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Updated over 6 years ago,

User Stats

20
Posts
2
Votes
Shane R Smith
Pro Member
  • Bellefontaine, OH
2
Votes |
20
Posts

First Timer! Should I buy.

Shane R Smith
Pro Member
  • Bellefontaine, OH
Posted

Hello BP!

My name is Shane. I have been researching and learning for the past few months. I have offered on only one. The offer was low enough I couldn't really loose. So now I have come across one that almost checks all the boxes. 

So quick low down on my goals. I want to start investing in multi-family and then transition to larger multi-families. My budget at this point is 100K. I can afford the 20% down on that price. I'm targeting 12% ROI and with at least $100 cash flow per unit.

Details:

https://www.trulia.com/p/oh/urbana/131-w-water-st-...

Calculations: 

Asking Price not including Garage:

https://www.biggerpockets.com/calculators/shared/9...

Asking Price with garage:

https://www.biggerpockets.com/calculators/shared/9...

Asking with $50 per unit rent bump:

https://www.biggerpockets.com/calculators/shared/9...

So with all of that information above does the place seem reasonable? Should I Offer?!? I sometimes wonder if I am being to conservative on the Repairs, capex, and etc. Am I being a bit cautious? Do some of you buy with the intentions of meeting your goals by increasing rent or renting a garage as well? Or do you buy only at your number and consider increases a benefit? I would go down in price a bit to solidify my confidence but the realtor claims she will not entertain offers below asking price. 

I feel I have gained all the knowledge from the famous @Brandon Turner but I need a splash of confidence from the community to get me over the hump. 

Thanks!

  • Shane R Smith
  • Loading replies...