All Forum Posts by: Zack Murphy

The goal isn't just one. We'd like to scale and fairly quickly. I totally understand professional management doesn't make much sense at 1 or 2 units. But at 10 or 15 I think the equation changes pretty quickly. "Pie is the sky" dream is to eventually be big enough to manage a portfolio ourselves as the full time gig.

Also, my partner is local but I am not. 

I am getting ready to buy my first rental property and have narrowed my search down to a few areas, one of which is the Conshohocken/Norristown area. Does anyone have recommendations on property management companies they like and use in the area? 

Thanks,

GQ

12 month leases that renew in September are the norm around here and is in affect on this property so I'm not worried about summer rent.

Why do you use 100% of the purchase price if thats not what I'm going to finance it for?

(I'm honestly asking, my reasoning says I would calculate CF based on real world mortgage costs)

Efficiency in a condo building across the street from major urban university. "motivated seller" in ad title

List: $120,000 (down from 150,000 a week ago)
Currently rented @ $1300
taxes: $157
condo fee: $387

Expenses:
95920 @7% 30 years = $640
1300 x .5 = 650

CF's 10 bucks a month this way

I'm thinking of offering $108000

I know the CF is on the low end but its my first deal in an area with VERY high demand and a captive audience (college kids). Being an efficiency im less concerned about kids tearing it up as only one person will live there. I'm looking to buy and hold long term.

Thoughts?