All Forum Posts by: Jeremy Jackson

 Its an option.  I'll be back in Louisville in a few years.  Just curious if there was any noticeable change. 

Welcome and congratulations on taking action!

Property was a bust, as well as the owner.  He no-showed on my wife when she was already at the property.  Then asked the tenants to show the property, which turned out like an episode of Jerry Springer (the husband and wife tenants were arguing).  

Property was in very poor condition and is overpriced.

On to the next.

Get a quote for repair and replacement from 3 other company's  and then decide.

Green for me.  There is also a 50/50 chance I end up with nothing by choosing red!

This will be my first multifamily. I need a few exit strategies so I want to ensure I'm not overpaying, even if it cash flows well.  I will take a closer look at pm fee's.  

One of my concerns is whether the units are on separate meters.  I will know tomorrow.  Is this expensive? 

1300 is with all 3 units rented. The area is mixed, but mostly single family homes.I plan on holding onto the property long-term unless market conditions change.I would prefer to use a property manager for the first couple years since I don't live close to the property.

This is not a mls property.  Here are the numbers.

List price:  60k

Monthly expenses:

Tax:  100

Insurance:  75

Vac:  65

Maint:  65

PM:  130

Capex: 65

Yard Maint:  65

Monthly income from rent:  1300

He is offering me seller financing with 10% down, 7% int, for 10 or 20 yrs.

I'm very interested but have no idea how to value this property.  I'd like to buy in to some equity and definitely don't want to pay more than what it's worth.  

With the above numbers, I'd still cash flow 316.34 per month.  Again, I just don't know what it's worth.  

One unit is currently rented, one is "almost" rent ready and the third needs work.  I have someone going to look at it today to get a good idea of the make ready repairs needed. 

It sold 2 years ago for 60k and I'd estimate that he's put 5k in it. 

His estimates for rent are also on the conservative side.

@Greg H.

Thanks.  It's a little more clear.  :)

@Andrew Davis

Thanks.  I believe I missed out on this one but I'm learning a lot in the process.  I want to make sure I'm not missing out because of ignorance.  :)