All Forum Posts by: James Syed

Welcome to BP, The average expense ratio for a multifamily property is 40% - 60% assuming owner pays only trash and lawn care. Single family homes seem to have lower expense ratio. Hope it helps.

Josh Helfer I apologize I missed it that you did have an inspection. So you need 2 things now. ARV Rehab Cost Have you figured out the ARV of this property? Have you contacted a contractor for rehab cost? If yes, how much did they say? I know you said you think $30,000. Hope it helps.

Josh Helfer Great post and questions. You don't have to graduate from a single family owner to Multifamily ( in this case 8 unit). Use BP calculators to analyze numbers. Based upon information provided, this deal looks good enough to dig further. I would strongly recommend a licensed property inspector doing inspection so you have something concrete information on repairs, replace items. Ignore last appraisal value, that is irrelevant now. Instead cash flow is more important. Hope it helps.

Welcome BP Members, 

Update:

Seller will NOT pay my closing cost. So, I am buying the building for $165,000. Last week property inspection report revealed many issues. Two are big ticket items:

Two Broken Rafter in the attic place

3 federal pacific electric panels (circuit breaker box)

Have obtained some estimates cost is about $12,000. 

Should I ask the seller for credit or have Seller repair it?

Any suggestion will be appreciated.

Actually I am about 1 hour away from you. Just checked it.

Joshua Atteberry Welcome to BP, a great place to network. Vacancy rate is probably 8-10% in your market as per my research. I hold a managing broker license and also perform property management about 2 hours away from you. Hope it helps.

Welcome to BP. I will check with the lenders if they will lend there. Most lenders that I know lend in a about 100 miles radius.

Welcome to BP. Most lenders want borrower skin in the game otherwise buyer will have nothing to lose and might walk away in case of bad situation. Hope it helps.

Welcome to BP. It's a great idea to live in one unit and rent 3 units. You might be able get 3.5% FHA financing for it. Good luck!

@Hamid Hotaki

Welcome to BP. 

What city and state are you looking for a loan? 

James