All Forum Posts by: Devin Monroe

How do you run the numbers for a multi family? For instance maintenance and cap ex. I know this is general but should I take what I would do for a single family home and double it for a duplex? Or is that too much? For instance if I’m at 75 for cap ex should I assume 150? Likewise if 200 maintenance should I go 400 for duplex or 300? I know it’s a very general question but I’d love some insight

Thanks for any help or advice.

How can I estimate rehab costs? I've never done a BRRR before I have no idea what anything would cost. I think it'd be best to walk the property with a general contractor but I'd miss out on the deal.

Any advice here? I’m currently looking at something with potential.

@Chris John

Hey Chris this was a great way to put it. 7500 after the mortgage per year means a lot of things would have to go wrong. Even with one month vacancy and leasing fees that’s still 5k/ye that something would have to go wrong and chances are I prob won’t see that happen in the long term.

Thanks!

@Matt Speer

I wish man! I've looked and haven't come across anything like this are these only off market deals? That could be my problem I've only looked on mls so far. BRRR is a great idea just can't seem to make

It happen but I haven’t given up

@Anthony Marin

Dont all off market deals require 100% cash? That would rough for me unless I use hard money to get the funds and then refinance with a bank. I guess it’s an option to explore not something I thought about before. I’m not familiar with the process of buying off market deals.

@Zach Gring

Connected with you! I'm not too worried about saving money by not using a PM. If I can get 8% COC with a PM I'll be ecstatic. I get managing yourself can have benefits but it's not something I considered at least not at this time. But I'll stay open minded!!

@Zach Gring

This is what I needed to hear. If I can consistently rent for 2 years that drops my vacancy down to 5% which should put me at 9-10% COC. That's awesome

To hear that people are staying long term in rentals up to 6 years.

Thanks for your sound advice

@Natalie Schanne

Thanks for insight! Househacking is not an option for me I already have a primary residence. I’ve considered not using a PM, however, I know I’d use one eventually so I’d like my numbers to work assuming that one day I’d use them.

@Alexandre Marques dos Santos

It’s 29k plus closing costs at 6%. I’m hoping I close at 3% but my lender said expect 6% especially with the hot market.

@Heath Ryans

Ok so 6% for turnkey isn't bad? It doesn't make me feel great but that makes sense. I should look deeper for something I can add value to get 10%. All I hear is 10% COC minimum from guys like chandler David smith and whatnot.