All Forum Posts by: Kevin Sack

@Brandon Turner thank you for speaking to my question during the Webinar tonight. Market is Hampton Roads, VA and cash flow as listed is 80-100/door/month with tenants paying utilities. The 15-20% discount I'm searching for will give me a 50% boost in cash flow. The local market currently has people paying close to full price, but I'm beginning to see repeat properties on the MLS with buyers falling through.

I am actively seeking my first multifamily deal in the Hampton Roads, VA area. Am I off base for trying to get $150/door net cash flow on a quad that rents 700/month? That tends to put me at 80-85% of most asking prices with all my expenses and 20% down conventional financing.

Kevin

I am actively seeking my first multifamily deal in the Norfolk/Portsmouth area. Am I off base for trying to get $150/door net cash flow on a quad that rents 700/month? That tends to put me at 80-85% of most asking prices with all my expenses and 20% down conventional financing.

Kevin

Congrats on the deal! I too am looking for my first multifamily deal in the Norfolk/Portsmouth area. My biggest concern has been a lack of information from the sellers with regards to pictures and property history and providing T12s. It seems like a lot of owners, particularly of the C range duplexes, simply weren't well run or taken care of. Have you seen similar in your searches?

Insurance is high for the property value

Long distance investor here looking to join the Hampton Roads area. If you are actively wholesaling, I am in the market for 2-10 unit properties!

@Eldrick S. sorry that is the case. Hopefully your persistence will pay off! Let us know if it does

@Eldrick S. did they accept? I'm currently in a similar situation where there's no pictures of the interior but one side of the duplex is rented.

James,

Did the tenant ever move out after you posted the update? I'm sure others will benefit down the road from having closure to the situation.

Kevin

@Sean Ploskina Portsmouth won't split water meters so it'll have to be submetered. Given the house is older and bills are higher, I suspect HVAC and appliances may be out of date, hence the large energy costs. Just a rough wag for now, but at least 10k for repairs/updates if no major intrusive work has to be done on the plumbing.