All Forum Posts by: Barbara G.

How much are they asking for this 4 plex?  How much is the rent for each unit?  How much is the one long term tenant paying?  How much renovation is needed and what is the estimated cost of that renovation?  Why are the 3 units empty? Is there room in the apartments for a washer dryer?  

I guess you are not living free but you don't have to.    Your break down is too much work for me to have to figure out.   You re a little below the 1% rule (with your paying the going  rent for your apartment).  

You are not living free but you have to live somewhere anyway and approx $800. is not  much rent anyway.

I would think that section 8 people stay put a little longer then a regular renters so I think 5% is all right for vacancy since you are not going to move either.  

Depending on your tax bracket the tax savings would be what? and how much are you paying off on Principal?  

How old is this building?  What do you think your cappex should be?  Do you have major improvements and replacements acoutned for like  new roof?     Will there be any appreciation.  I

ts not too bad for a first try and it will get you started and in the game.  It's much cheaper then a Real estate "course" and you will learn alot.  It will sharpen your landlord skills, your book keeping skills.  your Property Managment skills, your handi man skills,  and yor real estate knowledge.    

Join a Real estate club or join a few clubs and  or Real Estate Meet up Groups in your area and network and learn .

You are in construction so that's a good thing. You probably should investigate house Hacking with a 3 1/2% FHA loan as your first buy. Talk about that with your real Estate club and on BP

You have gotten good advise and a number of suggetions.

Your job and the fringe benefits sound good and being an electrician is good both job.  It;s also a great assest for a Real Estate Investor.  You know construction you can add value  to an investment property.  You and your girlfriend should join some real estate clubs and or Real estate meet up groups and network.  You will learn a lot and you need to do that.  Continue being active here on BP and up your learning curve and then start small but start.

The Bank that we spoke to, or the only one that was receptive said they would give 70% of the Appraisd value.  I believe they said both apartments had to be rented and so far we have only rented one for $1,000 and hoping to get the second one rented by Oct 1, 2015.  We jacked the renovation up to $50,000.  The comps seem low but as I said Zillow gave a $150,000 estimate and we would love for ours to come in at $150,000 but probably will take what they give us without looking any further.   I don't know if we will ever buy in Waterbury again. It's not a prosperous town and we are very nervous about it.  We are not on a good street traffic wise.  We have done a good job on the house and really improved the back yard and the tenants patio. We will talk to the bank this week and tell them one is rented and see what they say.  No we are not under on the property it just has not worked out the way we hought it would.   I believe we spent too much on paint and prep work and net time I hope we work ot somethig better on paint contracting

The other question is if you sell it "AS IS" can you actually get the appraised value??   The sellers were unable to  get the appraised value when they sold it to you.

I don't know if people consider the tax write off as profit?   It must mean something.  in addition you are paying down the principal on your mortgage?  What is that number and how meaningful is that?  About the rent.  Ar the rents for this quad More thenyou are paying now or  are thry less then you are paying now.  If they are less then you are paying now that would be a plus also.

Appreciation is something else.  What does Zillow say about the appreciation % for that house or that area?  Is it appreciating and if so whaat % is t going up?

 -------------------------------------------------------------------------------------I don't see any provisions for Cappex and major replacements .  I assume the $500 for maintanance does not include cappex?  It is an old house there will be major components in addition to routine repairs.

How much will the Mortgage be?  You have to pay Principal and interest for your mortgage.    You are nowhere near the 2% rule and nowhere near the 1% rule.  

How much negative cash flow are you looking at here?  You will also have accountant fees.  

I think you should revisit the plan to get a job when you get to Orlando. You certainly can shop or find a multi family to live in and work at the same time.    If you get a new  job, and  with your job history from your previous job  perhaps you can get mortgage on a duplex or quad that you want to house hack in.  You can also rent a room(s) in your apartmet in the multi house.  All the time you will be looking for your first investment buy.  In the evening you can attend Real estate clubs or seminars (without paying for any "courses"  You will meet and greet the Orlando Real Estare community and network.

Are you and your partner doing any buy and Hold properties.  A BRRR??

Both of youshould plan on how you are going to handle any disagreements.  this is liek a Marriage, this partnership and you have to work at it.  The last thing you want is for it to fall apart before you both make money and can go on alone, if that's what you want

Another thing we did not mention is if you get a Real estate licesnse you will get 3% as a sellers fee and that could really make a  big differnence in your profit.

You are both young and now is the time to do it when you are not responsible for a family and can camp out if you must do that.  As soon as you start networking when you are in Florida ll kinds of deals will present themselves