Hello everybody, my name is Levi Caron. I'm new to biggerpockets and have been very excited ever since I found this site. The podcast are amazing! I have just purchased my first 4 plex and wanted to give the run down on it to see what everybody thinks. A little bit about by myself, I live in San Luis Obispo, CA and have been bar tending for the past 6 years. I started saving from my first day in the bar until now with intent that I was going to invest. But in what? I did not know. I've always enjoyed looking at properties and wanted to know who owned them and what they did for work to be able to acquire so many properties. After putting a lot of reading and listen to podcast I began to really decide on what kind of investor I wanted to be. So I began to look and look. I'm originally from Idaho and I have wanted to move back seasonally in the next 3 to 5 years. SLO is a very expensive town and I was finding it hard to have a positive cash flow each month. I began to look in the Boise, ID area and ended up finding this little nugget. Also, the inspection went really well with very minimal things to fix.
purchase price $191,000 4 plex.
25% down at 4.75% interest rate. monthly mortgage $1,150
Total rent each month $2,350 with a on site laundry that brings in around $80 a month
unit 1 $550, unit 2 $575, unit 3 $600, unit 4 $625
my water will average around $180 a month
cash flow is roughly going to be $1000 a month not including vacancy rate and repairs
all four units are rented and the tenants want to stay. 3 out of the 4 tenants are all Air Force since it is close to a local base.
Do I want to have all the tenants to sign a new lease?
Should I raise rent within this next year to have everybody at the same price?
