All Forum Posts by: Joseph M.

I am having a little trouble with calculating the maintenance/capex expenses. I would be putting 20% down with a 3 year ARM amortized over 20 years (no balloon payment). My best guess is the property needs about $5,000 in more immediate maintenance.

Class

MULTI-FAMILY

Asking Price

$137,500

For Sale

For Sale

IDX Include

Y

Age

61-100

Garage Capacity

None

Garage Type

None

VOW Include

Yes

VOW Address

Yes

VOW Comment

Yes

VOW AVM

Yes

Foreclosure (Y/N)

No

Short Sale (Y/N)

No

Number of Acres

0.310000

Number of Units

3

Occupied

Y

Listing Date

1/11/2015

Year Built

Zone

RES

Survey

N

Lot Dimensions

187x155

Unit 1 -SqFt

675

Unit 1 -Bedrooms

1

Unit 1 -Baths

1

Unit 1 -Rent

750

Unit 2 -SqFt

700

Unit 2 -Bedrooms

1

Unit 2 -Baths

1

Unit 2 -Rent

850

Unit 3 -SqFt

812

Unit 3 -Bedrooms

2

Unit 3 -Baths

1

Unit 3 -Rent

900

Owner Pays

OIL

Tenant Pays

ELECTRIC

Original Price

$184,900

Days On Market

353

CONDITION

GOOD

APPLIANCES

RANGE

REFRIGERATOR

FLOORS

CARPET

CERAMIC

HARDWOOD

FIREPLACE DESCRIPTION

STUCCO

FIREPLACE LOCATION

LIVING ROOM

BASEMENT

MIXED

UNFINISHED

COOLING/AIR CONDITIONING

NONE

HEAT SOURCE

BASEBOARD

HEATING FUEL

OIL

HOT WATER

ELECTRIC

PROPANE

GARAGE/PARKING EXTRAS

DRIVEWAY

DRIVEWAY-SHARED

CONSTRUCTION

FRAME/STICK

ACCESS/SHOWING INFO

APPOINTMENT REQ.

CALL LIST AGENT

STYLE

COLONIAL

WATER

DRILLED WELL

SEWER

SEPTIC-INGR.

WATER WAYS

ESOPUS CREEK

VIEWS

MEADOW

PLUMBING

MIXED

ROOF

ASPH SHINGLE

OWNER PAYS

INSURANCE

MAINTENANCE

OIL

TENANT PAYS

ELECTRIC

GAS

TRASH

PORCH

DECK

OPEN

Employees

0

Water

0

Trash

0

Fuel

3800

Electric

200

Insurance

2000

Supplies

0

Total Taxes

4500

Miscellaneous

100

Annual Expenses

10600

Monthly Income

$2,500

Annual Income

$30,000

Cap Rate

10

School Tax

$3,000

General Tax

$1,500

Great multi-family investment opportunity! Well maintained 3 family residential property (2) 1 bedroom units on 1st floor (1) 2 bedroom unit on 2nd floor.

Landlord includes heat, lawn maintenance & snow removal. Unit # 1-1st floor-1 bedroom, spacious, bright rooms, large windows, EIK, ornate fireplace,

washer/dryer hook up $750.00 Unit#2- 1st floor 1-bedroom unit- rear lots of privacy completely renovated $850.00 Unit # 3 2nd floor 2 bedroom unit, bright

open & airy floor plan. Vaulted ceilings $900.00

1st floor 1 bedroom undergoing renovations. Huge improvement..

thanks @Raimel Diaz

I am looking at a 3 family rental property and have a call scheduled with the current owner/investor tomorrow. I am working on some questions for our call, but wanted to see if anyone has a standard list of questions I should consider asking.

Thanks for your help.

@Aaron Anderson What is your net income on the $5,300/month gross and what is the total value of the real estate in your portfolio?

Hi Ali,

Where do you buy your turnkey and how many do you own?

Currently own 3 properties, 2 rentals and 1 primary residence. I live in expensive area with high taxes in NJ. I out very little down on these properties and the rentals cash flow a tiny bit, but I bought them mostly for long term appreciation.

At this point, my focus is to build cash flow. Ideally I would like $100,000 in cash flow (net profit) within 10 years or less.

I have about $25k and looking for my next investment, but not sure what to do. Have considered Turnkey with reputable company or considering other options, such as a 203K investment loan on a distressed property.

I have a full time sales job with about 10-15 hours to spare each week. Also have a real estate license in referral status.

Any ideas?