All Forum Posts by: Raj S
Raj S has started 1 posts and replied 3 times.
Post: First Investment Prop -> Rate this deal
- Posts 3
- Votes 0
@Brendan
What type of expenses do you think I am skimping on?
Right now I am factoring:
Real estate taxes $1,600
Maintenance $2,400
Water/sewer $360
property management $0 (for now)
Insurance $600
Also what should I research about the boarded up homes? Sorry just don't know what I'm looking for.
@Max
Hey Max, I went throught the property on Monday. Both units are currently rented, and I spoke with the tenants and they say they really like the place. both moved in 4-6 months ago, after the completion of the rehab.
They are 14-18 buildings on the street and 2 of them are boarded up, the other 12-16 are either occupied or are for rent.
@Marc & @Scott
In regards to the section 8 tenants total of $1600/mo rent, of that $1515 is covered by section 8. I sat in the neighborhood for about 30 minutes in my car just to check out the vibe, and it seemed okay, kids were playing outside and stuff. I just don't know the vibe at night.
I really appreciate everyone's thoughts. Like I said I'm new and don't know... what I don't know... so this back and forth really helps.
Thanks again.
Post: First Investment Prop -> Rate this deal
- Posts 3
- Votes 0
Can't seem to find the edit post button.
So forgot to put all the numbers out there.
Asking: $57.5k
Sales/Offer: $55k
Monthly rent: $1600 Total
Monthly estimated expenses: $400 (including taxes and insurance)
PI: $231.50 monthly (30 year, 5.00%, 43.125k, 25% down)
Monthly Cash Flow: ~$900
Post: First Investment Prop -> Rate this deal
- Posts 3
- Votes 0
Hi All,
I've been pouring over these message boards for a while. I appreciate having this resource as a fire hose of knowledge in REI.
So here's where I'm at.
There's a duplex asking 57.5k.
Each apt rents @ $800 from Section 8
Its in a Class C neighborhood (Have no clue actually but it seems like you guys say Class C for not the best neighborhood) I would say I would be fine there in the daytime, but hesitant at night.
The current owner bought it a year ago @ 20k and rehabbed it with new plumbing, electrical, windows, and roof.
The street it is on is full of multi family. perhaps 14-18. of which 2 are boarded up, and one of which just sold for $8k.
The cash flow really looks good, and seems to have room for a rookie to make mistakes. Also if I am horrible @ this getting a property management company involved will still have this with pretty good cash flow.
Thoughts? Things that I may be missing?