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All Forum Posts by: Aidan Mulligan

Aidan Mulligan has started 19 posts and replied 160 times.

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Dennis M. I see what you’re saying. If the financials don’t make sense I’ll find myself in a hole faster than the area can appreciate, if it even appreciates at all. Thank you

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Dennis M. thanks for the help “bro”, never said it was a good deal, but I know well enough to not only invest on cash flow alone, the area matters too because I’m not making the bulk of my money on the cash flow, I’m making it on the sale in the future. So from what everyone has been telling me it’s a balance between cash flow and area. If the area goes to hell and your property loses half it’s value then you’re kind of sunk.

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Caleb Heimsoth hypothetically let’s say a roof costs $2000 to replace, and it has 6 years of life remaining, would I budget $333 a year for roof repair? (2000/6)

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Kevin S. yes sorry, I had 7.5 for r&m and 7.5 for capx, or call it 5%10, either way I went for 15% to makes fixes big and small. But yes the down payment is outside of my range to make this work this time and I will most likely pass. Thank you.

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Harry Hakobian Zillow (taken with a  grain of salt) puts the property in to 160,000-200,000 range. Other multi family properties look to range about the same.

@Kevin S. I haven't entirely given up on the property but I understand where I am financially. I tied my CapX into my R&M for excel purposes so all together it sits at 15% total combined. Yes, I would try and raise the rent but I need to see the lease agreement first. Ideally, I'd want all three at $700 to make my gross rent $2100 for the month. Each unit is roughly 700 SF and most comparable units are in the same $650-$750 range. I've included two photos, one with $1700 gross and the other with $2100 gross. These figures are monthly. The rent at top reflects the 8.33% vacancy pushed over one year.

Thank you all for the feedback. I think I've adjusted my numbers to reflect you suggestions . If these numbers look realistic to you all, then I'd say, my biggest hurdle is obtaining the financing.

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Jeff Barnard I am not owner occupying so it does not look like I'll be able to hit the downpayment. After adjusting my numbers as you suggested and applying the 20-25% downpayment, it comes out to a 6.3% Cash on Cash and about $63/door. Not spectacular numbers, but the area is on the rise as the town government has been pushing the development of a technology center and community/sports center over the past few years. Seems like I'll have to keep searching for a more financially achievable property for now. Thank you for the input!

Post: Advice on a potential first deal

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

Details

Property: Triplex

Asking: $179,000

Bid: $150,000

Down: 5%

Interest: 4.9%

Term: 30 Years

Payment: $756

Vacancy: 8.33%

Expenses: 5% repair and maintenance, 5% misc, 8% Property Management, taxes, insurance, ($648/Month)

Rent currently in place: 700/year, 650/Year, 350 Month to Month

Cash Flow: $154/month

Community

Pop Growth: 7% since 2000

Median Household income of $38,000

5% down is based on current savings while keeping a good amount in reserves, I could go 10% with a partner if the forum thinks 5% is impossible. 8% management fee based on a local management company posted pricing. I plan to use Cozy to self manage and will switch if I feel that I can't handle it.

The property has been on the market for 49 days and was originally purchased in August of 2018 for $100,000 which probably means it was a flip. Is a $30,000 discount unrealistic? I feel like the worst they can do is reject or counteroffer.

What do you all think, "yeah sounds legit" or "That's far from realistic"

Post: Anyone is the Charlotte, NC area specialize in BRRRR?

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@Stephanie P. thank you, that helps a lot. Where do people find a mortgage broker? Is it as simple as a google search?

Post: Looking to connect with investors in Charlotte/Gastonia, NC

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

I have groupme so that works for me

Post: New Member - Looking to Build an Investing Team

Aidan MulliganPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 161
  • Votes 178

@William Brien I’m a new investor in the Charlotte, NC area with a background in construction management. If you decide on the Charlotte market I’d love to help you out. I’m trying to learn the business side of real estate.