Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Doug Prahst

Doug Prahst has started 7 posts and replied 19 times.

Post: Househacking / FHA / Multifamily

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Heather, Welcome!

Yes, you should only need 3-3.5% down and if you buy a property with renters, close on the 3rd (or shortly after) and at closing you get credit that month's rent, their security deposit, and another month's rent before your 1st mortgage payment is due :)

Post: Duplex with only one gas meter

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Thanks Jim Goebel, Cara Lonsdale, and Frank Chin for your input.

I've also read while doing a search one individual replaced one furnace with an electric furnace which would work. I's also make sure the water heater and appliances were electric also.

Post: Duplex with only one gas meter

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Has anyone purchased a duplex with only one gas meter? Did you update it to have two, how much did that cost? Did you leave it as one, how did you handle the bill? I'm looking for information, options and rough costs for a property that I'm interested in purchasing in Milwaukee. Thanks, Doug

Yep, more relevant, less funny. 

Hey Chris Krivanek, Thanks for the laugh man!

So, I have an applicant for an apartment that I'm renting that will pay for one years' rent up front.

It's not an internet scam, I actually met this person. They live two houses away in a 1 bedroom and want a two bedroom.

When I asked her why, she said she's from Puerto Rico and that's what she's accustom to doing.

Are there issues or concerns with this?

Post: How to determine valuation of apartment building in Milwaukee

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Okay, so if...

Gross income is $93,600

Taxes $15,800; repairs $7,500; Insurance $3,000; and Property management $9,400.

NOI is $93,600 - $35,700 = $57,900 correct?

If CAP is 8%, value is $723,750?

If CAP is 12%, value is $482,500?

Post: How to determine valuation of apartment building in Milwaukee

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Hi,

So, is there a formula to be used taking only rental income into consideration to determine the value of a property? I'm interested in a 12 unit complex that generates $93,600 annual gross income; taxes are $15,800.

Thanks, Doug

Post: SE Wisconsin new member

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Hi Bryan,

Welcome to Bigger Pockets!

I own 5 multi-family properties and would like to buy my first apartment building. I'd love to hear what you recommend or suggest to stay away from.

Doug

Post: Is market back to 2006 values?

Doug PrahstPosted
  • Investor
  • Milwaukee, WI
  • Posts 22
  • Votes 3

Thanks for the input.

I'll looking at buying a unique property (no comps) that the seller purchased in 2003 and hasn't done any updating or major maintenance. I'm estimating that if they purchased for $300,000 in 2003 and in general our property values are back to 2006 when we were experiencing 8% appreciation, the current value could be estimated at about $380,000. Just my train of thought.