All Forum Posts by: Niyi Adewole

@Caleb Heimsoth 

The current owner is selling this as a package deal for 499K. Will be talking to the commercial lender today to see exactly what the percentage down/years fixed would be, thank you for the heads up on the 30 year. I updated the analysis below to include what the current rents are and a 15% down 25 year mortgage. Fingers crossed i can get this from the lender. Also, i believe i can get the rents up to an average of $625 across the board (please see second analysis below).

Analysis with current rents and 25 year financing

Analysis with Future Rents and 25 year financing 

@Autumn Rankin Yes to both! I'm trying to calculate expenses high just to be safe, and i confirmed that the owner does have a preference for subsidized housing. Considering i own the tri-plex just up the block i feel comfortable with the areas recent improvements. 

I have two RN's in the family, much respect for your profession!! I love medical sales, and the RN's that are able to make the transition to the business side excel at the company i work for. There are multiple avenues to getting into this as an RN, and i would be more than happy to discuss this in detail with you! Please feel free to private message me your number and we can setup some time to talk. 

@Nicholas Scatton

Thank you for taking a look Nicholas! The tri-plex that i house hacked is literally a 15 second walk to these units (Please see image below). The area is up and coming, and this owner does section 8 housing simply out of preference. I have one 1-bedroom in my triplex that pulls in $800 a month. Granted i've made updates and my unit has a washer/dryer in it, i believe if updates are made to this property i could get average rents up to $625 per unit ($7500 Total). Also, one of the units is currently vacant.  

@Lee Ripma 

Expenses - I over-budgetted for certain items (i.e. Water and PM) just to be safe, and i'm in the louisville kentucky market very common for landlords to pay water. I manage my triplex using the Buildium pro system and will add this units to that management software as well. I budgeted the 10% just in case i want to move to property managment in the future (my actual costs to manage myself will be ~$150 per month).

Value Add - One of the units is currently vacant and I believe with minor updates to inside of units and getting regular tenants into the property that i can average $625 per unit bringing the income to $7500. I made the changes in the updated analysis below, please let  me know what you think. (also changed the loan from 30 years to 25, speaking with bank today to get exact numbers on what the loan would look like).

https://www.biggerpockets.com/calculators/shared/346991/622da9a5-30a8-4557-9dce-8d57fea0e061

Thank you for the MIcheal Blanks tip! I have not, but will look into that today $129 is nothing compared to this being a good deal or not. 

Good Evening Bigger Pockets Family, 

My name is Niyi and compared to many of you i am a new investor. I purchased my first property in December of 2016 via a househack and i now have a 12 unit deal under contract!! Below is the information i have acquired thus far and a link to the bigger pockets analysis that i ran:

All Units are currently being rented to Section 8. I was told this is not a mandate, the current owner just prefers subsidized housing. This is a 3 property deal with each property housing 4 1 bedroom units.

https://www.biggerpockets.com/calculators/shared/346991/70130df3-b540-44b9-9d98-0add24e38f35

AM i missing something or is this a deal? Any and all help is welcome. 

BP Family, Does anyone have a rough estimate of how much it would cost to separate gas/electric meters on a four Plex? For those that invest in Louisville, Ky - do you have a person/company you would recommend?

I'm assuming this property is gone already, but do you have any more small multi-families in nashville?

Warren Romig I'm interested, could you send me some more details?

BP Family, I may be relocating to a Boston in the near future and wanted to get your thoughts on the landlord/tenant laws. Is boston considered landlord friendly or tenant friendly?

Good Morning BP Family, 

Reaching out to the investors in the Louisville Area, Does anyone have a good roof repair and ceiling repair vendor? Heavy rains over the past week resulted in a minor ceiling leak in one of my units. 

Any recommendations would be much appreciated. 

Niyi