All Forum Posts by: Jan Kutrzeba

Hi @Alexander Wardell!

Thanks for your input! I have no idea about the roof situation but will hopefully soon! Thanks for the tips regarding verification of all info. So far I've been blindly trusting rentometer and done very little cross checking with CL. This is exactly why I love BP!

Hi @Stephen Kunen,

Did you find a good contractor? I'm also looking for one. Would love to hear about your experiences once your project is done ;)

Thank you!

//John

Thanks @Doug Shapiro! 

Hi BP-community!

Would love to get some feedback on these numbers.

FACTS

Fully occupied 3-unit MFH: 3 x 1br 1ba

Asking price $149k

Gross rent (not verified, based on the median rent in the area according to Rentometer): $2400/month

Tenants pay all utilities

Annual taxes: $3,578.26; no unknown unpaid taxes nor liens

No HoA fees

Annual insurance (guestimate): $800

2% rule: 1.66%

50% rule: $646/month 

Calculations made with the current asking price, no rehab costs, $5k closing cost. Pls see the full report below.

Thank you in advance!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Ronald Bowser Thank you!

Hey @Chad Jarrah and @Ronald Bowser thanks for your insight!

Could you recommend good GCs, prop mngmnt companies, and/or agents in the area? I'm looking at Allentown multis. Feel free to DM me.

Thanks in advance!

See y'all there!

Hi guys!

I'm just starting out hence my possibly very naive question: is a $3500 house a steal of a deal, or can it possibly be a money pit and a headache? I'm finding several under $5k properties (SFH and MFH all in need of a total rehab, obviously) in a city not far away from me in Upstate NY. The eager-me wants to buy all of them in the hopes of wholeselling them for a nice profit. I found all of these on Trulia, so they're not anyone's secret gems... My plan would be to wholesale them - possibly even without seeing them in person.

What's your experience buying properties this cheap? What should I be aware of, all else being equal (taxes, zoning issues, the area (possible crime, population decline, unemployment rate, economic vehicles, transportation hubs, etc.). In my inexperienced eyes these deals seem too good to be true.

Thank you in advance!  

It'll be my first time. See you guys there!

//John

Hi @Tzvi Ausubel! 

Thanks for organizing.

Best,

John