All Forum Posts by: Danren Jones

Thanks

Hey BP family, I have my first triplex under contract and we’re going to closing soon. Yesterday I went through the home inspection and a few things were found. There is a sub roof for a kitchen that needs to be replaced, all three electrical panels need to be replaced, and there are a few cast iron pipes in the wall that needs to be replaced. Now the building is cash flowing well and it’s fully occupied. Before the inspection we agreed on full purchase price $215k with a 6% sellers assist. Should I ask them for a lower purchase price consistent with repair cost, or is there a scenario in which I could receive a check after closing for a portion of the repair cost? Thanks guys

Thanks frank

I’m in process of buying a multi unit building the asking price is a little high I feel for the neighborhood. The building is currently fully occupied with rents below market value. Also there is room to raise the rents through small upgrades. My only problem is idk what to offer because there hasn’t been any recent comparable sales in the neighborhood. If I offer full asking price I still cashflow about $150 per unit And there are 4 units. So should I just make an educated guess on my offer? Advice is greatly appreciated thanks BP family.

I would think the property taxes would hurt your cash flow for a buy and hold in Delaware county

Congratulations on The wedding. I have a similar game plan and situation as you. I don't think if you go from FHA to conventional there will be much of a difference, if We are speaking on a monthly basis . The pmi should be the only cash amount that will be different between the two loans as far as the monthly payments. I would think as long as the PMI Doesn't bring your cash flow below 150 per door you should be fine. Now this is assuming that the APR for both loans are the same And you are doing the minimum down payment. Philadelphia is a great market though Good luck with your real estate journey and I wish you well

Thanks frank that makes sense

 Hey BP family, I was wondering which was better. Interest only payments or  principal and interest payments For a private loan on a multi family property. Assuming that the interest rate was the same for both loans and the end game was refinance the property with a traditional mortgage. Feedback is greatly appreciated thanks!