All Forum Posts by: Marty Gold

Bob,

So if I assume an initial cost of $52,000 (25% down plus closing costs) and assume the middle number of what you suggested $350/mo, that will result in 8% ROI.

Do I have that correct?

Ty

I'm looking at a college rental property close to my home. I have made some calls and left messages today as I'm searching for PM quotes but I know a handyman so, since I live super close, I may try to do this myself (I have read many horror stories, that's why I'm also getting PM quotes). 

I'm hoping someone could help me analyze this deal please.  It's a home built a bit more than a century ago.  Im waiting to hear when the roof was last replaced but the furnace was replaced in 2015. 

The property is already rented for the 2017-18 school year.  6 bedroom place which collects $24,000/yr collected in 2 equal lump sum payments. 

Expenses are:

$1,684 in Taxes last year

$892 for Instance last year 

$388 maintenance last year 

$1,972 in Utilities (id pay Gas, electric, sewage, water)

I haven't yet purchased a property so I welcome suggestions as to how much I should save for maintenance as well as CapEx.

The asking price (not yet negotiated but assume I pay full price) is $187,000 and I won't need to do any repairs Day 1. I will put 25% down. Assume 4.25% mortgage rate, which means $690/month mortgage payment. 

Based on these numbers it looks like I will collect $24,000 and my expenses are $18,152 (not including closing costs, capEx and anything else you can see which I may have missed).   would anyone be willing to analyze this deal for me please?  Thank you 

Great.  Ty

Do you need the MLS to follow the market? Can this be done with free places like zillow or other such places?

 That's very helpful.  Thank you.  Do I need an agent to gather info for me on other homes in the market or can zillow/realtor.com be trusted for more of a DIY approach?  

60 days?  Wow that's a lower number than I thought.   thank you  

I've heard people say a listing is old or stale or that's it's been on the market too long.  I'd assume those are house's which likely get reduced in price or possibly would be willing to negotiate a bit more liberally.  But how long is too long?  I'm sure all markets are different and year to year may change.  But is there a generally accepted rule of thumb anyone can offer?

Ty

ok. Thank you 

 Ok.  Thank you. 

I can get you those numbers

thank you but is there a formula which I can use on my own?