All Forum Posts by: David Carter

Thx for all the input. I will probably stay away from this one. I do have one more quesiton though, do you think the best 30 year fixed mortgage I could get with good job and credit is 7.5. Cause this will affect how i calculate if its a good deal or not. Thx, David

2 are already rented, they go for about 650 like i said.

The neighborhood is ok. I dont think the area is overrun with rentals either. There are a lot of these condos for sale, and i am not sure why. If I look on mls, there are like 6 of them for sale individually ( all around 60k each). So i figured 3 for 115k sounds like a good deal. Thx for the input, any 1 else have suggestions?

PS my market area is Raleigh, NC and its really not doing bad unlike much of the US.

Three condos are being bundled together and sold for 115,000 total. Each one is a little over 1000 sq ft and can rent for 650 each. Using the famous "50% " rule, these still look like a good deal. The only problem is I dont know if that takes into account HOA dues. and these dues are about $200 per unit!!! That could make or break this deal. The HOA dues do cover : ext. maintenance, area lights, water, waste mgmt., fire insurance, pool (un-opened).

I'll let the pros look at this one and tell me what you think. I have yet to visit the property. I will look at it this Saturday. This would be my first deal if I bought it so I wanna make it a good one. I and my partner have good credit and good jobs so we should get a good mortgage.

My brother just graduated from college and now has a good job. He is interested in buying a house and renting out one of the rooms. I was wondering what you guys thought about this idea.

Also, since he is going to be living with them, is he allowed to discriminate based on age or gender and find someone he might have more in common with? Are there different rules for that, b/c I doubt he wants to stay with some old lady... etc.

Thanks, Dave

I was wondering how the partners in a LLC get loans. Will the bank look at the partners assets and incomes to determine if the LLC qualifies for a loan or do they look at the property and see if it looks like it can pay for itself via rents... I'm still a little fuzzy about how the LLC's work, thx.

Hey MikeOh. I would like to manage and maintain my future properties, but I dont feel i know enough to maintain and fix them. Where should I go to learn basic home repairs etc. How did you learn?

dont really plan to buy this property anymore. But the idea is to get something with positive cashflow. I am not looking for a tax write off or anything. and yes, that price was below market value. I just saw on the news, raleigh nc was the #1 sellers market in the country.

its in raleigh nc, and its got 676 sq ft per unit. 2 beds 1 bath each. I might could rent to two college students and charge em like 250-300 each, but i dont think they would like sharing 1 bathroom

I'm interested in a triplex near a college for 100k. A triplex down the street is renting for 455 a unit. These are the numbers I used to calculate cashflow. Mortgage is 665.30 for 100k at 7%.
Ins. is 83 a month
tax is 100 a month
10% vacancies is 137
10% for management is 137
After all that I get a cashflow of about 243 a month. Is this a good deal or not. I feel like I used conservative numbers but I'm not sure as I am new to this. Any input would be appreciated. I would probably save most of that 243 for repairs. I have a good amount of cash in the bank as a reserve and may put down a deposit if the bank requires it. I think the house is valued at around 140K. But again, I'm new, not sure. Thx