Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

User Stats

5
Posts
0
Votes
Charles Perry
  • Homeowner
  • Monroe, MI
0
Votes |
5
Posts

need guidance on my first multi family purchase.

Charles Perry
  • Homeowner
  • Monroe, MI
Posted

Hello BP friends .

I have been reading about real estate for some time now and recently joined BP pro ( and I love this site.) So as my subject says I am looking at purchasing a large triplex, sq-ft 2362 w\lg 3 car garage (future plans for another apt on top of garage) with large back yard behind the garage with plans on dividing into 2 lots and selling to the neighbors to finance the  apt above the garage. 

So here are the details :

lot size 70X300, 2 stories, 1 building, 6 parking spots

on site laundry ,boiler system , gas stove ,dish washer & metal roof

lower unit 1: 2\1 800 rent (17 yr renters no plans to leave)

upper unit 2: 1\1 550 rent(14yr renters no plans to leave )

upper unit 3: 1\1450 rent + 240 yr for parking = 21,840

taxes 3465, ins. 1483,owner currently pay utilities 6,643 a year =11,591

and the purchase price is 129,900 with some wiggle room (city assessment says 122,880)

any & all advise is appreciated.

 Thanks in advance.

Loading replies...