All Forum Posts by: Igor Tomic

@Ryan Billingsley yes I would love to live rent free but even if i have to pay 500/mnt i look at it as success since i'm paying 1200 now. Sure I'm moving from the house to the 2 bedroom apartment pretty much but still.

Like I said there is not too much to rent around this area. Is good area and I know it since i live maybe 10 min from it right now. Reason why don't want to get anything in the bad area is the reason me and my family will be living there, and I don't need my kids being exposed to that environment. We looked at some houses but man is it bad. If I was buying property just for renting it I wouldn't mind some areas.

thank you very much @bram spiero

Now let me try to understand it all :)

I'm not sure if this would change the numbers but we would be living in one of the apartments. I would do all the maintenance (except big repairs). My goal is to cut down on our expenses right now. We own semi detached home and it cost us about 1200/mnt. Roof is 8 years old so it should have at least 6-7 years left in it. Hot water tanks are all new (one was put in last week) and they are all owned not rented. Tiles have been installed in all  apartments last year and hardwood in rooms. One tenant has been living there for  years (single guy), single mom with 2 kids signed lease in june of this year and older couple signed lease this month. we would be moving in the fourth

Thank you all

Btw there is the property

Hi all. I already asked a question on the different part of the forum and no response so let me try here.

I'm looking at the property which is listed @ 316k.

It is fourplex with 2 bedrooms/1bath in each unit. No garage or a driveway but is dead end street so parking shouldn't be the problem. Bike trail next to house and no back neighbours (there is a business building behind). It is in very good area of the city B+ for sure. 

Each unit is rented for 625 plus electricity. Owner pays water. No forced air. All electrical heating and cooling. (not a big fan of that). Each unit has laundry on site. All the appliances are staying with some spare ones in the basement. 

Property tax is 4440/year 

insurance 1150/yr

water 2300/yr ( this is the info that we got from agent selling the house. I wanna see actual bills before doing anything.)

We are thinking to offer 250k and 275 should do it. Now we are putting 5% down with 3% interest and 25yr mortgage.

So with 1% rule I should buy a house for 250k or i have to raise my rent.

Also it hard to compare rent because there is no fourplexes or apartments in the area that are renting. There are SF homes but I can't compare those prices. 

Thanks @JamiePenix

First I wanna apologize since the number for water was wrong. Just found that out today. It is 2300/year and insurance is 1150/year.

Now I was listening to podcast today and 1% was mentioned. So if I have four apartments at 625 it is 2500 a month which means I should buy a property for 250 000. 

Also interest rate is 3% and it is 25 years with 5% down. 

Hi everyone. 

I'm interested in buying my first fourplex but wanted to ask about your opinion. Asking price is 316000. All apartments are rented for 625+ electricity. Property tax is 4440 a year. Owner pays water and waste water. Now my family would be living on one of the apartments. Is there any chance someone could tell me what my rent would have to be in relation with a purchase price.

From the papers we saw (print out, not a real utility bills) it says that they grossed 28 000 in 2013 minus insurance and water which was about 7500 for a year. They didn't minus their property tax so it looks like their net was around 20k

BTW we are aiming for 280k for the property 

Thnx in advance

Hi everyone. 

I'm new to the site and wanted to introduce myself first. I'm interested in real estate but don't own any properties (except my house). My wife and I are looking to purchase a fourplex and live in one and rent 3 of them. Never been a landlord before so everything is new to me.

My goal for now is to start slow and see how it goes with one property. If I see that is something that we can manage I would love to own few multi family homes and maybe small apartment buildings.