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Updated almost 9 years ago,
I think I found a good deal on a Triplex. Hoping for confirmation
Hello all,
My partner and I are looking to start off in the investing world by house hacking in the Hollywood, Dania Beach, or Ft Lauderdale areas with a multifamily residence. I have been listening to countless hours of BP podcasts (thanks guys, the information is absolutely amazing on those), and reading various blog posts. I found this triplex on Craigslist as I was looking for a nice opportunity for a place with a smaller unit that my girlfriend and I could stay in, and rent out two, hopefully larger units. Honestly, I dont care much about the size of the units as much as I do about how the property cashflows.
Anyway, I ran the BP rental calculator, and adjusted the purchase price from 255k to 225k, and included 10k in the loan since the idea is to use the FHA 203k Loan to finance the mortgage. Do you think that I adjusted too much in the asking price, or is 25k a reasonable amount to negotiate down? I also do not know the specific variables for utilities and property taxes but based on what I have tried to gather for taxes on comps it seems reasonably close.
Please let me know if you see anything I missed, or you think I underquoted.
https://bp-v-newproduction.s3.amazonaws.com/upload...
Thank you in advance for any assistance you can provide.
Xavier and Danielle