All Forum Posts by: Gaspare U.

Veterans on here say you should calculate 21-23% for Vac, Repairs, CapEx. I use 25%.

Are you able to get the initial loan with zero down?

Are you able to get a management company for 5%?

I assume this is a 1 family home and the tenant will be responsible for gas, electric, water, landscape, etc.

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What's there to analyze? There is no info outside of you figuring out a way to convert 66k into $1mm.

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I would add 10% more in expenses, vets on here use ~23% between Vac, Maint, CapEx. I don't see property insurance. And I would demand water bills to confirm that is correct.

I agree with @Peter R. the rate seems high especially paying for points. You must also consider the 1031 tax deferment to this equation. 

1k sq feet is very very small for a 4BR home. Is this house 4 bedrooms, 1 bath and 1 kitchen? No living room/dinning room?

I personally would make repairs 10% as well. And if this is a fraternity there is no % for repairs. I personally would rather have 1 person as the tenant contact person. Put the gas, water, electric under their name and they then discuss it amongst themselves. 

I think you need to “think outside the box”. Selling it with owner financing is a great idea. I also think it will be slim pickings to find a handy man with poor credit and has $XXX to spend on renovations. They may need to hold it I think. And since it’s a reno job they can build it to suit. 

Can this property be converted into multi fam? An office? Is there some land to rent out to contractors as storage/parking lot? Perhaps Air BnB? Solar Panels?  

I like it as well. I like that you had Main, CAPEx and Vac at a combined 30%. Very conservative of you. Are the utilities paid by the tenants as well?

 Forgive me, when I originally posted this question there was a field that asked for details and I wrote it all there. 

I live in NJ, work IN NYC and the property is in the Carolinas. The price is less than $1mm.  My father has a good amount of property all cash but for one (the 2 Fam home) and I own my home w/ mortgage. I show more income than my father. I can do this solo or as a team with my Dad (that's why I am offering his details). As always I would like to put down as little as possible BUT will take advantage of the better rate tier.  

The property is a mixed building, 3 story w/ elevator. Class B from what I am told. 5 ground retail/office with 10 apartments above.  And Tim thank you for the quick reply.