All Forum Posts by: Gino Cook

I was thinking I didn't want to rent to big families I have ran into that problem before . I thought that if I wanted to sell down the road a 2 bath would be better than a 1.5 bath .. also i'm not thinking it would cost much to upgrade as I said I do this all day . I figure total material cost would be $3000 at most in material . 

     This is what was handed to me ;

       house valued at $63,900 I got from my friend she just gave up and said take over payments and sell when you want its all yours payments and headaches that was 5 years ago .In 5 years my homes value went from $63,900 to $74,000 ….My complete mortgage is $699.31 a month and I could rent is for $1100-$1150 a month . I wouldn't have to pay any utilities so I figure with the $400 a month extra I get I could use $200 a month to pay back the remodeling would be about 16 months . last thing is I have put zero dollars down on this house and it has $31000 in equity so I figured if I dump a little money into it i'm really not losing anything ...what are your thoughts .

I have a home that has 5 bedooms I want to rent out , well one room  is a huge office on the main floor in back of house but it looks like a bedroom . Its a 4bdr with 1.5 baths . Kitchen isn't real small its comfy for working in . 

    Should I get rid of the extra bedroom and make my kitchen bigger and extend the bathroom and make it a full bath instead of a half bath ? so what do I want a 5 bdr 1.5 bath or a 4 bdr 2 full baths big kitchen ? 

      Around here most families are parents with 2 kids .. It wouldn't cost much to do the work just material , me and the wife do this all day long for our business so we can do the work  ourselves .

I'm looking to buy a 4 family for $75,000 hear is all the info with numbers I came up with not actual real numbers but the taxes and rents 

purchase $75,000

down payment $1500

balance $60000

taxes $650 a little high 

payment $250

interest $300

insurance $200

water sewer $200 they pay all other utilities 

maintenance $150

total cost per month $1750

total rents $2600 and that could really go up to $2800 but I kept it low 

total cash flow $850 a month 

Does it look like i'm missing anything for operating cost ? what would my ROI be on this ? also I could possibly add a 5 apartment in this home from what the listing says but I just went with numbers from a 4 family . Tenants pay all utilities but water and sewer .