All Forum Posts by: Devin Scott

Any advice on this deal?

Don't do it. I have been there many times, and I always had to learn the heard way. 

Wait for a good tenant. 

Hi @Lakila Richardson, 

I have mostly SFH now, and one triplex. Shooting for mostly Multi Family from now on though. But same goal, $100/200 per door regardless of multi or single.

I used to shoot for $500/month cashflow. But that is when I was not calculating for vacancy, cap x, maintenance, and PM... Now that I calculate everything, $100-200/door is fine. 

Welcome to BP! The podcasts are great for learning. I listen to them everyday. 

I am looking to buy this 4 plex. Am i missing anything with my numbers? How does everyone feel about the offer price? There are no comps in the area for a 4plex. 

Asking price: $159,900

Offer price:$130,000 w/ seller holding note for 20%

Gross Rent: $2200

Cap X: 220

Maintenance: 220

Vacancy: 220

PM: 220

Tax and Ins: 150

Debt Service: about $700/mo based on 5% interest on $130,000

My intent would be to offer $130,000 and have seller hold a loan for 20% of that. I would get 80% loan(from someplace yet to be determined.)

Cashflow: $470

The 4 units are rented. I have no due diligence yet on any rehab costs. I know that it is at least rentable since all 4 units are rented. The outside seems fine, with no noticable repairs.  

Any advice is appreciated. 

Great Post! Ima jump in even though in my 30s. haha

I bought my first house 10 years ago, added a door and a bathroom, and made it a duplex. I rented out the other side for a few years. Then I added an addition on the other side making it a triplex, and rented that out too. Since then I added 5 additional rental properties. I sold 2. The two that sold were mistakes (didnt have BP back then)... 

So now I have 6 rental units, and a new primary residence. I am looking to buy as many sfh and mfh that I can. I have a goal to obtain 6 more units this year and I know the faster I learn the right way to do things, the better. Keep up the good work! 10X!

Nice, cant beat that. 

Great Job Lisa, keep it up!

Let her go and get your keys ASAP! Hopefully you can get it rented very quickly to a better long term tenant. Don't waste your time with her over $500.