All Forum Posts by: Mety K.

Good point ! 

Thanks @Ro Maga, I was wondering about that multiple offer. I do have to do a better job getting rental estimate.  Any suggestions on how?

Thank you all of your responses. It is in an area where the homes are pretty run down... So @Marco Y. and @Justin Fraser, you have every insight to be skeptical, as that's the feedback I'm looking for. 

I found the homes on HomePath. I don't yet have rental comps. Where's a good place to check that (zillow, craig's list)?

M

Hmm.. I used the rental calculator. I wonder if I'm using it the right way;)

Denver is the winner I guess, but how is that the east coast? 

Hi everyone, 

I'm a newbie... found deal in North / Central New Jersey. Used the rental calculator. Questions: Did I use the right calculator? Should I buy the property.

Here's the details. 

2 Family - 3 stories built 2009.  Unit #1 - 5 bedroom & 3 baths. Unit #2 - 3 bedrooms & baths

Purchase Price: $229,000.00

Purchase Closing Costs: $2,500

Estimated Repair Costs: $2,000

Total Cost of Project: $229,000.00

After Repair Value --> $239,000.00

30 years 4.000% $819.96 

Down Payment Assumption -->$57,250.00  Loan Amount $171,750.00 $0.00 (4% over 30 years)

Monthly Income: $3,500.00 (from 2 Units)

MonthlyExpenses: $2,481.04

Monthly Cash Flow: $1,018.96

Purchase Cap Rate: 9.64%

Vacancy 5%, CapEx 10%, Water & Sewer $100, Insurance$100, Property Taxes mo $581.08, lawn care$50

Can you give advise on Buy or Don't Buy? 

Thank you!