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.
Real Estate Deal Analysis & Advice
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 8 years ago,

User Stats

13
Posts
4
Votes
Geet Doshi
  • Rockaway, NJ
4
Votes |
13
Posts

New Jersey Deal Analysis

Geet Doshi
  • Rockaway, NJ
Posted

Hi Everyone,

I have been on the search for a great multi-family house in Northern New Jersey. I found a deal which (I think) is good if not great. This is my first time writing and analyzing a deal fully so please let me know if I am missing anything or there is anything I can change.

I am looking to get an FHA/203K loan and put 3.5% down on a multi-family home. So I will live in one unit and rent out the 2nd (3rd and 4th depending on how many units the multi family home has) unit.

First off, lets say I have been approved for a 203K loan for $320,000. The original home price is $300,000. This particular unit is a 4 unit multi family home, so I would live in one of the units and rent out the other 3. Each unit has 2 bd 1 ba. The average monthly rent in the area for a 1bd 1 ba is $1100/month. The monthly mortgage (including property taxes, fees, MIP, etc.) is $2,500/month.

So,  3.5% down of the $320,000 loan --> $11,200 as a down payment.

Unit 1 - Owner Occupied (I would be living in it for 2 years) - $0

Unit 2 - Rent - $1100

Unit 3 - Rent - $1100

Unit 4 - Rent - $1100

This leaves me with $3,300/month, while the mortgage is $2,500/month giving me positive cash flow for $800/month.

This is what I have come up with...anything big I am missing? anything I may have done wrong? any comments/advice?! 

Thank you all for reading!

Best,

Geet Doshi

Loading replies...