All Forum Posts by: Jeremy K.

Be of gross rents for the 50% rule? I have been looking for properties in central Fl and it seems that maybe the taxes and insurance are a little high.

Thanks!

I was just quoted $1,800 for a 2,800 sq. ft. quadplex in Central Florida. The policy was for 281K property and 300K liability. I was also quoted $500 for 2m umbrella.
Does this seem reasonable?

The reason I ask, the $2,300 total is 9% of the gross scheduled rent. With 10% each for vacany, taxes, PM and Maintenace it does leave room for anything else under the 50% rule. I have bumped up the expenses up to 60% for my analysis and offer.

Can I only put the DBA on the deed or do I need to put my own name as well (John Doe dba: Rental Property)?

thanks in advance for any insight!

Hello, I have found a mulit-family property (5 units) and have projected the NOI to be $14,803. The building is about 40 years old but appears to be in pretty good shape (I will have an ispection done to verify). The current owner of 6 years has done quite abit to maintain the property (re-plumbed all units except one, new roof, new windows, new Ac's, updated electrical). The units themselves are in ok shape but nothing has been changed in at least 10 years. I am estimating or at least planning on updating the units over the next few years for a cost of about 18k.

I am going for an 11% cap rate so my I am going to offer $134,574 - 10,000 (estimated closing cost) - 18,000 (rehab) for a final offer price of $106,574. Does this sound about right or am I missing anything?

Thanks for any advice.

Jeremy

Does anyone have a contact for insurance on a mulitfamily unit (6 units) in the Central Florida area?

Thanks!

Jeremy

And it is a multifamily (6 units) property. Sorry forgot to put that in.

Dion, I am using a custom report but I am using the far/bar as a guide. I may just end up using the far/bar contract.

Thanks for the help guys!

Where in the contract would you put the clause to adjust your offer price if you found something during the due diligence phase that had a negative impact on the NOI. Also, how would you word this?

Thanks in advance for any help!

Jeremy

Can I file a dba as a sole proprietor if I am married? My wife will have very little if anything to do with the rental business from an operations or management standpoint.

Thanks for the reply but I don't think I was clear on my question. As an investor would you pay say $20k for a 1 br and $25k for a 2 br if the rent you could bring in was the same. Obviously you could charge higher rent for the 2 br if they were in the same complex. my scenario here would be 2 different locations.