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Updated over 4 years ago on . Most recent reply
#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
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Teach me how to analyze this random deal
#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
Well. It's to graduate to multifamily.
Found a random 10 unit.
Monthly Numbers
Rent: $7400
Insurance: $811
Taxes: $524
My questions:
How am I financing this thing? 20% down?
What banks do I call and what questions do I ask?
Has COVID effected loans on such a property?
What purchase price would you need to make this work and why?
I've outgrown Duplexes help me learn how to get bigger!
Thanks
Most Popular Reply
@Luke Carl Renting at 750/unit it is likely a C+ in an inexpensive area or a dump in a big city. Insurance will be 4500/yr, taxes 6000/yr. Sewer and water 6000/yr. Vacancy/unpaid rent 20% for now, maintenance 400/mo, capex 600/mo. Reserves 50k. You will need 25% down, net worth equal to loan amount, and a track record. I'd be a buyer at 550k at this time and depending on location.