All Forum Posts by: Jerry Evans
Jerry Evans has started 2 posts and replied 23 times.
Post: I need another pair of eyes, please, help analyze this deal

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
@Brian Garrett I will be hiring a PM. This would be an out of state investment. It's about 4-6 hours from where I live. I once lived in this city and still have connections. I plan on driving out there to get a better visual of the property. It's been on the market since last August, which is a little concerning for me.
Post: I need another pair of eyes, please, help analyze this deal

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
@Isiah Ferguson good catch. I put Cap ex along with maintenance expenses/repairs. Is this something I should consider separating?
I am currently waiting on a quote for insurance. I am aware that once the insurance is consider, cash flow may be effected significantly.
Post: I need another pair of eyes, please, help analyze this deal

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
@Account Closed I averaged the units out at $450. According the listing the gross monthly income is 5k. Does that help clear things up?
Post: I need another pair of eyes, please, help analyze this deal

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
@Thomas S. I tried looking at it from a lenders aspect. Seeing that it is 11 units I would be required to go commercial(loan) and the terms for the life of the loan would be different.
I used google maps to get a better idea of the property and neighborhood. You made a excellent pojnt, there seems to be quite a bit of deferred maintenance(just from the street view of the property). Other multis around this one looks to be in better good shape and well kept.
With the deferred maintenance, would that be a benefit for me in negotiations, especially if I wanted to apply for the 203k loan?
I appreciate your response and insight!
Post: I need another pair of eyes, please, help analyze this deal

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
(11 unit complex)
Asking Price: $80k
25% down: 20k
Monthly rent(s):5k
Property tax: $282($3,380, 2015 tax year)
Estimated mortgage: $250 (20 year loan)
Utilities: $425
Vacancy: 10%= $500
Repairs: 20%= $1000
PM: 10% = $500
Total: ($2957 monthly expenses) $2043 cashflow?
Am I missing anything above?
Please note, this property is located in a C-D neighborhood. As you can tell each unit is going for about $450 a month. There are one bedrooms that are going for as much $650 near this neighborhood, so I feel there is potential for rent increases. Residents pay for their own; Gas water and electric. Also, I fill I have a bit of negotiating power. This property has been on the market since last August.
I requested maintenance expenses, and I am also waiting on an insurance quote. This would be my second investment property and it would also be out of state, Iowa. How can I properly do a better due diligence. In the listing it also stated the monthly expenses are $2,500, I notice my number is a bit higher. Did miss something, or am I over evaluating?
What am I not asking myself?
All feedback and dissecting would be truly appreciated.
Jerry,
Post: Real estate license benefits or drawbacks

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
Post: Investing outside my market

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
@Ali Boone you answer my question, I appreciate your response!
Post: Investing outside my market

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
Post: Officially Financially Free at 32 !! - Exciting Day!

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7
Post: Investing outside my market

- Investor
- Minneapolis, MN
- Posts 23
- Votes 7