All Forum Posts by: Faysal Alam

@Kim Wendland no marketing budget . And no don't have the rent roll just off word of mouth as of now

@Kim Wendland closing costs are about 4800 , built in 1960 . It's about 4000 square feet

@Ryan Beasley it's $148. Look at the updated numbers

@Jason Triano will definitely check out that book . Haha I ran out of my free rental property calculator uses . The only way to get over a $100 a door is to bump up the rents and self manage

@Chase Louderback the current owner is self managing , renometer says $1000 for a 1 bedroom but 2 of the 1 bedrooms are a bit smaller than the other 2 , I can see bumping up the rent of the 750 to 900 and the 850 to 900 as well but that would only bring the cash flow to $348/month . Which is $87 per door .

@ROTIMI OLUWO ?

Just an update . So my numbers were a bit off . I actually have to put down 25% of 160k which is 40k plus closing costs . So the current rent roll is 3500/month . 4 units rents are (1000,900,850,750) =$3500

Expenses are such.

P&I $700 (could be lower, estimate)

Taxes were $10173 last year = $848/month

Insurance quote $271

10% maintenance/repairs = $350

10% cap ex = $350

10% vacancy = $350

10% property management= $350

Water $1600/year or $133/month

Garbage = still not sure .

So now after all this I get a cash flow of $148/month not accounting for garbage . Is this still a good deal ?

@Chase Louderback just contacted the owner he said 300-400 every quarter . So I'd say $133 a month . And insurance is actually 271 . So the cash flow of the property with 10% for property management would be actually $146 and not $358

@Victor S. I'm not to sure with the repairs . This would be my first rental . It's fully occupied right now .

@John B. Right now I work at a pizzeria . I work only mornings Tuesday Wednesday and Friday . 11-5 . But I'm free most weekdays . Weekends I work all day . My goals are to make enough cash flow to replace my wage paying job . But definitely won't get done with this one property