All Forum Posts by: Account Closed

Yes! I had MAX 135K. I just wanted to make sure I wasn't going crazy missing something or miscalculation.

It's listed at 225K...

What has me confused was the 1% "rule" is there but it's not even close to a deal.

The 50% rule is almost met, but again...it's not even close.

Usually, when these rules are met, it's at least closer than 100K off.....

This is my first deal.

I know my number, but humor me please for a minute. Use any numbers you would typically for downpayment, terms, rate, etc. Cash, whatever. I just have to check myself.

Fourplex

Rent $575 per unit

Property tax 1.79% of your purchase price

Closing cost 2%

Capex 5%

Garbage $65 month

Sewer 100/mo

Maint 5%

PM 8%

Insurance 2500/yr

 What podcast was it?

I don't mind fixing things and I think the property could make someone money still. But, it is too much work for me as we have to occupy it for FHA loan.

 They have set end dates, unless you agree to extend if they need you. But, getting a job is incredibly easy. High demand. But we have found someone through this thread to help!

Thanks, everyone. Had an inspector go over there. Lots of hidden water leak evidence. On to the next one.

 Yes sir. We spent yesterday afternoon licking envelopes. OK they had peel off and stick.....

 It took years for me to talk my wife into it. We are lucky to be in a position where it makes sense. Now or never though. We sold our home a few years ago and began traveling for her job (travel nurse). So we are used to living in small apartments with the kids. 

I'll admit, I'm a little obsessed with using technology to make things easier. It's usually worked well for me in other businesses but I understand some people are ol' school. So I am wondering what you all think about this form.

I am looking for a fourplex (on/off market).  I have already realized that it is a pain when talking to a seller without following a very specific conversation outline. And, if you aren't in a position to take down information when they call, even worse. 

So, I have come up with a form I plan to direct sellers to for me to get all the information I need to decide if it is a good candidate property and to make an offer. I think it is pretty reasonable.

I'd send a link to it after we've already spoken on the phone/by email, however they choose to communicate. If the seller is not computer savvy/older then I will talk to them on the phone and ask them the questions.

For anyone interested, this is Zoho forms (free). Really easy to set up and can be used for many things. The submissions get sent to a spreadsheet.

Here is the form

I just replied to another thread with the same answer. I've learned it is best to learn the formulas and make your own custom spreadhseet.

I recommend learning the formulas and making a custom spreadsheet using Google Sheets.