All Forum Posts by: Matthew Haase

Hello Bigger Pockets Friends,

Does anyone have any experience drawing up plans for city permit approval? I do not have any CAD like software and was wondering what would be the best solution for drawing up plans without purchasing any kind of expensive software.

Thanks!

Matthew Haase

Hi there!

New homeowner and soon to be landlord. I was wondering if any investors in the DC area had a good list of contractors that they trust for various things from HVAC to general handyman fixes.

Specifically I am needing to install a dryer vent and water line for a washer/dryer. And get a furnace looked at and fixed if need be. Any advice or recommendations would be greatly appreciated!

-Matt

@Larry Hawkins I am living in one of the units yes.

I am not buying in San Antonio sorry for the confusion I know my profile says I'm from there will be moving soon.

@Immanuel Sibero

I should be out exactly zero cost as far as i know at this point in looking at the property the only thing i am unsure of is if there are minimum appliances in each unit (oven, fridge, microwave, W/D) or if I will need to supply them. I know a couple of the units are fully furnished in those just waiting to hear back about the rest of the units condition. So I am thinking at most to be out ~$5,000 if i need to furnish two units worth. 

@Everyone

Yes I will be living in one of the units but if it works out the way I expect I should be covering the mortgage and getting a few hundred dollars in positive cash flow after figuring for expenses like (vacancy, repairs, and capEx) if I add in paying myself the ~3K mgmt fees then that will cut my cash flow  but since I would be paying myself is that all that bad? Or should I still be wanting positive cash flow beyond that? I feel like if I am looking for a deal that covers the mortgage, pays myself 3K mgmt fees, and still has several hundred in cash flow is too good to be true. Then again I am new to this and there may be deals that make that possible i just want to make sure I am maintaining realistic expectations about returns.

@Mike Dymski I will check the IRR for sure I hadn't done that yet bad on me!

Thanks for all the responses I will dig in to all the suggestions and try to find a number I am comfortable with and report back after its all said and done. I should say that the place is getting renovated does that change any of your calculations as far as capEx is concerned for the first few years or do you figure that into your cash flow analysis no matter what? I want to lean towards no matter what because I tend to want to play it safer but curious to hear your thoughts. 

Also to answer a question above yes this will be my first REI. Thanks again!

I am currently looking at a 4 unit MultiFamily that will be upwards of 900K. How much cash flow should i reasonably want (after accounting for vacancy, repairs, capex) that makes a deal like this worth it? I see Brandon in the BP vids looking for 100/unit and think that is good for his area but would be fairly low for a mortgage this high. I am using a VA loan so I will have no money down into the property so my cash on cash ROI is odd to conceptualize for me in a way that makes sense. Any advice from some of you more seasoned investors would be greatly appreciated! Thanks!