All Forum Posts by: Phillip Cailey

Looking at a two unit apartment building, thats been completely remodeled. 5 yr old roof, new carpets, appliances,drywall and even the brick work outside has been completely tuck pointed. The Owner seems to have done an excellent job taking care of all his properties. rents are 450 & 475 which is right on, for our area, will try to bump the 450 unit up $25 to match. Owner has thirteen properties and is selling do to divorce. This would be the one I thought I could manage without any problems, for my first deal. I met one tenant, great lady in her fifties, been there 2 years. other unit rented to younger man, and seems to be a very clean person. He's been there just over a year.
Numbers are as follows:

$925 monthly income
$876 Property taxes
$462 Insurance
$600 maintenance
$50 advertising yearly
$150 Administrative yearly

Finance amount $ 65,000
5.2 percent interest 30 yrs.
$ 13,000 down
$1625 Closing cost

What you think?

Do the numbers look good? or would you
pass on a deal like this?

Thanks for posting. It's very encouraging. Congratulations!!

Looking at a two unit apartment building, thats been completely remodeled. 5 yr old roof, new carpets, appliances,drywall and even the brick work outside has been completely tuck pointed. The Owner seems to have done an excellent job taking care of all his properties. rents are 450 & 475 which is right on, for our area, will try to bump the 450 unit up $25 to match. Owner has thirteen properties and is selling do to divorce. This would be the one I thought I could manage without any problems, for my first deal. I met one tenant, great lady in her fifties, been there 2 years. other unit rented to younger man, and seems to be a very clean person. He's been there just over a year.
Numbers are as follows:

$925 monthly income
$876 Property taxes
$462 Insurance
$600 maintenance
$50 advertising yearly
$150 Administrative yearly

Finance amount $ 65,000
5.2 percent interest 30 yrs.
$ 13,000 down
$1625 Closing cost

What you think?

Do the numbers look good? or would you
pass on a deal like this?

Maybe its like putting the ad in the newspaper upside down. Makes you look harder and gets your attention. Just a thought.

Thanks for all your replies. You all are amazingly intelligent. I'm new to this business and I'm looking for my first deal. I've decided this might just be to much for me to chew off, right out of the box. Thanks again to all of you for your help.

I found a lady looking to sell her house, which is paid for. The Catch? She is currently in a nursing home and I'm informed if I buy it, the nursing home gets all the profits and she gets a measly 30 dollars a month spending money. Does anyone here have any idea how I could structure deal to buy this property to help her or her family out where they would get the profits and possibly buy it at a discount also? Thanks for any help available.

I use to work as a handyman, for a lady who bought a million dollar package deal sight unseen, In Indy. Its taken her ten years to get out of that mess and she still has two left. Bad neighborhoods. 1 duplex had actually been on fire. the whole things had to be torn down. Be careful on that purchase. definitely would do due diligence.

[b][u]Angie's List is a real good resource. When I had my handyman business in Indy I was always ranked at the top and Angie Hicks eventually had me doing the 5:15 news segment for her on wish8 TV . Its very hard for contractors to manipulate. I would check to see if her list services are in your area and if not maybe posting hear on bigger pockets to see if anyone on here is from your area and might be able to help. my 2 cents.

If its an electric water heater, you can take out the bottom heating element, tape a smaller tube to your shop vac and vacuum out the sediment that doesn't flush out, to help it also.

Wild, went to college in Corvallis, worked horse ranches in Aberdeen / hoquiam took rides out at Ocean Shores. misspent youth.
Absolutely Loved the areas though. would be interested in how hard it is, to buy and run rentals out there, from the Midwest.I imagine it would be tough. Can't wait to hear how your deals go.