All Forum Posts by: Chis Anen

Thank you,

This home I am questioning about is actually in North Carolina, I will look to see if there is anything similar for NC.

If I'm looking at an old home or distressed property that has a built on addition. How can I tell that it was added legally? Is there a way I can look it up online?

If it wasn't done legally when apprised how could that affect the property value? Would I have to take it down?

Thank you for the response. I will keep that in mind.

The properties I have in mind right now are distressed in "as is" condition. 

Hello

I've heard on podcasts its often a good idea to present the seller with different types of offers on the home your bidding on. 

Has anyone done this in the past? And could you give some options I could present the seller with?

Thanks in advance

Hey @Antonie are your deals in the Los Angeles county area?

I will find that information. Thanks for all the input thus far. 

What areas would it be best to invest in? Lancaster, Downey, Inland Empire?

I'm really want to own a couple multifamilies this year. 

Hey all, this is my first post on the BiggerPockets, I'm glad to be apart of the community!

I would like some help in understand whether a multifamily unit is a good buy based on the math (I know a lot of other factors go into play besides the math). I read this article and listen to many podcast by BiggerPockets and some on apartments from the Cardone Zone. This article helped some ( https://www.biggerpockets.com/renewsblog/2013/04/0... ), but if someone could help me further in the math that would be much appreciated.

Heres a listing that I found on Zillow for a multifamily in my area (Los Angeles county)

http://u.zillow.com/p2HhwT4/ . Say that I to put $20k into renovations and move all the tenants rent up/ find new renters, would this be a good deal?

I asked the broker for the average rent, which can be pictured below... In the posting it said that the unit is not rent controlled but currently being under rented and that the 1st unit is not being rented out currently.

Questions

What do you think about this deal? And how would you do the math to know that its a good deal or not?

Is there any other vital information I need to know about the unit to do the proper math behind it?

Would it be abnormal for an individual to get a 80% loan for a unit like this and a 20% hard money loan?

Am I missing anything? What should I look for when looking for multifamily deals?

Gross Scheduled Income ($19,000/mo)$228,000

Vacancy Allowance (10%)$22,800

Total Operating Income$204,240

Property Taxes- $??

Insurance- $??

Maintenance Reserve (10%)$22,800

Property Management (10%)$22,800

Lawn Maintenance $1,200

Total Operating Expenses ~$50,000

Net Operating Income (NOI)$154,240

Mortgage Expense $10,636

ANNUAL CASH FLOW- $??

MONTHLY CASH FLOW- $??

Thank you all in advance!