All Forum Posts by: Leon Henry

Elizabeth thank you very much that was very helpful to actually get some statistics of what investors are doing traditionally, but still remembering to keep in mind your market. Thanks 

Thanks for the comments, buying right is definitely great advice it will allow me to give the tenants more value for their money. I have a four family with 2br apartments charging on the higher end, every time people come to look at it they want it but the traffic is not as high as I thought it would be. Maybe if I buy the 6 and charge a little less I will see more traffic is what I am hoping and  my concern.

Do you find 2br apartment rentals a good investment? I am looking at purchasing a complex with 6 of them in it, but I am concerned that they maybe difficult to keep rented do to the market. The property is in a suburban area.. so I don't have the population you find in big cities. Is it better to look for 3br or 1br units?

I wrote a post called the house on Dewey a while back check it out Sochima Eze

I took advice and went forward on the project. I closed mid october, thanks for all the good advice. I have 3 of the 4 units rented at 800, the fourth is almost complete and still in such of a good tenant. I put a lot of work in... new paint, refrigerators,and refurbished hardwood in each unit. new cabinets and cut out wall with counter top in two units. had the floored pulled up and tiled in one of the kitchens as well. new coin operated washer and drier in basement. separated the hot water heaters and boilers of each unit because they where all on one big meter because it was owned by an agency. a lot of work at least for me, i put in a lot of time as well has hired friends and a contractor. however i still did not spend the 45k i projected, i spent under 15k big difference but could only get the price down to 140k. 

I've started to look for the next deal, something a little bigger. thanks again for the support 

Kyle Penland and Joe Baron thanks for the advice. I do agree that it is better to get an estimate then to guess. I recently remodeled a Kitchen and bathroom, opened up a room and took out a window and had a sliding door put in place as well as ran some gas lines for heating, paint, and etc so I guess I am going off of some experience, however its better to be more precise. Its true reservations always cost more then planned, so I am being conservative. Just looking at the numbers and seeing if they make a good investment.

Looking to purchase my first 4 family home hoping for some residual income. I 'm a little scared because my first and only other multifamily purchase was a duplex and a bad investment that, however I have found ways to make it float itself. 

This 4 family is located in a decent neighborhood. I don't believe finding good tenants will be an issue at this location. Each unit is a 2/1, the bedrooms are fairly some, but I believe they are work able especially with then location. The Electrical, roof, windows, and boilers are in good shape. Each unit is set up to pay there utilities with I really like. I am looking to spend 130K for this property, yes that does sound low for a four family but the area has low cost of living. I am thinking that I could rent out two units for $850 and two for $800 a month. I believe that each unit needs the floors refinished, work in the kitchens, new appliances and paint throughout. I am thinking possible 45K worth of work, thinking 10K per apartment. I am not to sure being new to remodeling homes. I am estimating that once all the remodeling is done the property will be worth say 200K thinking on the lower end to be safe. I also don't like that there is very little parking however there is parking on the street. I could possibly charge extra rent for the 3 spots in the driveway.  I also don't like that the yard is very small.

Looking for insight and thoughts about this deal, seeing if I should jump on it or not....

thanks

Thats very good insight and very true. I could just keep tapping into the principle and not have to pay the refinance fees. thanks a lot. 

true story I am going to keep at it :)