All Forum Posts by: Mike Kruser

I got it from remaxx. All the Financial Information and Expense Information i dont understand at all. The Net Operating Income is $47,140 like what are they referring too? I doubt for 500k property you can make $47,140 a year

Ok so im just look at apartment buildings, here look

Financial Information

* Tax: $8,747.69
* Tax Year: 20
* Total Monthly Income: $5,030
* Total Annual Income: $61,860
* Gross Rental Income: $56,160
* Gross Rent Multiplier: 12
* Net Operating Income: $47,140
* Annual Parking Income: $2,700
* Annual Laundry Income: $3,000

Expense Information

* Total Annual: $13,820
* Total Annual Year: 20
* Electricity: $581
* Fuel: $2,140
* Insurance: $1,371
* Water: $980

Ok Net Operating Income is $47,140 does that mean i still have to still subtract the PITI and Expense from it? Or is $47,140 what I will clear and take in every year?

Thanks,
Mike

But wouldnt you rather rent out in a very nice neighborhood NOT have to worry about if there gonna pay you this month or evicting someone, just to make a few grand a year on a couple units? And in a nice neighborhoods once the market turns around it will be appreciating fast than the not-so good neighborhood cuz you will have a better school system, etc...

Thanks, Mike

Chicago, IL

Well is seems odd in my neighborhood, its seem like to have positive income monthly I need to buy either a crappy house(150k or less) or buy a 6+ unit building for 800k+.

Kind of sucks nothing is in the 300-500k rage

Ok for the landlords out there question.
I did math on a bunch of properties and saw in my area the only way to make positive cash flow on a property is that it starts around 6+units which is like 800k starting, and the only other way is slumlord in crappy neighborhoods and who says you will get any rent money from these guys?

What am i missing?

souping up cars, at the moment i have a 2006 Evo with 500+ whp

Well there's gangs and drug dealers near the neighborhood but I grew up in the neighborhood and went to school with some of them. I think the Owner now caused trouble there and just wants out. So i guess that will make be a Slumlord

Straight to the point:
-3 Unit house: $130,000
-Loan: $117,000 (10% down)
-P&I: $610
Unit 1: $650, Unit 2: $800, Unit 3: $600 = $2,050
-Gross income: $2,050
-50% rule $1,025-$610 = $415 Positive income($138) a door
They pay for Gas,electric, etc

Its been sitting on the market for about 3 months. Not the greatest neighborhood, might just make me a Slumlord

Thanks for your input