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Updated about 7 years ago, 11/26/2017

User Stats

33
Posts
14
Votes
James O'Connor
  • Rental Property Investor
  • Norwich, CT
14
Votes |
33
Posts

My first purchase is in the works! Just looking for confirmation

James O'Connor
  • Rental Property Investor
  • Norwich, CT
Posted

Hi bigger pockets family,

I have been searching for a property for a long long time. I finally found one where I've made an offer and the seller accepted (a few days ago) I just want to double check that you guys think this will have positive cash flow. If more info is needed just let me know. Thanks

Multi family that is move in ready. I'm acquiring two tenants and I'm living in unit C. Plan to move out and rent unit C in 1-2 years.

Mortgage: $183,000

down payment: $6,405

Mortgage payment with insurance, and taxes: $1450

property taxes: $3,060yr

home owners insurance:  $1,740yr

Unit A singe bedroom: $850 leased until 9/2018

Unit B single bedroom: $800 leased until 6/2018

Unit C three bedroom: currently leased at $1100 until 1/2018 but I will be moving into that unit.

Landlord pays for heat in all units - seller said it is roughly $500 a month.

tenants pay electric.

Using the bigger pockets calculator I see that while I'm living there it should cover the mortgage / I may have to pay small amount. Once i rent out unit C it looks like it should cash flow roughly $200 per unit.

I am just starting inspections on the house this week.

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