Someone please hold my hand with math on 2 deals

[Richard Ertle]

Thank you for reading my post.

I have been reading BiggerPockets for over a year.

We have one house we have been renting by the room for 3 months. There is a promising looking for sale by owner triplex I'm interested in. I want to run the numbers on both. Both properties are in Traverse City, Michigan and we live in Las Vegas.

I would like to talk/work with someone who is experienced and has the proper tools, calculators and such to help me run the numbers on both of these properties.

Even if the triplex is a good deal, timing for us, we probably won't be able to move on it.

I would like to generate the proper reports to potentially invest or at least get my wife more interested/excited about investing in rentals.

I am just starting out again and have the income challenge of being a 47 year old who has been disabled for 14 years. I was a single property 2 door landlord years ago but lost my property when I got sick. I am now trying to add the passive income of rentals back into my financial plan.

I'm hoping to find someone who is experienced with a little extra time and curiosity to hold my hand and show me how to do these numbers properly.

Thank you in advance for all of your wonderful replies.

[Dan Mumm]

Hey Richard, this is a little general so it will be hard to help without more specifics. Here is what you will need to run numbers:

Price, Rental Comps (be conservative), age of properties, average vacancy (look at the rental comps and see how long their average DOM is, add more time for turnover), property management expenses, age of components of house (used to calculate cap-ex), any HOA fees, taxes/insurance/financing costs.

If you can get estimates on these you can run them in the BP rental property calculator tool which will tell you everything you need to know.