All Forum Posts by: Aaron Misiph

@Redgy Saint-Germain

Hi Redgy, thanks for the reply.

1. If I were to do this, would that further decrease my cashflow?

2. I am not sure, the property was just recently updated so I am not sure how much forced equity I could get out of this.

I am no longer interested in this property, however, would you mind sharing what your estimated costs look like if you really only aim for 250$/door cashflow. Is there a specific type of property that you are investing in?

Some background.

I am looking to purchase my first home, and investment property. We are looking at multifamily homes. Even though we are planning on living in one of the units, I want to treat this as if though we will rent both of them because eventually we will. I also want to include property management because even though I will manage this now, I may not in the future. Rental income is based of off what the Redfin page says they are currently getting.The numbers I am going to show you are for one that we were interested in, but after doing some math, it doesnt look so good. I am not really sure if I am estimating my expenses correctly. Any help would be great. Thanks.

Hi @Michael Kistner,

Thanks for the reply. In regards to working with contractors. If I decided that I wanted to hire contractors to do work, instead of myself, is it normal to buy all the materials myself and then just have them do the work, or is it normal for them to buy the materials?

Thanks,

Aaron

Thanks, I appreciate the info!

Hi Michael,

Thanks for the reply. Could you go into more detail about what you would consider a full gut vs cosmetic rehab?

Hello,

I am brand new to this website and have started reading some of the bigger pockets books to educate myself. My girlfriend and I have decided that we want to buy our first home this summer, and we are looking to get a multifamily and live in one of the units.

Through the reading that I have done so far, it is recommended to buy a property at around 80% of what it is actually worth, that needs some work done so you can get some forced appreciation. The part that I am really struggling with is being able to walk through a property, see the state that it is in, and determine how much money I would need to fix it up to realize that forced appreciation. Does anyone have any suggestions on books or any other way of learning how much these renovations will cost. Or is this one of those things that you just have to figure out as you go?

Thanks for any help.

Hello,

I am brand new to this website and have started reading some of the bigger pockets books to educate myself. My girlfriend and I have decided that we want to buy our first home this summer, and we are looking to get a multifamily and live in one of the units. 

Through the reading that I have done so far, it is recommended to buy a property at around 80% of what it is actually worth, that needs some work done so you can get some forced appreciation. The part that I am really struggling with is being able to walk through a property, see the state that it is in, and determine how much money I would need to fix it up to realize that forced appreciation. Does anyone have any suggestions on books or any other way of learning how much these renovations will cost. Or is this one of those things that you just have to figure out as you go?

Thanks for any help.