All Forum Posts by: Dung Nguyen

@Jon Kelly The rent is low because the tenants have been there for a long time. Once the property is updated rent will be 1200 in that area. I offered 340k with 8k back so that it will cover my closing costs. I am putting in 25k-30k in the property in total (down payment plus renovations) Doing most of the work myself. I ran my numbers on bp calculator. Mortage and all expense(water vacancy 5% cap 5% I'm going to manage this property myself) the total will come to $2470 and once all the units are update rent will be 1200 each .$3600 rental income -2470 expense= 1130. Am I doing it wrong or missing something?

@Stephen J Davis I have been searching for my second rental almost 7 month seen over 100 properties most them either need new roof nor have old electric tube and need major updater all of those above also is in a very bad area. i feel because I'm still new to investing haven't met an agent that can help me get deals that's under market price and if it under market price. i know that you make money the day you buy been hearing so much season investor saying "rather jumped in and learn then sitting on the bench I'm tore between want to get a good deal or just get in and learn. 

@Lynnette E. I offer 340 because I figure that a lot of big ticket items has been taken care of and it is in a very competitive area. Plus is a multiple offer situation. I'm using a 5 percent conventional loan and ran the number over and over it seem like it still make sense. 

Hi BP community!

I have submitted an offer for a three family in a pretty decent neighborhood. It is 3150 square feet, it has 8 bedrooms, three bathrooms, brand new siding, brand new roof, four off street parking spots, updated electrical, and all new windows. The first floor rent is below market price at $975, second unit is vacant, third floor rent is $800. Rent could go as high as $1200 for that area. The annual tax is $3750, the annual insurance is $1300, water and sewage is $200 per month, and basement washer and dryer takes coins.The work needed inside the units are mostly cosmetic where I can do some things myself and whatever else won't cost too much. I'm thinking less than 15k for all three units.  The asking price is 310k and I offered 340k with 8k back for closing costs. Is this a good deal and do you think I made a good decision? I ran all the numbers through the BP calculator multiple times and the numbers make sense. All feedback is welcomed. Thank you!

Thanks for the advice @Marce rice !

@Johnathon Bombaci Thank you for the great advices . The second property is owner occupant. Do you mind if I reach out to you Johnathon ?

@Markesha Ramirez will do !

@Matthew Mello  properties I'm looking at is actually on Plymouth Ave. Again thank you! definitely will reach out. 

@Michael DeLaMarre same here ideally I really want to get into a brrrr to hold as rental but still new to investing as for now doesn't have the knowledge or the resources to get into one hopefully thru bp community I can get into one soon. 

@Matthew Mello. Thank you for the great insight! congrats on your first property. I'm heading to a few open houses this weekend in Fall River, since you grew up there is Plymouth Ave Fall River 02721 consider a decent neighborhood?

@Anthony Thompson thank you for the great advice! only been looking on Realtors and zillow

@Frank Patalano on zillow