How Much Cashflow To Expect? FHA, Hacked MFH. Riverside County CA

[Stephen Bagnani]

Okay I am doing research on getting my first deal. I want to set up auto notifications with some real estate agents. Tell me if this is wrong.

Hello Realtor X, Please notify me of all XX-plexes that come into the market that I can buy with an FHA Loan 3.5% down, live in one unit, rent out the others and make at least $XXX of cashflow.

I would like to utilize an agent for now, since I do not have my own actual license.

In broad terms, say we found a good deal on like a 4-plex. What would should I be looking for in income? Is it realistic to say 1000 dollars a month cash flow if all units are rented? Or would I be lucky to break even?

I want to at  least get some leads coming in while I am furthering my education now, on the chance that I could get that deal sooner rather than later. I just need a bit more of a frame of reference for this market.

Let me know if I need to elaborate on anything.

[Jeff Brower]

I would just ask them to set you up for an autosearch that sends you all of the multi's, regardless of cashflow. This will show you everything that comes up in the area and give you good practice of analyzing all of them. An autosearch will obviously not do cashflow calculations, and expecting them to do all of that for you is a bit much.

If you don't see anything on the market, you can start up a mailing campaign to send letters to all of the multi family owners asking if they have any interest in selling. That is what I am doing right now, looking to do the same thing with an FHA and house hack.