All Forum Posts by: Mike Berube

 @Bethany Turon the house is in Clinton, just outside of Waterville. I was looking at the multifamily properties in the area quite a bit, however they all seemed to be built in the early 1900's and had knob and tube wiring and cast iron pipes...cash flow is really good on them but the potential repair costs drove me toward small slightly newer Single Families for now.  Once i've got enough capital for 25% down on a newer multifamily i'll definitely be looking.

My real estate journey is heating up, in the process of closing on a 2 BR 1 BA (800 sqft) Single Family Home in Central Maine. Small town on the outskirts of a larger city for the area.

Purchase Price: 80k

Inspection came back pretty good, a lot of minor things. 

Estimated rehab cost to get rent ready: $5k

Projected rental income $900 - $1000

PITI: $445

Cash to close:  $21k (20% down,  closing cost)

Will be asking for seller credit instead of repairs so closing costs may come down a little for me.

Not a stellar cashflow, but also a pretty low risk. Est 10% CoC return.

Thinking the 2 BR 1 BA SFR may be my niche, I've had a great experience renting out the other similar style home I own in Virginia Beach. Typically families w/ one kid that take good care of the place.

Will follow up after closing plays out.

I'm currently under contract on an old Multi-Family in Central Maine. Here's the Data I have about my specific property: 1st floor is a 1 Bed (could be two) 1 Bath House, currently renting for $800/month. Second floor is a 2 Bed apartment (renting $700). Third floor is a studio type apartment (renting for $500). Landlord is paying for heat, water/sewer, and garbage. My PITI is going to be about $520 (25% down). So rent totals $2k currently, after calculating all the expenses I can anticipate and using the bigger pockets calculator, I estimate cash flow to be around $400 - $500 per month. This is a property in the Waterville area, not sure how different it would be for Presque Isle.

Update: final price of 88k agreed upon, currently under contract! Inspection scheduled for next Tuesday! Let's hope it goes well.

@Reinaldo Lopez thanks Reinaldo, they counter offered at 90k. My realtor ran a cma and the property came in right at 85k. So I'm holding firm at 85k, and retracted my origin request that they pay half my closing costs. Waiting to hear back!

PS:  It'll be my first actual investment property loan so I'm a bit apprehensive.

Hey everyone, 

  I'm looking at putting in an offer on a triplex, listed just under 100k. Currently fully occupied and confirmed rents of 2k/month total..owner paying water/sewer/heat, tenants paying electric. Units are pretty well kept and updated, outside looks fine w/ minor paint chipping.

My two concerns are: 

1. It's a quitclaim deed, property inherited from deceased prior owner.

2. Property disclosure says there's a crack in the foundation.

I think i'm going to put in an 85k offer contingent upon inspection....home inspector should be able to verify the severity of the foundation crack right and I can pull out if its too severe.

Looking for some input on my concerns and whether or not I should go forward with this?

I've been shopping around this past week, 25% down is the standard for multi family invesment properties. 20% for single family investment properties....but it gets better, you also need to show you have 6 months of reserves after the down payment and closing costs.

Thank you Shaun, I'll try my luck with a broker!

Hello everyone,

I am have been renting out a single family residence for $1425 and have a PITI payment of $998 (I used to live in it), I am applying for a mortgage on a second property and they won't count any of my rental income because I don't have 2 years of tax returns...I've only been renting it out for one year. Is there any way to get this counted? Are there some lenders that will count it with one year of tax returns and a current lease or something?

Thank you,

Mike