All Forum Posts by: Account Closed

@Jonathan Greene this is my first rental and it's a 4 unit. Not much in the market that I can afford the 25% down. The owner has over 50 units so he can afford to let this sit till someone pays asking. I don't want to lose this having time and money already invested. Don't know what to do.

@Patricia Steiner agree but he still is standing firm and I offered to raise my accepted offer up by 4,000$. The house will need the $10000 no matter what, but he is not will to fix anything and if the deal falls through because of it he seems ok with that. The return goes from 16% to 12% still a good deal and everything will be done and a interest rate I would have not gotten from a credit card or HELOC.

@Aaron K. Thanks. I offered up $4000 of the 10 needed. But will stand firm on that.

I have a 4 unit that was listed for 142,500 and we agreed on 133,000. Inspection came in and we agreed to him fixing the small things. The town inspection came back and said you need to fix the big things and it's about 10,000$. So he is asking me to go back to list price so he can pay for them. So if I don't he will relist it holding firm at asking. What the hell should I do?

So I'm looking into ins for a 4 unit all 1 bedroom 1 bath. What deductible should I be looking at $500, $1000 or more and should I worry about contents as well. Also is an umbrella policy good as the multi family will be in an LLC. Thanks again. First time.

@Ian Nixon so he said we wants 20% return and nothing to do with the house or renters. So he gives me $50,000 he wants $60,000 back in 5 yrs. That's about 7.3% a year. This seems pretty good.

I am looking to make an offer to an investor to help with down payment. He is not a big investor just knows his money should be doing something. What is a good offer to make it sound good as I am looking for half of the down payment. Thanks.

My offer was accepted. Asking was $142,500 and I got it for $133,000. Here is info:

VT multi family

4 units all 1 bed/bath

2 units with oil include heat in rent at $800 for one and $825 for other

2 units with propane tenants pay heat at $650 each

Tenants pay electric, cable, garbage etc.

Income is $2925

Expenses are:

Tax - 303

Ins - 200

Utilities - 427

Vac - 234

Repair-146

CapEx -292

PM-292

Mort-490

Total - $2384

Cash Flow- $541

541*12=$6492

20%= 26600

Closing = 8100

Inspect = 500

Total 35,200

(6492/35200)*100= 18%

Looks awesome! Could I be forgetting anything?

I am purchasing a 4 unit and was wondering how to set up the bank accounts for deposits, cash flow and expenses. I have heard of trust accounts and commercial banks....getting confusing. Thanks

@Ian Nixon can someone please help? Thank you!