All Forum Posts by: Jeremy Jackson

Reviving an old thread.  Anyone take the plunge in the Portland neighborhood yet?  I'm doing some research now and considering investing there.

Those figures were sent to me from the current owner however, I'm confident they're accurate.  He sent me tax and insurance documents.  He also said his rent numbers are a bit conservative but I used what he is currently collecting.

This area is probably a C neighborhood but its in transition, quickly.  It's a historic district and is 5 miles away from a large metro area (across state line).  

I still working on landing my first multi-family property.  I have my eye on a particular property.  My past experience has been live-in flips so I need some help here.  Is this a deal?

Property is a 5 unit building and generates $480 per unit, $2400 monthly, $28800 annually.

Annual taxes:  $2400

Annual insurance:  $981

Owner pays water/sewer/trash (I don't have those figures yet)

Roof is new.  Property is older but very well maintained

All units are occupied and vacancy rate is low.

Asking price is $155k.  

Additionally, how do lenders determine what they will lend on rental properties?  Thanks in advance.

@James Stevens Thanks, I'll look them up. 

I had lunch with a group of investors in the area today.  They confirmed that foundation problems are common here. I've also always wondered why the houses have no gutters here.  I learned today that's it's better for the foundation. 

Yes, paid by tenants.  My concern at this point is I wanted to be able to leverage cash better.  As it stands I'll need 25% down plus 3700 for closing plus title and survey. 

Seller also agrees to pay half of closing costs.

@Manolo D. 

Definintely not interested with the current price, but based on results from an inspection and repairt quote I'll come up with an offer.

I've scheduled an inspection and quote but they will need permission from the owner (va forclosure) before they can complete it.

I'm working on a rental deal with another investor.  This one won't require an agent, investor to investor.

  It is a duplex that is occupied, both units.  Asking price is $39,500, although I'm still negotiating.  I want to make sure my numbers are right here so....

20% down- 7,900

amount financed-31,600

interest rate- 4.5% (I have been pre-approved)

30 yrs

p/i monthly payment- 160.11

monthly ins-25

monthly tax-70

PITI-255.11

30% (vacancy/maintenance)-217.50

cashflow- 252.39/ month

Hows that look?  If I had someone else manage it I'd be out another $58 / month.  Tenants are in so I think I'd manage it as long as I could.  Owner seems to be very upfront with me and appears sound from the outside.  Offered owner financing also, but terms are steep.

What do you think?  Also, what can I expect to pay in closing costs?  How does this work without agents?

Thanks in advance!!

I purchased my first property as a 21 yrs old soldier. Lived in it for 2 yrs, rented it for 3 yrs, then sold for profit.  

Finish your service honorably, even if the military is not what you thought it'd be.  One thing Is certain, you will earn steady income in the military.  Its not a lot, so use it wisely. Continue to learn, this is the place to do it.  

Today I discovered a whole separate chapter of real estate investing.  I never imagined so many investors were content with foundation issues.  I've found a few companies on the bbb website offering free inspections and will see what evolves. 

Always a good day when I learn something new and that has become the norm through BP!