All Forum Posts by: Eva Morel

Hey everybody, 

I just bought my first duplex and I am looking for a CPA in Vermont that is knowledgable in real estate investments for tax purposes. A CPA that has real estate investments themselves would be a plus! Any referrals would be great. 

Wish I could have made it last night. I ended up having to work late. How did it go? Let me know when the next one is!

Offer accepted! With this being our first purchase I’m excited and terrrifed at the same time! But I’ve heard the first one usually is a little overwhelming. 

 Now just torn between putting 10% down and house hacking or 20% down and staying renting. I know it probably seems like a no brainer but we love Essex Junction and let’s just say Milton isn’t that appealing to live in and we would make great cash flow with 20% down, but at the same time I would like to buy another multifamily this year. Decisions decisions! 

@Megan Phillips property looks pretty clean and solid. Tenants were a plus too! (I'm pretty sure the last triplex I looked at someone was doing drugs in one of the back rooms we peaked into...scared me away fast!) Anyway, the only thing that does concern me is the bedrooms that are on the lower level (which is partially underground) do not have windows up to code for Vermont Fire/Safety, they need to be egress windows and they are not (I guess we will find out in the inspection report). Windows will also need to be replaced in a couple years. Good to anticipate that expense up front I guess.

@Tom S. Thanks for the info on the HELOC!

@Nate Burgher yeah that is true, I definitely did not think of that, I'll reconsider my numbers! @Megan Phillips the cash flow definitely works better with 20% down and it makes more sense for me to just do the 20% down and HELOC later if needed doesn't it? I'm pretty uneducated on the finance piece so thanks for that info.

I can do 20% down on this property and the cash flow is much better (I think like 500$/month total) but wouldn’t it be wiser to have more cash reserves on hand ?  it may take me 2-3 years to save that amount back up again. 

@Nate Burgher hey thanks for the insight! Maybe I’m skimming on my numbers I did 5% vacancy, 4% on both repairs and 4% for cap x, and plan on managing the property myself. I can do a lot of repairs myself which is why I came up with this number and my dad owns a general contracting company that I still work with for cap x. Do you think I’m still too short on my numbers and it’s not realistic? The property definitely doesn’t work at 10,10,10,8% with those items. 

@Megan Phillips hey! Let me recheck my numbers I did 5% for vacancy, 4%capX, and 4%repairs (since I can do majority of repairs myself and or work with the family business (Morel Construction LLC) to help out with cap x stuff. My Interest rate was 4% maybe that's the difference? That's what my bank quoted me at. I do have an offer in on this property already but I'm going to see it today and from there will reconsider my numbers!

@Ben Granja thanks for the tips! @Martha Nowlan and @Jonna Weber thanks for the insight esp on the 60 day window move in date. I’ll check with my local bank on the window period. 

Hey everybody, I have been looking for a multifamily now for several months. My area has been pretty competitive lately. A duplex just came on the market that actually looks like a decent investment. Numbers as follows

235,000$ listing price

2,300$ Income per month (1,150 per unit)

Tenants pay heat & electricity

203$ per month in cash flow after every expense I can think of

13% return on my money w/ 5% down (I plan on occupying the property for just 1 year)

The property just came on the market 36 hours ago and currently has 10 showings in the next 3 days. I am pretty sure it will go for asking price or even higher. I need some advise/input on what I should do to get this property  or if you think its worth it. I have had some analysis paralysis over making my first investment property decision and I thought posting in the forums to get experienced insight might help kick my *** in gear!