Doing my first deal.

[Jake Charles]

Hello Bigger pockets world!

Let me start by saying I am not an english major (That's what my girlfriend does ) so there will be so errors in the post. please hang in there.

That being said... Let me tell you a little about myself. My name is Jake Charles, I live in a college town in rural Maine with a population of about 8,000. I grew up building houses with my father and have done everything from small repairs to whole construction of million dollar homes. A month ago I started listening to the BP pod cast and well I caught the real estate "Bug". I am now really want to apply what I know about homes to help me build a solid buy and hold portfolio.... And what do you know? a deal falls into my lap. A local landlord (Who had my father and I do some work to his properties) is looking to sell some of his building. He has been in the game a long time and is nearing retirement and is tired of dealing with the upkeep. 

Now before I ramble on and lose your interest (Not sure how much detail to get into this being my first forum post) I have used the BP Rental properties calc on this but me being new and this being a multiple building, multiple unit deal with both residential and commercial units my head is spinning. If anyone would be interested in helping my with my analysis that would be a huge help as I am starting to feel the creep of analysis paralysis setting in!     

Thanks Jake.

[Amy A.]

For both income and expenses, don't take the seller's word for anything.  Check craigslist and rentometer.com for correct market rents.  Even if he's seller financing, you want to see his tax returns to get accurate expenses.   If he's offended by that, run away.  Be careful of oil expense in Farmington.  I've seen a lot of old buildings on oil use $10k plus per year for around 4 units.  good luck!