All Forum Posts by: Jordon Schav

Thanks for the input, i agree mike with your inputs. The management they are currently paying 1200 for, I thought that was to low and bumped it up a bit but had thought maybe more. Taxes yes will go up i had thought i put the new value in there but looks like i used current taxes. Ins also went with what they are currently paying.  Still have a lot to learn so appreciate everyone comments 

wasn't sure how to just add an excel file so copy and paste makes it look a little funny. 

Colleen, i include all of that in when getting my NOI, only expense not included would be my loan, so subtracted that from my NOI to get my cash flow. I will post my spread sheet shortly for further review. Thanks Everyone for the comments

my NOI is 16,673. sale price at 110,000. to get the 15.2 Percent cap. Cash flow would be whats left after my loan payment. Assuming i ran my numbers right my thought is that the building has an issue of some sort although they do not indicate that is the case.

Going to look at my first multi family property tonight, looking for any advice as to what to look for and watch out for as i go through this journey.

Pro forma numbers are good. Meets 2% rule and the 50% rule, cap Rate is 15.2 and based on my proforma numbers will cash flow just under 1000 a month for a 4 unit.  I have been looking to make the jump into multi family for a while so any advice to help me keep my googly eyes at bay as my wife calls them will be greatly appreciated. Also what things should i be asking the realtor to make sure i get true numbers on the expenses?  I did get a copy of the rent log already to check that.

Thanks for any help 

on our we lucked out with word of mouth and found out it was bank owned, but you can check with county tax assessor or go to the county recorders office and have them pull the deed for you. it will tell you who owns it when they got it and for how much they paid for it. Our recorders office does not charge not sure if others do but they can get you all the information you need usually. 

@Robert Blazer IV it is daunting, I typically look for the worst house on a good street. Look for the ones that are overgrown and and likely vacant.   I was able to do just that with my first house, Pink house with green roof and 3 foot tall grass.  I was able to flip it and sold it to a relative at a discount and still made 50K on it. I wouldn't use that as your only means for finding property but it often pays out when you find one. 

Typically doing what others are not doing to find the deals.  Not to say that zillow or loop net or other sites dont have deals on them but most of them are on those sites because they have been passed up by experienced buyers.  More work but more reward, driving for dollars, look for properties that haven't hit the market yet.  Some times craigslist will have good deals.  But mostly do the things that most people do not want to do and you will find good deals.