All Forum Posts by: Kay Faith

@Aaron Lehaney thanks and sure I am happy to connect and share, you can DM me.

Thank you all, I appreciate your input and looking forward to the future as we start out with this property.  Good luck with all your endeavors as well.

Hi all!   I hope you all had a good thanksgiving, Finally about to pull the trigger on a 6 bed multi-family in Rochester.   I am blessed to have professionals on the ground.

My question is to find out if $400 cashflow is the norm.

Scenario

Property price $140000

Offer accepted $130000

Mortgage $117000 with 10% down and

Current tenants paying 2100 between both units

Interest rate is 8.7% so mortgage and taxes about $1480.

Property management 10% of rent which leaves us about $400.

Good roof and mechanics, but minor repairs are needed along the line (2-3k )but nothing major which has been factored into the offer price.
the goal is to refi when rates come down and looking forward to growing our portfolio.

Thoughts on this from experts as we get our feet wet.

Thank you. 

realestaterocks just worked for me, my first pro subscription.

We are about to get our feet wet in rental properties and looking at the Detroit area. Hearing these stories is really scary.  Never held a gun in my life and it seems it a requirement for an investor.