All Forum Posts by: Slade S.

@Landon Bleau

For this 2300sq ft 2 unit building built on a slab with well and septic I was quoted $995.

Fore a home, water and well inspection.

Does that sound reasonable?

I'm about to make an offer on a 2 family building built in 1900. The house is built into a hill on a slab. I cannot see any of the concrete which would be the slab and backside into the hill.

I'm thinking about hiring an inspector so I can get an idea of the condition of the "foundation".

I've never done anything like this, can anyone give me some tips?

@Joseph Romano

Googling "County, State Tax Map" usually works.

What county and state are you looking in?

@Aiman Bennroua

With their permission and SSN you can do a criminal background check from the state police. In PA it's only $20.

Income is 3x the rent, check w2 or pay stub for steady job. Check for stability, make sure that they arent someone that moves often.

@Slade Sizemore

Sorry it is early.

ANNUAL COST: should say $5,100

purchase price is $95,000

I'm crunching numbers on my first potential deal. I've read that a mortgage payment shouldn't be included in calculating the NOI. Is this true? And if so, why is it not considered an operating cost?

Here is my deal, any input?

ANNUAL INCOME: $16,800

unit 1: $700/month

Unit 2: $700/month

ANNUAL COSTS: $11,700

Property tax: 2300

Insurance: 2200

Owner Electric: 600

NOI = $11,700

Cap Rate = $12.3%

Today I went to look at my first rental investment property. I am hoping to BRRRR. It is a cash flowing 2 unit multifamily building.

The rent is $700 + $700 = $1400.

I've estimated NOI to be around $11,000. Cost is $85000 purchase + $15000 repair =$100,000.

I'm guessing ARV might be $130,000.

My question is....

How do I confidently come up with the ARV. And this being my first purchase, how can I be confident that a bank will refinance me the 75% of ARV?

Can anyone help me comp and figure out if this is a good move?

@Marc Winter

I am just South of Wilkes Barre, in Blakeslee. I'm looking to learn from locals and purchase a property that fits the BRRRR strategy.

@Andrew Postell

Yes I'm looking for a 2-4 unit multifamily and I would like to live in one of the units.

@Dave Spooner

Unfortunately an FHA loan seems unobtainable. I will not be approved because I do not have 2 years of employment. My father will not be approved because he will not be living in the house.