All Forum Posts by: Filipe Pereira

Hi Everyone,

Still adjusting to this forum...so many thread areas, I'm not sure if I am in the right one....forgive me if I'm not. 

I've been looking "at the numbers" so long, I'm not sure if I'm looking at them right. I am looking at a 2 family. Here are the numbers:

Costs
Cost to buy: 130,000
Down payment: 25% (32,500)
Mortgage interest rate and payment: Let's say 3.8% to be safe. Online calculators tells me it will be around 750/mo, including the taxes.

Taxes: 3500/yr

I'm factoring 2400/yr for insurance.
Separate electric, separate water.
Only other costs I can foresee are trash, common area lights (if any), vacancy times, and general upkeep. Most of these are unknown at the time. 

Income:
One unit currently rented (3BR): 1275/mo
Second Unit vacant (2BR, fully remodeled): I can probably get 1000ish (if/when I rent it out)

It's not in a busy apartment - like area, but there are certainly rentals nearby. I think I could fill the vacancy after a few months of owner occupying it (to get the conventional owner's occupied interest rate).

So let's say I can get 2375/mo. That get's me well past the 50% rule, and pretty close to the 2% rule. 

I think that's all the info I have right now. My calcs tell me I walk away with ~15K a year minus those unknown costs, and a payment to uncle sam come tax time. Am I off, or does it look as good as I think it does? 

Sorry for the long post...much love and appreciation for anyone that can help this new guy out... :)

Thanks. Good luck!

@Alexis Davis

Good eyes @Meghan Reed. Both my father and I are looking for properties, actually. He's looking for something that might need a bit of work, as long as he can get a good price. Thanks for the lead!

Reaching out to you now @Rick Santasiere!

Thanks folks!

Hey Y'all!

My name is Filipe - I'm in the process of finishing up graduate school and have some savings set aside to get into a fairly decent multi family. I'm thinking 2-4 family. I am from Windsor CT, and am pretty excited to see that there are a mix of you in and around the 06095 area. 

I'm looking to stay under 200K buy in. This figure allows me to put enough down to avoid PMI, while still getting a nice enough property. I'm looking in the Manchester, Vernon, Windsor, Enfield areas. Possibly Hartford (but it would need to be in a really good area). This is my first property, and although I could live in at home in Windsor, I am not opposed to doing an owner occupied if it is worth it. I am also NOT opposed to S8 tenants. My eyes are on properties that bring in 2400 +/- a month, has an all in cost under 200K and is basically turn key.

I'm excited to be on BP, I've spent a few hours watching their youtube videos today. :)

Thanks everyone!