on the numbers of the house so when I read the contract it was a red flag. So I backed out of the deal and moved on to look for the next one. Yes I am in orange county.
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