All Forum Posts by: Mayer M.

In my experience which admittedly isn't much (a dozen flips in the past 12 months) most GCs i have come across seem to charge way to much. I hired a GC to remodel my own house 5 years ago and spent $150k. Knowing what i know today i could've done it for $100k.

I have met GCs that want to charge $2k + materials for a bath remodel and have met some that want to charge $10k + materials. I'm simply trying to educate myself.

Hey all! 

It would be awesome to get your feedback on this deal. I have the opportunity to buy a 4 unit mixed use building. Please see details below:

4 Unit with 2 commercial/2 apartments

Age: 115 year (well maintained)

Neighborhood: B Class

Purchase Price: $300k (actual value around ($360k)

Financing: 100% @ 5% interest amortized over 15 or 20 year (my choice)

Tenant#1: Commercial with 5 years left on lease currently paying $1900 with a 5% annual increase

Tenant#2: Commercial with 5 years left on lease currently paying $1600 with a 5% annual increase

Tenant#3: Apartment month-to-month paying $600 (current market rent is about $800.00 per month)

Tenant#4: Apartment month-to-month paying $600 (current market rent is about $800.00 per month)

Annual Rental Income: $56,400

Insurance: $5k

Taxes: $11k 

Water/Sewer: $1442.00 (annually)

Maintenance (landscaping etc.): $3k

Vacany: ???

CapEx: ???

Management: ???

This would be my first multi unit purchase and i'm ssoooooo nervous. Thanks for your help!!!

 Sounds like a headache/money pit

 Hey Chris,

I have trouble finding multi-family deals in decent areas of South Jersey. Any tips?

 I have an accountant friend that added an account for me under his profile.