Updated over 9 years ago on . Most recent reply
4plex deal: Teach me ole wise ones....
I have only ever owned SF rentals and those were mostly just houses i wanted to live in while stationed there and then turned into a rental once i left the area. Im trying to expand into MF and wanted to bring up a deal that was presented to me today.
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My first thought is that I don't see property management fees accounted for. Regardless of whether or not you are self-managing, you always want to account for PM in the event you are either unable to or simply don't want to manage the property anymore.
My second thought is that, depending on your cash reserves, you may want to put more away for either your repair fund or CapEx depending on how old your CapEx items are. You're planning for the both the known and unknown future. So whereas an SF home may have mold or holes or whatever, MF means shared walls which could impact two units.
I also noticed that you are in FL. Do you need separate hurricane/flood insurance? Factor in pest control as well as FL is well known for termites and ants.