All Forum Posts by: Dan Lieffort

I am currently considering the purchase of a triplex in Vero Beach, FL for $159,000. All three units are 1/1. This would be an investment property so I would need to put 20-25% down. Each unit needs some TLC, but currently inhabited. I'm estimating $9,000 total to get everything up to par. 

This would be my first multifamily purchase. I ran the numbers using the rental calculator and I would be cash flowing $373.82 with pretty conservative numbers (assuming $140,000 sales price). Pro Forma Cap rate is 6.27%, Cash on Cash ROI 11.39%. Income of $650/unit. I have been in this analysis paralysis cycle for a while and I feel like I need to just pull the trigger and dive in. Spending $40,000 of cash is a little daunting, but since I can't house hack it, there's no other way to lower the down payment...

How does this deal sound to you professionals out there? Thanks for the help everyone!

I would like to get a deeper understanding on what the best way to finance a multifamily investment property is in the state of FL. My lender is saying 25% down for multifamily and 20% for single family investment properties. I am assuming that if these properties were my primary residence then the down payment could be as low as 10%. 

What's the best way to get financing on an investment property without having to put down 20-25% upfront from the bank?

Also it was suggested that the interest rate would be higher for multifamily, what should I be considering in terms of interest rate/points when determining single family vs multifamily loans?

Thanks,

Dan Lieffort

Thanks for your suggestions and help. After talking to some GC's familiar with the work involved beyond the AC units, it looks like the numbers just don't add up on this one. Thanks for the help!

Hey Guys, I'm considering my first real estate investment in a Duplex in West Palm Beach, FL. The unit is 2/1 on both sides and in an up and coming neighborhood. Listed for $250,000. Units bringing in 1,800 a month currently. The unit has window AC units throughout and I would like to put in an HVAC system. I could leave the window units, but that's not ideal in FL. Is having to upgrade an HVAC unit a nonstarter? How much would that typically run? I would need two stand along units. Thoughts/feedback/advice? Thanks, Dan