All Forum Posts by: James Roux

ok so did a little more home work here

Taxes are going to be very low compared to what I thought?

Taxes each unit are going to be $138x5---$690 annually

assuming properties utilities are are tenant paid

HOA-$190x5 monthly ---$11,400 annually

still not sure what the caps or ops would be this is to get the property in good condition correct?

PMI-is $100 a month a fair assesment so $1200 annually

10% management fee this will be off the gross income of the properties annually correct? if thats the case $3000

Vacancy 8% - $2400

Assuming mortgage - $350 --$4200

so total anual gross income $30,000

so total expenses annually $22,890

leave me $7110

and then we need to use the 50% rule right for future upgrades and repairs $3555 repairs and the other $3555 annual cash flow so basically 300 bucks a month

First time doing this hopefully I got it if anything looks off please let me know

Hello everyone first time posting here. I know some of the questions I may ask might not be answerable but I'm looking at purchasing my first property. I've been doing alot of reading and looking at the formulas here to see if its a sound investment. The property I've been looking it has been on the market for quite some time its selling for 59k 5 units avg all 2 bed 1 baths avg rent is 500 each sure seems like a winner. I know the area its in its obviously not the best for the orlando area mostly lower income. but at 2500 a month gross and a possible mortgage under 500 would you take the risk? I know i gotta get my feet wet but a little nervous. Not to mention my credit is not the greatest its about 620-640 roughly however I do have about 9k cash to play with. Any tips thought should I try getting a pre-approval for the loan? I really would not like to pull my credit if anyone thinks this score is unacceptable.