All Forum Posts by: Xavier Garcia

Thanks for the response.  Insurance and property taxes would be included in the mortgage.  NavyFed requires 15% for conventional loans.  Here are the new numbers:

Asking: $95,000 | Current rent: $1,660 | Est. Mortgage (based on 15% down payment and 3% interest): $545

The following rents apply:

1/1 for $375 | 1/1 for $500 | 2/1 for $485 | Efficiency: $300 = $1,660

According to the post, the owner pays some utilities:

Gas: $43 | Electricity: $160 | Water/sewer: $103 = $306

Cashflow:

($1,660 (Rent income))-($545 (Est Mortgage))-($306 (Utilities))-($132 (Property management assuming 8%))-($249 (Maintenance,Vacancy,CapEx assuming 15%) = $428

COCROI: ($428x12)/($14,250 (down payment)) = 36%

Hello everyone.  I'm looking into purchasing my first investment property in south Texas and came across one that I'd like a second pair of eyes on.  If anyone is able, I'm looking to see if I'm missing anything in the numbers.  I understand there may be some expenses required to make the property a bit less of an eye sore based on the pictures.  Anyway, thanks in advance for anyone able to take a look.

Address: 715 E Jackson St, Brownsville, TX, 78520

Asking: $95,000 | Current rent: $1,660 | Est. Mortgage (based on a $10,000 down payment): $577

The following rents apply:

1/1 for $375 | 1/1 for $500 | 2/1 for $485 | Efficiency: $300 = $1,660

According to the post, the owner pays some utilities:

Gas: $43 | Electricity: $160 | Water/sewer: $103 = $306

Cashflow: 

($1,660 (Rent income))-($577  (Est Mortgage))-($306  (Utilities))-($132  (Property management assuming 8%))= $645

COCROI: ($645x12)/($10,000(down payment)) = 77%

All, thank you for your responses.  @Tyler Dix and @Nick Schultz, I'll definitely keep you in mind if I end up in that area.

@Bethany Moklebust, I've noticed the relative unavailability of multi family properties in Yuma.  I'll also keep you in mind if I end up in Yuma.

Again, thank you for your time.

Hello everyone!  I'll be transitioning out of Hawaii to either Yuma, AZ or to the Jacksonville, NC area by summer '21.  I'm currently looking into house-hacking a small multi-family property - best part is that my wife is slowly beginning to realize the huge benefits that house hacking offers.  My question is simple (maybe), which market offers more benefits than the other when it comes to multi-family properties?  In other words, which market offers the most bang for the buck?

I would be using a VA Loan so I don't foresee financing being an issue.

Full disclosure, I'm a long time BP podcast listener but this is only my first post on here.  If there is any additional information I need to include, please let me know.

Any help, support, or advice would be greatly appreciated!

Cheers,

Xavi