All Forum Posts by: Sheena Varghese

@Sam Alpha- thank you very much!  I am very excited to be starting this journey and very happy to have found BP. So much info here, I think I have listened to half of the podcast already =)

@Kati Bucciero thank you very much for the info.  I definitely hope to meet you at one the meetings.  

Unfortunately I couldn't make it.  Wednesdays are tough to do but hopefully soon!

Thank you all so much! Aaron Thivierge and Gilbert - sorry, can't seem to figure out how to tag people... thanks for info on permits, def looking into that.

The owner won't do conventional loan, makes me think it might not pass inspection with conventional loan.  Thanks for the input everyone.  I am going to see how the inspection goes and if I can pass on the utilities to the tenants. I  plan on taking a line of credit to pay off the seller.  That should bring the net to about $380.  That seems like a good number.  Am I missing anything here?  TIA!

Is Capex funding for upgrades?

Thank you for the replies!  Sorry, forgot asking price, it's $55,000.  Yes, thinking of changing up the utilities to having the tenants pay depending if there are separate meters, etc. 

Hello,

I am new to investing so I would love to hear some feedback on an opportunity I have come across.

I am looking at single family home that has been converted to duplex (1,990 sq ft).  The property is in central Florida, about 10 blocks from the beach.  It's in a fair area, not great but not a war zone.  Both units are rented currently.  The first unit (1 bedroom 1 bath) is rented for $650 per month.  Second unit is 3/1 and rented out at $900 per month.  Owner pays utilities $400/month.  

It's an owner financed only option.  $20,000 down and $414 per month for 30 years.  

Total monthly rent:  $1,550

Mortgage:  $414

Utilities:  $400

Property Tax:  $87

Insurance:  $70

Vacancy & Repair:  $310

Net profit monthly:  $279

I plan on doing a through inspection to make sure there is nothing major going on.  Also, i plan on refinancing at a much lower interest rate so that the mortgage amount is lower.  

What do you guys think?  Is this a good deal?  Thank you in advance for your time and help!

Thanks everyone!  I hope to see you all sometime soon.