All Forum Posts by: Bryan Okolo

You can make the assumption that about 50% of your rent will go to expenses (10% property management, 10% repairs, 10% vacancy, 10% CapEx, insurance plus $150 for taxes). Assuming you have no rehab costs, in Year 1 you will have about $600-$700. Your loan payment I assume will probably be around $1,088 (5% rate and 30-years) so you will have to cover some of the payment out of pocket.

Year 2, you should have around $1300 after expenses and after paying mortgage, you should be left with around $200 profit. 7% cap rate and 15% cash on cash. I'd say that's pretty good. Your numbers change if you have any rehab dollars going into the property.

I'm still new to this so don't take my numbers as truth. Everyone runs their numbers differently.

Are you currently working with multifamily in philadelphia too? I also wanted to know how many expenses I could put on the tenants, like water, electric, etc.

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Originally posted by @Trevor Deeter:

Hello Bryan. Thanks for posting on BP! Does the duplex require any improvements before you move in? Also how many bedrooms are in each unit? Good luck with everything

Hello, so the duplex needs no work. It is move in ready. And each unit has 2 bedrooms.

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Hello, I have a potential deal I'm about to close on in Philadelphia PA. It is a multifamily duplex in point breeze area for $210,000. The taxes on this property is about $1,800 a year. I would live in one unit, while renting the second unit for $1,400. After 1 year I could rent my unit for $1,200 bringing in $2,600 a month. I would obtain this property by using an fha loan with only 3.5% down. Would this be a good deal to move forward with. I am also a first time investor looking to house hack.

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Hello, I am a 23 year college grad looking to transition from my 9-5 job into a life of financial freedom. I have about $6,000 in my bank account. I was curious what my best options would be to move towards finical freedom. I want to move toward multifamily, but don't know if I am ready due to lack of funds. Is there anyway to get in to this venture with about $6,000?

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Pennsylvania

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All Forum Posts by: Bryan Okolo

Bryan Okolo has started 3 posts and replied 15 times.

Post: Potential multifamily purchase

Post: Potential multifamily purchase

Post: Potential multifamily purchase

Post: beginning investor (multifamily)

Post: Cold calling pre-foreclosure properties?