All Forum Posts by: Account Closed

@Jerry W. No, thank you for the feedback this is what I am looking for. A NYC metro market is way different than a small city NC market and I need all the opinions as possible. 

Vacancy is usually less than 10% in the NYC metro so while I did adjust up slightly but I'll take your advice for this and the other expenses and go with the higher number. The property is in pretty good shape, the roof was done 6 years ago and all mechanicals within the last 5. Also it is one long building so no common area maintenance.

@Casity Kao They charge 10% with a $100 re leasing fee. The upgrades would be new painting, vanities and cabinets.

Hey everyone, 

So I have been eyeing the opportunity to buy an out of state deal for a while, mainly North Carolina. The market I live in is North Jersey and I currently have a 6 unit deal under contract here as well but with pricing being so high, another purchase and I have no more buying power left until I refinance my capital out after renovating and raising the rents. I came across an off market deal this past week and am thinking about pulling the trigger. I have been researching the market extensively and speaking with multiple property managers (one of which I will eventually use) to get a feel for the area. The neighborhood is okay, not the greatest in the world but not a war zone either but has a steadily growing job market. I think this is a good deal but since it is my first one out of state I just wanted to see what the community thought on my underwriting... Please feel free to share all thoughts and tell me where you think the numbers are slacking if they are, I'd rather have hurt feelings than a hurt wallet. 

Units: 6 (All 2 bed 1 bath)

Purchase Price: $170,000 

Price Per Unit: $28,333

Gross Income: $28,800

Vacancy: $3,000

Management: $2,580

Utilities: Tenants pays heat, water, electric. 

Insurance: $3,600

Maintenance: $3,600

Taxes: $1,524

NOI: $14,496

Cap Rate: 8.52%

From speaking with the property managers with moderate upgrades I should be able to get $500-525/month so upon turnover that is an option but for now what does everyone think about the numbers?

Hey all, I am about to go under contract for my first multifamily property a 6 unit building in Union County, NJ. I was wondering if anyone in the area had any suggestions as to who to go to for financing. I'm buying it for $600k and looking for 70-75% LTV, 5-7 year term and a 30 year amortization schedule preferably.

I've already gathered a list of regional banks and am ready to call their lending departments but I thought before I do I might as well see if anyone on BP has a reference that they have worked with before with success. All suggestions are welcomed. Thanks!

[email protected]

Is this self managed or does the owner use a management company?

Also does the CoC factor in property taxes?

Whats the reason for the sale? [email protected]

Hey everyone, so I'm new to real estate investing. I'm in the process of buying my first rental property for $130,000. I am a young kid, just started working and do not have a lot of credit built up. I am going to be putting up 20% ($26,000) for the down payment and then financing the rest through a conventional 30 year fixed. Heres the kicker though, the house that I am buying was appraised for $170,000 the seller just needs the cash asap that is why he's selling the house for such a discount.  My question is after the sale goes through would I be able to take out a HELOC on the $40,000 of equity I have from the house being appraised at $170,000 to put towards another down payment. Would the banks be stricter because of my limited credit history/what else would they require? Also would this make sense? Thanks to anyone who reads this and all advice is appreciated. 

Hey everyone, so I'm new to real estate investing. I'm in the process of buying my first rental property for $130,000. I am a young kid, just started working and do not have a lot of credit built up. I am going to be putting up 20% ($26,000) for the down payment and then financing the rest through a conventional 30 year fixed. Heres the kicker though, the house that I am buying was appraised for $170,000 the seller just needs the cash asap that is why he's selling the house for such a discount. 

My question is after the sale goes through would I be able to take out a HELOC out on the $40,000 of equity I get from the house being appraised at $170,000 to put towards another down payment. Would the banks be stricter because of my limited credit history/what else would they require?

Thanks to anyone who reads this and all advice is appreciated. 

Please send info. [email protected]

Thanks.