Updated about 5 years ago on . Most recent reply
Help me analyze my first deal!
Hello, I am looking at acquiring our first rental property! I would like a little help to make sure I am analyzing it correctly.
Its a triplex, renting for $700, $525, and $450. Seller is asking $102,000. Located in northern Indiana.
Monthly:
income: $1675, Mortgage : 390 (after 20% down), Property tax: 142, Insurance $100, management: $168 (10%), Maintenance/etc: $ 167. Tenants pay all utilities. Am I missing anything else?
That leaves a cash flow of $708/mo.
I have not laid eyes on the inside yet, it may need some upgrades.
Any help/ advice you can offer would be greatly appreciated! Thank you so much!!!
Most Popular Reply
@Jonathon Larson Numbers look good. Make sure they are real and verify that tenants are actually paying. Get Estoppel certs by tenant and LL. I make offers contingent on inspection of premises and paperwork. If you lack RE buying expertise find a buyers agent and pay them 2.5-3% if the property is not listed. Don't skip any steps. All the best!