All Forum Posts by: Al Schnitzer

Hi BP Family,I am looking for a reputable and thorough Inspector, need some recommendations...any Help would be much appreciated!

I'm about to close on a few houses for rentals. I was wondering how to go about finding good contractors. Or if anyone could recommend a few that would be great. Also I need a good carpenter , plumber , roofer etc any references would be great. Thanks

AL

Looking for a quality PM in the reading pa area, any BP member with recommendations would be greatly appreciated. ty

ooops mistake -:)  Thank you.   

Hi,  

Looking for a quality PM in the reading pa area, any BP member with recommendations would be greatly appreciated.  ty  

Hi, i am looking for a title company in the scranton area specializing in subject to deals please

2 Newly Built (2003) Corner Brick Buildings Back to Back 4 parking spots and 8 units.

Each building has 4 floors, 4 units, and 2 parking spots 

1st floor 1br/1bath, other 3 floors are 3br/2bath each) > Total 8 apartments & 4 parking spots (6 3brs/2bath, 2 1brs/1bath) 

Total Bedrooms: 20 

Total Bathrooms: 14 

Total Parking Spots: 4 

Total Balconies: 4

SUMMARY INCOME & EXPENSE 

Current RR = $147,160 

Expenses $32,300 Net = $114,860 

Asking price $1,500,000 (7.66% CAP)

• Rents are low and can be brought up to 200k gross, 165k net
• Section 8 paying now for 3BR $2200, 1BR $1460 
• Property doesn’t need more than some paint and minor repairs (closet doors) 
• PERFECT for condo conversion. Each 3br has 2 full bathrooms, 1 Porch, and each building has 2 legal parking spots 
• BOTH are Corner Properties 
• Walking distance to the Bronx Zoo 

Combined Expense Breakdown

**Property Taxes (421a) $10,000 

Water & Sewer $6,000 

Heat & Hot Water $7,000 

Insurance $5500 

Repairs & Maint $2000 

Super $1200 

Electric $600

421A – Property taxes - 421A is expiring in approximately 3 years. Several options available to reduce the increased taxes. Even WITHOUT reducing it the net will be at 125k when increasing the rent which is 8.33% CAP and from there it can only get better if taxes are reduced

(PLEASE CONTACT ME FOR COMPLETE SETUP)

2 Newly Built (2003) Corner Brick Buildings Back to Back

4 parking spots and 8 units.

Each building has 4 floors, 4 units, and 2 parking spots

1st floor 1br/1bath, other 3 floors are 3br/2bath each)

Total 8 apartments & 4 parking spots (6 3brs/2bath, 2 1brs/1bath)

Total Bedrooms: 20 Total Bathrooms: 14

Total Parking Spots: 4 Total Balconies: 4

SUMMARY INCOME & EXPENSE

Current RR = $147,160

Expenses $32,300

Net = $114,860

Asking price $1,500,000 (7.66% CAP)

 Rents are low and can be brought

up to 200k gross, 165k net

 Section 8 paying now for 3BR

$2200, 1BR $1460

 Property doesn’t need more than

some paint and minor repairs (closet

doors)

 PERFECT for condo conversion.

Each 3br has 2 full bathrooms, 1 Porch,

and each building has 2 legal parking spots

 BOTH are Corner Properties

 Walking distance to the Bronx Zoo