All Forum Posts by: Patrick Rowe

@Chadmayo- I had to rehab my personal home in Central and the Municipality wasn't to bad. Also I have rehabbed a few properties in EBR parish and didn't have to pull permits on them.

@Shawn- I have done some and didn't have to pull a permit. It really depends on how much water the property too on.

Ok thanks for all the input, I was trying to find out the best approach to come up with a replacement cost going in. I'm looking to buy 15-20 units in a C class area, but in my market it's hard to find them. The only good deals here on paper is in the low income areas.

When you buy multi family apartments how do you figure out how much to allocate for capex? Also do you bring a contractor with you or do you used a Multi Family inspection report?

@Tami DuBose - Yes, I have ran the numbers on the BP calculator and the cash flow is not as good as I would like. I would look at my schedule and let you if I can make it Friday. Also how often to you guys meet? 

@Jd Martin- Thanks for the reply, I agree after running the numbers I realize that this duplex will not be a good cash flowing property. The reason I look at it because it was in a good area.

I'm looking at purchasing duplex below and I want some good advice on the deal. Also this duplex has been well maintain and recently updated.

Purchase Price $149000 - 30 year @ 5.77

 Down Payment- 10%

2BR-1.5 BA 2178 SQFT

RENT - 1700 PER MONTH

TAXES -1813 PER YEAR

INSURANCE 1200 PER YEAR

PM -$1632

Vacancy- $1632

Reserve/ Maint - $2040

@ James- This my first time you the rental property calculator, normally I use my own spreadsheet. Also on this deal I have a 100% financing line up so there won't be a down payment. I have already done my due diligence and the tenants pays all utilities on this 4 plex. The only expenses I have is vacancy,capex,maintence,taxes,insurance.

Monthly Income: Monthly Expenses: Monthly Cash Flow: Pro Forma Cap Rate: $2,875.00 $2,468.65 $406.35 8.84% NOI Total Cash Needed Cash on Cash ROI Purchase Cap Rate $18,485.75 $0.00 Inf% 9.99% Property Information Purchase Price: $185,000.00 Purchase Closing Costs: $5,000.00 Estimated Repair Costs: $2,000.00 Total Cost of Project: $192,000.00 After Repair Value $209,000.00 Down Payment: $0 Loan Amount: $193,920.00 Loan Points: $1,920.00 Loan Fees: Amortized Over: 30 years Loan Interest Rate: 5.770% Monthly P&I: $1,134.13

@Latonya Muhammad do you have any properties in Baton Rouge?

@Nikki Grizzle Congrats