All Forum Posts by: James Colon

I wanted to flip it but it was already purchased.

Thanks.

I would like to get some feedback on this property. The rents are over the 1% rule but it seem like a lot of work needs to be put into it.

234 Center Dr Mahopac, New York 10541. The killer on this property seems to be the taxes.

I welcome any feed back.

Everyone, Thanks for all of the advise. Appreciated.

Ryan when dealing with commercial real estate which is five or more units you want to figure out the cap rate and how to improve the property and increase rents. To determine the cap rate 

1) Calculate the yearly gross income which in your case is $68,520.00 check the books make sure rent roll shows the rents are as stated.

2) Subtract the operating Expenses not to include mortgage and interest =$28,936.80

3) Net Income = $68,520-28,936.80 = $39,583.20

4) Cap rate = Net Income divided by purchase price $39,583.20/400,000= 9.8958%

Investors usually will use cap rates to compare properties in a neighborhood. Hope this helps.

I will let the pros answer your question about it being a good deal or not. If you numbers are correct (check the landlords books) and you are close to 10% than seems to be a good deal. 

Sterling, Thank you.

Jacqueline, Thank you for the information. I will follow up accordingly.

Hi Phil Z are the crime rates in new haven low? I would be interested in looking at any of the properties you have as long as the crime rates are not high.

Christopher Thank you very much for your response. May I ask wher you got the leads from? I am new to this so Your input is greatly appreciated.

I have not posted in Craig list and have done any advertising campaigns or bandit signs. I have just been working with realtors and MLS listings. I am going to get my real estate license since I can get sponsored by my job. I have been reading a number of books and looking at places up to three hours from my house. I already own my own home but not enough equity in it.

To answer your question Iknow I can and I will eventually own my goal of fifty units just need to get first one under my belt.

Agil

What type of prices for the homes in Rochester and are they single or multifamily properties. I have searched in Binghamton and find the same situation. Older homes and not much appreciation. I am looking for passive income so hit me up if you have any available.

Sterling can you please PM me the turnkey company you worked with in Jacksonville.

I have been looking in several areas with no success. I don't want to purchase in high crime areas.