All Forum Posts by: Dave Antonelli

If it made $100 a month I would be happy as long as the payment was made every month. Im not really looking for profit; of course I wouldnt object to it either.

What kind of things can you do to find deals like this? I mean if something like that hit the MLS listings it would be gone in an hour.

Ok I know this 50% rule is safe and all, but is it realistic? I mean market value on the thing is 210 and he has it at 230, theres no damn way you can find something like that for 90 when market is at 210 ya know?

This is a 4plex in my area. He has it listed at 240 and its been on the market for almost a year.
Rents right now are 490,500,500,500.
Taxes:4000
Each unit is 2 bed 1 bath
Each unit gets garage stall
I dont know if this link will work but here it is http://bismarckmandanhomes.com/mls_detail?mls_number=305569

Why do you guys think no price drop in a year? Do you think he needs to get that for it? Or just is in no hurry to sell it because its paid for and making him money?

So if there was certain terms of a loan I could get could I make this work? and by work I dont mean I want to be struggling, I want to be comfortably secure in this.

Ok, I respect all your opinions. Can you further explain what makes it a bad deal? What should I be looking for?

Hi, Im new to the board and looking to gain some knowledge here. Im gonna start by posting an opportunity I cam across recently in my hometown of Bismarck,ND. Its 2 8 plex's (16 units total).
Asking Price: $675,000 (think 650 would take em)
Taxes: $12,500
Rent Income/Month at 100%: $7250
Water: 530/month
Utility: $600/month
Income from coin operated laundry: $422 average/month
Built in 1983
New roof in 04
I would handle all property management, snow removal, lawn care

Is there enough to this place to cover maintainence? It doesnt pass the 50% rule, but does anything these days?
Im 23 years old.