All Forum Posts by: Neely Coble

Hello BP Team,

I have a Triplex available in Owens Cross Roads (SE Huntsville) that is perfect for those looking to house hack.  The triplex has been meticulously maintained and is located in a very desirable area of the Huntsville, AL market.  Live in one unit and rent out the other two.  

Reach out for details!

At today's rates I'm not sure it would cashflow by the time you add taxes, insurance, r&m reserves, etc.

The average rate today on a 30-Year fixed is 7.38%. If you do 80% LTV on a $220,000 purchase price that gives you a $1,216 monthly payment. Taxes, fees, etc will add another $300/month. Then add r&m reserves, vacancy reserves, etc and you are in negative territory.

If you do 75% LTV on $220k it makes a little more sense, but it is still a skinny deal.

I'd love to get others opinions on this.  Am I being too conservative?  I've been bitten before by not being conservative enough in similar deals.

I like RentalHero for tracking income/expenses and properties/units/tenants/leases.  It's not a full-fledged accounting package like QB, but it gets the job done and is easy to use.

Great story and good advice.  I agree with your point about buying on sound conservative principles.  If things go well you are in for a pleasant surprise, but when they don't you should have enough cushion to absorb the bumps as long as you were conservative in your underwriting.

I've been using RentalHero for a few months and like it.  It's not free though like Google Sheets as @Forrest Williams mentioned above.

@Eric Johnson & @Leigh S. Thanks guys.  This makes me feel a little better about my deal. Appreciate the help as always.

Hello All,

Does anyone have any info on current rates for a Four-Plex (30yr Fixed - 25% down). I will not be living in one of the units.  I was quoted 4.625% which seems a little high.

Thanks!

@Mark Zoroya Thanks for the help!

Thanks @Matthew McDermott I look forward to connecting with you!

Thanks @Caleb Bryant