Good Evening every one,
Closing in a week on the flip. for the Numbers (look at other post). :) Not bad for my first one... but anyways... I am going to use a 1031 and have a PA for a duplex. not much needed a little paint and clean in the lower unit, upper unit rented to a long time renter. I live really close to this one which is nice as I will manage. It is also in a great part of town. I know the cap and COC are not great but for my first buy and hold this should work. any input is appreciated.
rent currently 710, will raise to 775
each unit 2 bed one bath,
25% down and closing 42,625
121,875 @4.5% = 617.52
vacancy 6% =1116
1500= water, sewer, garbage,
I think those numbers look pretty good but that's just me. No matter what, congrats on doing your first deal. I can tell you right now that my second deal was better than my first, my third better than my second, so on and so forth. The way you get better is through experience.
Thanks for the encouragement! If I could ask you a question. My first was a flip, this will be a buy and hold... How long did it take you between deals where you felt comfortable with the leverage? I feel that It will be a couple years to make another deal and still keep debt ratios in line so I am just trying to get a feel at how fast the buy and hold game can grow. I realize every situation is different but just trying to set some realistic goals.
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