All Forum Posts by: Catherine Angle

Hello everyone! 

I have found a listing and want to see if the numbers line up to others. 

Here are the details:

It's a four plex priced at $390,000. We got an FHA loan at 3.5% down - already got approved for $390K (hopefully we don't actually pay the full price). All four units are 2 bed, 1 bath, and since it is FHA we will need to live in one of the units. The current owner has the rents posted at $663, making the gross income $31,824. The owner posted the expenses are $14,571 with NOI being $17,253.

It would be different with us living in one of the units of course. Gross would be $23,868 in that situation. 

**We do plan on increasing the rents to at least $700 if it goes through.**

The thing I'm stuck on is the cap rate... it's listed with a 4.17 cap rate, which is not good. 

Please comment with your thoughts and what you think about this deal. 

Thank you! 

@Abraham Anderson Hey Abraham! I love the success your hard work has brought you! I hope your next apartment complex comes to you quickly and you keep the excitement you are experiencing. 

I'm 18 years old and got my real estate license in pursuit of becoming an investor. Unfortunately, I have been confusing being an agent with being an investor. However, I don't think it's a bad thing I have my license... it could always come in handy. 

I know dozens of people will probably ask you the same question but how were you able to find financing for this deal? I'm not searching for million dollar properties yet, but for a simple four plex, I would need help with financing. I'd love to hear from you and exchange thoughts! 

Congratulations on your closing and I hope Tennessee is treating you well!

@Dave Jones @Aaron Douglass Hey guys! I'm not from Florida so I can't help in that aspect. I'm in Arizona and want to get into wholesaling. I got my license a couple months ago with the plan of becoming a Realtor® and have decided I don't want to call leads everyday, all day trying to get some one to work with me. So instead, I am exploring other avenues of real estate. 

I agree with Aaron in saying that the cost of getting my license and the hours for the class is well worth it when compared to getting hit with hefty fines and the possibility no one will want to do business with me again. 

Also, I have seen and heard of Cody Sperber many times. I actually just registered for a 2 hour seminar he is doing in Mesa, AZ near me this Saturday. I will let you know what comes of that if you're interested. 

Hope this helps!

@Gilbert Akpan I am in the same situation as you are. I came to Phoenix a couple months ago and want to get started and find opportunities with other investors! 

@Shiloh Lundahl this is awesome! I'll be there! Can't wait to meet you all!