All Forum Posts by: Dorian Guin

@Marisa Rowe that’s a hard one, my age (27) and the rapid changes of lifestyles. I think of this often and set a goal and when I reach it I always say to myself I should’ve set the bar a little higher. So there’s no number for me, but the goals would be to be free of any debts I intend to take on by 40-45years old and have enough assets with residual income to live a nice lifestyle and be able to finance my future endeavors from my own income. I expect this number to be high 6 figures minimum annually

@Lisa Misuraca 🤣 thanks but it’s a complex situation. I was financing renovations myself through a commercial cleaning company I own. I overworked myself and had to make cuts which caused me to gaily renovations. One of those lawn arts you mentioned is scheduled to be sold. That’s where some of the finances to help me see this deal through is coming from.

@Kenneth Reimer when you say income you mean my personal income, or expectations for income on the property? Also I’ve seen cap rates and have been learning how to calculate them. But again I’m a novice in commercial/multi family. So I see what they have it listed at, but when I do my own calculations the cap rates often aren’t exactly the same as stated.

@Michael Gabriel please forward that info, I’ve already submitted an offer with contingencies that has a financing clause amongst other things that’ll hopefully allow me to withdraw if things don’t appear at it seems

@Jamiel Strickland is truly appreciate that spreadsheet. If I got it correctly you and one of your colleagues cleaned up well at the Wayne county auction this year. Congrats. And my intentions is to manage the property myself along with assistance from my sister to cut cost and get hands on experience.

@Michael Gabriel thanks, when you say much different process do you means in terms of obtaining the loan.

@Brian Ploszay Thanks, I love the SFH, but two one I moved in 80-90% rehabbed to house hack and left our townhouse we were renting. And I still have two not bringing in income in need of rehab in great neighborhoods. So to some things up I have a cash flow problem. This is my reason to transition into a multi family then make my way back to SFH as well.

@Bjorn Ahlblad current rent is $550 for one bedroom and $650 for two bedroom. I'm comfortable with the class of tenants I'll be dealing with at this project. I have non traditional ways of getting around bad tenants if that problem arise. Property was built in 1962. I'm familiar with the area I currently have a SFH 1.5 miles away. My cash reserves after a closing I have scheduled with my planned down payment would leave me roughly just over 40k. Which part of that would need to be used for my renovations. Thanks for your direction and any other insight you can offer.

@Richard Sherman now that’s the question I haven’t quite getting a clear answer on. Most of the work needed is cosmetic. And I don’t have a contractor that I think is qualified to take this task on in the way I want it performed. But off hand I anticipate around 40k but I can be completely off.

@Richard Sherman thanks so much for your insight. Seems like a good opportunity. There’s two commercial comps on the same block within half a mile. One is a 10 unit 1 bedroom needs a complete rehab priced at 70k but I have no clue what the expected rehab cost and honestly I’m not in the position to take on that risk. And another 10 unit one bedroom sold two months ago for 300k. Looks almost identical with the exception of updated exterior features. And there rent prices are actually higher. So I see what I have the potential to do.