All Forum Posts by: David Rivera

Good Afternoon BP,

So this is my dilemma......

I am looking to finance a deal that has come my way and I was looking to see if there was anyone out there that could help or give advice. Here are the numbers>

Purchase price $600,000.00 (11 units, Ten 2bd and One 3bd)

Yearly Rent Income 158,400.00

Yearly Expense-

Tax Expense 19,692.78

Condo Charge Expense 35,217.12

Repair and maintenance 6,000.00

Insurance 2,750.00

Vacancy Rate 15,840.00

Total- 79,499.90

NOI- 78,900

Cap rate- 13%

These figures do not include debt service...

I currently own Two 2 bdrms ( paid off) in this 36 unit building. Purchasing the 11 units will give me enough ownership to become the president of the association and reduce common charges. The biggest expense to the association are water and sewer dues. It is currently a 35,000.00 expense. I would sub meter every unit and eliminate the water and sewer expense. This would reduce common charges significantly. The long term plan is to purchase every unit in the building.

Thanks for the help!

Dave-

Good Afternoon BP,

So this is my dilemma......

I am looking to finance a deal that has come my way and I was looking to see if there was anyone out there that could help or give advice. Here are the numbers>

Purchase price $600,000.00 (11 units, Ten 2bd and One 3bd)

Yearly Rent Income 158,400.00

Yearly Expense-

Tax Expense 19,692.78

Condo Charge Expense 35,217.12

Repair and maintenance 6,000.00

Insurance 2,750.00

Vacancy Rate 15,840.00

Total- 79,499.90

NOI- 78,900

Cap rate- 13%

These figures do not include debt service...

I currently own Two 2 bdrms ( paid off) in this 36 unit building. Purchasing the 11 units will give me enough ownership to become the president of the association and reduce common charges. The biggest expense to the association are water and sewer dues. It is currently a 35,000.00 expense. I would sub meter every unit and eliminate the water and sewer expense. This would reduce common charges significantly. The long term plan is to purchase every unit in the building.

Thanks for the help!

Dave-

I haven't tried my local banks yet, I actually spoke to one private lender and was turned down.

Good Afternoon BP,

So this is my dilemma......

I am looking to finance a deal that has come my way and I was looking to see if there was anyone out there that could help or give advice. Here are the numbers>

Purchase price $600,000.00 (11 units, Ten 2bd and One 3bd)

Yearly Rent Income 158,400.00

Yearly Expense-

Tax Expense 19,692.78

Condo Charge Expense 35,217.12

Repair and maintenance 6,000.00

Insurance 2,750.00

Vacancy Rate 15,840.00

Total- 79,499.90

NOI- 78,900

Cap rate- 13%

These figures do not include debt service...

I currently own Two 2 bdrms ( paid off) in this 36 unit building. Purchasing the 11 units will give me enough ownership to become the president of the association and reduce common charges. The biggest expense to the association are water and sewer dues. It is currently a 35,000.00 expense. I would sub meter every unit and eliminate the water and sewer expense. This would reduce common charges significantly. The long term plan is to purchase every unit in the building.

Thanks for the help!

Dave-

So if you calculate a 23,000.00 personal at 9.99% (which is a good personal loan rate in CT) your monthly payment would be 488.57.

Based upon your numbers and this monthly loan amount you will be looking at 

Debt service 488.57

HOA. 243

Insurance.       25

Taxes.            163

Total.            919.57 a month

If it's renting for 1000.00 a month there is little profit to be made in monthly cash flow and this is not considering repairs.

Hey, bridgeport ct is a good place to look into. Price of entry is fairly low and there is good money to be made. I currently own 3 investment properties and I am closing on my 4th home in the next few days. If you want more info just message me. Good luck Dave

no I haven't, but I wouldn't pay for this information. Information on HUD homes are free on hudhomestore.com.

Hey guys, let's talk. I am in the Southwest portion of the state and do heavy investing in Bridgeport. Looking to start moving to larger deals.

Dave

welcome!! BP is a great place to learn and network. Please feel free to reach out. I just started my own real estate investment company. I am also an Air Force vet. Good Luck

Hey everyone, I'm new to bigger pockets and looking to see if you guys can help me out. I live and have my business in Connecticut. I live in a small state with a lot of competition and I not had luck buying deals this year due to low inventory. I wanted to know if there was anyone out there that purchases homes by looking up lis pendens at the local court house? I also wanted to know the process. Thanks in advance for the help!

Dave-