All Forum Posts by: Nels Lund

I’ll be there also!

I’ll be there!

I am good with this Thursday, but I’d be ok with waiting until the next week. My availability is any night Mon the 24th - Wed 26th but I am booked the 27th and 28th.

Shoot, I am busy that evening but don’t change on my account. 

Hi all, I am a newer investor and couldn’t make the last meeting but would be interested in the next one. I am out of town this week but am flexible after that.

Just as some others have said Rentredi is easy to use and if I have a question I look in their many articles, videos, or if I can’t find it I chat with their customer service and they answer also immediately! Seems to be a couple kinks they may need to work out and a landlord mobile app would be very helpful.

Hi all, 

I am a new investor as well and am interested in joining the meetups. I am from Bismarck and am purchasing my first investment property. Looking forward to hearing when the next meetup is.

Thanks,

Nels

Ben, the units are fairly small compared to most duplexes or apartments at about 600sf each. Do you think they can’t rent for much more? Do you have any recommendations for property managers? 

Hi all,

I am a new investor in the Bismarck/Mandan area of North Dakota. I have an off market deal I am considering that is a four plex built in 1940 a few blocks from downtown Mandan. The building is approximately 2400sf with 3 units being 2bed/1bath having approximately 600 sf each and one unit that is 1bed/1bath and slightly smaller than rest. The units currently rent for $500-$550 each and one has been vacant several months due to a previous water leak in the unit and is being repaired/renovated. In total rent should be $2075 currently and about $75-$100 a month in laundry income. The parcel the building is on is being divided as there are two buildings on it and I am told by the city assessor taxes should be about $1900-$2000/year for this property. The water bill averages about $233/month when fully occupied and the heat bill and common elec is $137 (Not sure if that is when its fully occupied so I rounded up to $175). I used 10% each for maintenance and capital expenses, 6% for property management, and 5% for vacancy in my calculation. I have an insurance quote of $1250 for the year. And lastly the purchase price is about $217,000 and with the financing we have the monthly cash flow I get from my calculation is only about $110 for the property. I included photos of a couple of the units one of which is being renovated. What are your thoughts on this deal? Do my calculations and analysis look correct? Is the purchase price too high? Do you think the rent is the going rate for units this size? At first I thought rents could be raised but doing more research in our market I am not so sure they could go any higher right now. Any input is greatly appreciated!