All Forum Posts by: Nick Murray
Nick Murray has started 5 posts and replied 39 times.
Post: New Investor - Looking to buy a Duplex or Triplex
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Originally posted by @Kevin S.:
@Nick Murray is the monthly income based on what actually tenants are currently paying or just the seller's estimate of what you can get? Cause you said this is a pretty small town, which makes it a bit hard for me to believe that each unit is, on average, paying $1,432 per month in rent (not saying it's impossible, just sticks out as a red flag to me, especially at a purchase price of $160k). Additionally you've understated your expenses. I'd up vacancy to 8% as that will give you approximately 1 month saved up every year (1/12 = 8.33%), you'll want CapX at a minimum of 10%, property management at 10%. Also, I don't have any clue what insurance goes for up in MD, but I know there's no way you could get a triplex insured for only $540/year (I think it'd be closer to triple that).
Insurance was based on the listing I guess I put the monthly not the yearly cost ops. I used rentometer to determine the price for each unit.
The rents do seem high.
Post: New Investor - Looking to buy a Duplex or Triplex
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Post: New Investor - Looking to buy a Duplex or Triplex
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Originally posted by @Kevin S.:
@Nick Murray the fact that the property has been on the market for 250+ days is probably a red flag that it has issues, maybe it needs a lot of work, or is in a bad location. As far as numbers go, I'd suggest 1) see if you can get a tour of the property, look for things that need work, etc. Bring along a realtor or someone with a bit of knowledge regarding housing/construction and ask their input. 2) I'd run the BP calculator and then post the results on here, let people pick apart your numbers, that's a great way to get input from the community on how your estimates look. Good luck!
A pretty small town on the water, so I'm thinking location. Will definitely post results, thank you!
Post: New Investor - Looking to buy a Duplex or Triplex
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
After watching last nights webinar I decided multifamily housing would be my niche. Once I finished the webinar I went right to Realtor and found a TriPlex near me with 8 Bedrooms and 3 baths for $160k similar price to the example that was showcased. The monthly cashflow using Biggerpockets tool is $1,831.47 with a 62.79% cash on cash ROI. The house has also been listed for 250+ days meaning I could probably offer a decent amount less.
Since I'm new this really doesn't mean much to me (i dont know what im doing) and I'm not sure if I estimated everything right because this seems like a too good to be true deal, especially since it was the first house I clicked on haha.
How would I be sure to get more accurate numbers and make sure I'm calculating all this correctly? Rent prices, Repairs, etc. Or is this mostly just a rough estimate to see if you should look into it further? I know actually going to the property and looking at it is probably the best choice since the pictures don't really show much of the inside condition, but I wouldn't know what I'm actually looking for.
Post: Help Wanted! Newbie on the Scene.
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Post: Newbie from Bel Air, Maryland
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Post: Newbie from Bel Air, Maryland
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Originally posted by @Joe Norman:
Welcome Nick! I'm originally from Bel Air myself (currently live down in Perry Hall). There are a lot of great REI Networking Groups in Harford and Baltimore, be sure to check some of them out. Good luck!
Good to meet you, I've only been able to find one that meets in BWI.
Post: Newbie from Bel Air, Maryland
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Originally posted by @Account Closed:
What's up Nick!! Good to see you!! Great age to get started. I'm working on a flip currently in Baltimore and I'm thinking about getting back into wholesaling but if you have any question let me know and the BP community know.
Good to meet you, I'm willing to try any real estate methods, ive just heard wholesaling is good for people with little funds.
What do you think?
Post: Newbie from Bel Air, Maryland
- Rental Property Investor
- Bel Air, MD
- Posts 40
- Votes 16
Hello everyone! My name is Nick Murray I'm from Bel Air, Maryland. I am 21 and looking to get into real estate investing as a full time career so I can become independent and live on my own terms while helping other investors by passing on information I'm going to learn over the next 50 yesrs. I'm interested in wholesaling as a way to get into REI.
If you're in my area make to give me a shout out and maybe we can connect offline! Would love to meet some new faces.
Cheers!