All Forum Posts by: Adam Fansler

Welcome to BP! If you are going to be house hacking (living in one side renting the other) you will get a lot better rates and terms vs using it as a rental only. Less down payment, better rates. Living in one side you may be able to fix those repairs cheaper than hiring out a contractor if you are handy or have the desire to learn how to fix repairs. I started with ZERO and built up a few over the years. Just go slow and make wise decisions. BP has a ton of info for what ever issue you have.

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Welcome to BP!

Thank you for your service. BP is great

Dig In and read, but don't get analysis paralysis

podcasts also have a ton of great ideas on which way you can invest.

Good luck

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Welcome to BP fellow Buckeye!

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Most of the 20-25k houses are in rougher neighborhoods. I just sold one for 35k that my realtor wouldn't show because of the crime rate. Yes they do cash flow some tenants are great and some are not so great.

Good luck!

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central hilltop 43204 has some rough streets

BTW I've got one there, interested :)

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Originally posted by @Brad McDaniel:

Adam, Good Luck on your first multi. They are a great way to spread out your expenses. Have you run your numbers through the BP analyzer? I agree with the comments above regarding making sure your numbers are correct and beefing them up a bit just to cover yourself. Make sure you are accounting for property management expenses when you decide to step away from self managing. It gets old after a couple years and you will appreciate paying for this service if you are still working a regular job and not planning to run a property management business full time. Learn from @Brandon Turner on his first deals that he self managed. He talks about them in a lot of his webinars and has lots of blog entries on this topic. Don't be afraid to walk away if the numbers aren't right. It's easy to get emotionally attached to a deal and stretch the actual numbers to get the return you are looking for. Good luck. And report back here what you decided to do.

@Brandon Turnerundefined

Sorry don't know why I typed David

Must have been thinking about your David clarks in your pic

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Originally posted by @Joan Defenbaugh:

How do you estimate the insurance? Have you called your insurance agent for a quote or using ballpark figures?

Ball park right now

I have a SFR close by at $900 yr

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Originally posted by @Brad McDaniel:

Adam, Good Luck on your first multi. They are a great way to spread out your expenses. Have you run your numbers through the BP analyzer? I agree with the comments above regarding making sure your numbers are correct and beefing them up a bit just to cover yourself. Make sure you are accounting for property management expenses when you decide to step away from self managing. It gets old after a couple years and you will appreciate paying for this service if you are still working a regular job and not planning to run a property management business full time. Learn from Brandon Turner on his first deals that he self managed. He talks about them in a lot of his webinars and has lots of blog entries on this topic. Don't be afraid to walk away if the numbers aren't right. It's easy to get emotionally attached to a deal and stretch the actual numbers to get the return you are looking for. Good luck. And report back here what you decided to do.

Hi David

I'm running the numbers through a modified version of J Scotts rental worksheet. The absentee landlord has dropped the price $40k so far, but it's still not a winner yet.

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Originally posted by @David Hendrix:

Are you sure that all utilities (including water/sewer) are being paid by the tenants? What about trash? Water can kill a small multi deal!

Good luck to you! I have looked at a few small multis in Columbus and have had a hard time getting them to cash flow at the "right" amount.

Hi David,

Per the owner she has them metered separately through Gaurdian? After I adjusted my capex and management I'm at $110 per unit/month. I was really hoping to be above $150/unit/mo.Not a home run by any means. Just curious what Do you think would be the minimum?

Thanks

Adam

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Great points

I will me self managing it however I want to account for management in the future if I decide to

I made a few adjustments:

Expenses Property Taxes Annual4,907

InsuranceAnnual1,500

Maintenance & Repairs Annual10% 2,592

UtilitiesAnnual0 0

Advertising Annual 300

Administrative Annual 150

Variable Cost PM(% Income)6%1,555

CAPEX 10%GrossAnnual2,592

Lawncare Monthly100

Total Expenses13,696

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All Forum Posts by: Adam Fansler

Adam Fansler has started 13 posts and replied 132 times.

Post: Little to No Investment Capital - Rental Properties

Post: New Member from Columbus, Ohio

Post: New member from ohio

Post: Thoughts on investing in Columbus, Ohio?

Post: Bad Areas In the Columbus Ohio Area

Post: First Multifamily, what am I forgetting?

Post: First Multifamily, what am I forgetting?

Post: First Multifamily, what am I forgetting?

Post: First Multifamily, what am I forgetting?

Post: First Multifamily, what am I forgetting?