All Forum Posts by: Leon Henry

I have a 6 family deal on the table. Asking price 420k I think I could get it for 400k Real estate tax reportedly is $4000 Water sewer $200 reportedly Insurance $2700 per yr Gas $600 per yr Electric $750 per yr Garbage pick up $750 per yr. Plus lawn and snow care Current rental income $3945 After purchase projection $4200 (on low end) Cash flow on purchase would be around $1200 a month... Great neighborhood A+ and the property is in great condition... Looking for help in terms of is this a good deal... and if so what would be the best way to structure it? How in regards of a bank loan? Also as a owner finance option? Does these numbers work at this price point or should my offer be lower as a multi family investment if so what do you suggest? Another thing to keep in mind is that the property is in pittsfield so not a booming city such as Boston obviously which is related to why the rents and purchase price is lower. One of my concern is that it is a low cash on cash return I believe for my current situation.

Great episode very motivating and informative, thanks

Like any other market it’s knowing where to invest within the city or town. Pittsfield has some good deals but there are some places that you don’t want to touch. There are some great places in the Berkshires outside of Pittsfield as well. Get in touch with me if you want to chat further.

Great show

I haven't read the others responses but I would say getting loans could be hard but you have a good credit score so try to get pre approved. I am note familiar with the Greenfield make but I am not to far away good to hear that it is doing well if you guys have meet ups let me know. However most rehab's usually cost more then 3k its surprising t hear the the town is giving the owner a hard time as if its in pretty bad shape. Also to hear a pretty bad murder in the home.... I would stay away unless the market is so hot I could find a deal likewise

I agree with Bonnie, at this point the children are not there often. I would use incapsulation paint on baseboards and windows trim and if you have old windows I would change them. You definitely don't want any old chipping paint around.

I have a 6 family deal on the table. I believe I can get for 400k Real estate tax reportedly are $4000 Water sewer $200 reportedly Insurance $2700 per yr Gas $600 per yr Electric $750 per yr Garbage pick up $750 per yr. Plus lawn and snow care Current rental income $3945 After purchase projection $4200 (on low end) Great neighborhood A+ and the property is in great condition... Look for help interns of is this a good deal... and if so what would be the best way to structure it? How in regards of a bank loan? Also as a owner finance? Does these numbers work at this price or should my offer be lower as a multi family investment.

thanks great insight. It being downtown and close to a hospital makes it appetizing but it is a depressed area

no i do not know the vacancy rate i am familar with the area and own a couple smaller properties. No also on the rent rolls that would also be reviewed. With all things good.. the property would bring in 6000 per month.. i am estimating 2000 operating cost not including mortgage payment. 

The mortgage is close to 2000 a month however. 

Split with partner i and thinking i can take home on average 1000-1500 per month.

I am sure this maybe a small venture for must but i am hopeful in getting some advice on this Comercial deal..

It has 6 one BR apartments and 2 store fronts. Each unit has its own electric ht/hw, so tenants pay their own utilities. In a downtown area, however its a depressed area with high substance abuse in the city. However i do believe things will turn around eventually. 

The buy in for 50 percent ownership is 50K. 

The property is almost fully rented however i am concerned with who the tenants are..

Property could use somewhere around 20k of work.. 

The property was recently listed at 400k for 6 months but did not sell. 

Rents are $600 including the store fronts per month..

My concerns are no parking..

Rough part of downtown.. but i still like tje location.

Does this sound like a good by in? 

The balance of the mortgage is 320k...

The owner seems to have purchased way over value at 450k a few years back..

I part of the partnership would be me doing most of the property mgm.

The mortgage financing is already in place and at a great rate.