All Forum Posts by: Bill Thomas

Thanks everyone for the much-needed discourse around this rule. I now have a new perspective....

Thanks James. So this property has the potential to bring in a rent roll of about $4k monthly. If I finance the property, mortgage payments with taxes and insurance will be roughly $2,900.

The deal seems reasonable....am I missing something? Please fill in the blanks for me anyone?

Here's what I read on the 2% rule.....

"The 2% rule says that for a rental property investment to be “good”, the monthly rent should be equal to or higher than 2% of the purchase price."

so....

If I bought a multifamily property at 400K I should receive a rent roll of 8k (2% of 400k) monthly in order to be a good deal? Really?

Somebody help me with this. Say it ain't so.

Billy T

@John Cohen

Thank you for the title company connection. I really appreciate it.

Cheers,

Bill

Hello Matt Lane,

I'm definitely interested in finding a good title company. Thanks for responding to my post.

Best,

Bill 

Hi Gary Cook,

Thanks for the info. That's what I'm looking for, an estimate sheet. I'd like to know the price of typical household items and associated labor costs. That would be greatly appreciated. Also, I would like to be connected to your contact as well. Thanks again.

Regards,

Bill

Hello BP Family,

I'd really appreciate it if someone would point me in the direction of finding a good experienced contractor/investor or simply a contractor in the NYC area who can give me repair estimates (items [ex. windows, hard wood floors, countertops, etc] and labor) for your typical single or multifamily house.

I don't expect something for nothing so I'm prepared to compensate them for their time and energy for assisting me with this. I'm opened to a phone call or in-person meet. I believe I would need under 15 minutes to complete everything.

Thanks again.

Best,

Bill T

This information is very helpful. Thanks so much. So correct me if I'm wrong, I should do a title search before I contract the seller with an offer price?

Thanks.

Generally, how much would I expect to pay for a title search on a multifamily property located in Bronx, NY? 

I want to make sure that there are no liens on the property. I want to factor extra costs into an offer price.

Thanks.

When wholesaling a house to an end buyer, is the end buyer responsible for paying any and all balances owed to the bank if the owner does not own the house free and clear?

If that's the case, how does that affect the offer price to the distressed owner of said property?

Thanks.