Multi family rental building

[Driton Selimaj]

I have 300k to invest , I’m interested in cash flow , and I was interested in the Connecticut/Upstate market , I’m looking to get a 6-10 unit building , can someone show me what they think a good deal in those areas would look like via loop net or whatever source you use , it would be much appreciated , I just want to make sure I’m headed in the right direction with this , it’s my first property and I want to go big, with 8-10 units , can I expect a 5-6k monthly income passively ?

[Curtis Bidwell]

@Driton Selimaj. Your expecting a lot!  With $300k you could purchase something in the $700k-$1m range (lenders will require you to keep some for cash reserves).  

How much are rents in that area For that type of unit?

What are the costs for the particular building? Will you be paying w/s/g? Hot water, electricity?  depends on the building.  

What are your other costs? Yard care, snow removal, management fee, repairs, routine maintenance, insurance, taxes, reserves for major issues (hot water tanks, furnace, roof, etc). 

As a rule of thumb, you can figure approximately 35-40% in expenses, and then add your mortgage payment.  If you can net $200 or more per door after that your doing alright.  

I have a 10 unit that I got a great deal on that nets about $3k/mo ($300/door), -but I’ve also tripled the value in 4 years by cleaning it up and getting rents up to market! 

So there’s cash flow along with some significant equity building.  Good luck in your endeavors!