All Forum Posts by: Nikola Marinov

Thank you, @Nate Zachrich, it makes sense.

Hello, community :)

Which BP calculator would you recommend for analyzing a re-development project? Basically, the plan is to turn a single-family house into a triplex and rent out the units. I am thinking of Rental Calc or BRRRR. What would you use and why?

Thank you!

Hello, community :)

Which BP calculator would you recommend for analyzing a re-development project? Basically, the plan is to turn a single-family house into a triplex and rent out the units. I am thinking of Rental Calc or BRRRR. What would you use and why?

Thank you! 

@Adrian Chu, yes the property in Bulgaria, Sofia-city

@Adrian Chu, an appraiser recently confirmed $2K per month per unit based on the designs I provided. All three units are 4-bed, 4-bath three-storey houses with small own yards, garages and a common area for BBQ.

The area is very desirable, it's like the Orange County of the city. 

Investment Info:

Single-family residence other investment.

Purchase price: $70,000

Single-family house to be turned into triplex, planing to live in one unit and renting the other two out. Currently working on layouts and design.

What made you interested in investing in this type of deal?

I love the location.

How did you find this deal and how did you negotiate it?

1/2 family-owned and I bought out the other 1/2

How did you finance this deal?

Mortgage

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Cash invested: $13,000

Had an unfinished two-storey unit in a residential building from my parents. Split it into two 1BR apartments, did most of the work by myself which was very interesting, and have been renting them out with virtually 0% vacancy since then.

What made you interested in investing in this type of deal?

I wanted to make a dormant asset work for myself.

How did you find this deal and how did you negotiate it?

Family

How did you finance this deal?

Personal savings and consumer loan

How did you add value to the deal?

I did most of the work myself.

What was the outcome?

Rental income which has helped me get out of debt and save for my next RE investments. :)

Lessons learned? Challenges?

Don't do everything on your own in general but do it once so you know what to expect and how to manage contractors better.