All Forum Posts by: Jake Ferguson

There are three units one rents for 1250, one for 1050, and one for 700... So it depends on which unit I end up occupying. Also, as I mentioned above, I'm fairly confident that I will be able to increase the rents by $50-$75 with some minor cosmetic repairs.

The Tri is listed for 220K and yes, I be occupying one of the units for at least one year.

So I've been doing a ton of research lately looking at properties online and in person searching for my first multi family property. I live in southern ME--kittery, Portsmouth, NH-- and I have been having a bit of trouble finding a property that I wouldnt be losing money on each month. I plan on making my first property my primary residence which is the only was that I will be able to get an FHA loan to finance my purchase. Since I live near the seacoast, it seems that homes in my area are much more expensive than a lot of the examples I read about here on biggerpockets, and since this would be my first home purchase, I don't have a ton of money to spend--I was only approved for a 218K loan, which will buy you a dilapidated shack in kittery or Portsmouth... So I looked to the nearby town of Dover, where 218K will get you a bit more house for your buck. So I found a triplex that seems like it might be a good first property--new windows, roof, and paint, but it could still use some minor cosmetic repairs on the inside, which, after completed, I'm fairly confident that I could raise the rents on two of the units by at least $50-$75.
Below are some of the numbers that I have:

Rent in $2300 (Two units rented out @ 1250 and 1000)
-1600 (monthly mortgage payment)
-133.34 (insurance)
-133.33 (utilities)
-166.67 (water bill)
- 138 (heat)
----------------------
128.66 monthly cash flow in

I realize that this is my first property and things will probably be a bit tight, but I could use a bit of advice here. Does this seem like a good deal? Most other properties Ive looked at are almost impossible to get a positive cash flow with the FHA 5% down payment. The number seen here are sort of a worst case scenario. In fact, I believe that the tenants currently living in this triplex pay their own utilities. Also, my mortgage payment will most likely be around 1400-1500 a month.

Also, just some background info-- I live with my girlfriend. We currently rent a house in kittery for $1050 a month. When we move into our first property we will continue to pay in $1000 a month as if we were paying rent, but instead we will put this money into an account for future investments and repairs/ maintenance. Also we both work full time jobs.

So I've been doing a ton of research lately looking at properties online and in person searching for my first multi family property. I live in southern ME--kittery, Portsmouth, NH-- and I have been having a bit of trouble finding a property that I wouldnt be losing money on each month. I plan on making my first property my primary residence which is the only was that I will be able to get an FHA loan to finance my purchase. Since I live near the seacoast, it seems that homes in my area are much more expensive than a lot of the examples I read about here on biggerpockets, and since this would be my first home purchase, I don't have a ton of money to spend--I was only approved for a 218K loan, which will buy you a dilapidated shack in kittery or Portsmouth... So I looked to the nearby town of Dover, where 218K will get you a bit more house for your buck. So I found a triplex that seems like it might be a good first property--new windows, roof, and paint, but it could still use some minor cosmetic repairs on the inside, which, after completed, I'm fairly confident that I could raise the rents on two of the units by at least $50-$75.
Below are some of the numbers that I have:

Rent in $2300 (Two units rented out @ 1250 and 1000)
-1600 (monthly mortgage payment)
-133.34 (insurance)
-133.33 (utilities)
-166.67 (water bill)
- 138 (heat)
----------------------
128.66 monthly cash flow in

I realize that this is my first property and things will probably be a bit tight, but I could use a bit of advice here. Does this seem like a good deal? Most other properties Ive looked at are almost impossible to get a positive cash flow with the FHA 5% down payment. The number seen here are sort of a worst case scenario. In fact, I believe that the tenants currently living in this triplex pay their own utilities. Also, my mortgage payment will most likely be around 1400-1500 a month.

Also, just some background info-- I live with my girlfriend. We currently rent a house in kittery for $1050 a month. When we move into our first property we will continue to pay in $1000 a month as if we were paying rent, but instead we will put this money into an account for future investments and repairs/ maintenance. Also we both work full time jobs.

Thanks James. I have checked out the ultimate beginners guide-- very helpful and I will do some research on the 50% rule.

Thanks for the replies! I will definitely check out the book Rich Dad Poor Dad and keep everyone updated throughout my first purchase.

Awesome Thanks James!

Hi my name is Jake Ferguson. I am looking to buy my first rental property in the next few weeks (hopefully). I've been trying to educate myself as much as possible before I do so and was wondering if there are any local investors here on the BP forum. Is there anyone in the Portsmouth, NH, Eliot/ kittery, ME, Dover, NH or somewhere close by? As always advice from others is welcome too!

Hi my name is Jake Ferguson. I am looking to buy my first rental property in the next few weeks (hopefully). I've been trying to educate myself as much as possible before I do so and was wondering if there are any local investors here on the BP forum. Is there anyone in the Portsmouth, NH, Eliot/ kittery, ME, Dover, NH or somewhere close by? As always advice from others is welcome too!