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Updated over 6 years ago,
First Timer! Should I buy.
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!