All Forum Posts by: Matt Messer

Thank you, I will check them out. 

Does anyone have recommendations for real estate attorney's in the Cedar Rapids, Iowa area? Thank you

-Matt

ok,

Who do you use for taxes? 

I am looking for recommendations for a tax accountant or CPA in the Cedar Rapids area.

I am also looking for recomemendations for a portfolio lender in my area. Currently I am looking to purchase a fourplex but my DTI ratio is not good enough for conventional secondary market lending. Thanks

-Matt

I Am a little late to this, but I am very interested in how you secured a loan with 3k down. I would love to buy a 4plex but I can't come up with the 20% down for an ARM or 25% conventual. What kind of terms are your loan? Who did you go through? Thanks -Matt

comps in the area are renting for minimum of 425.

Interest costs are about the same as I would pay, couple bigger expenses he had the last two years were, 2500 to legal fees for changing the property to a CO-OP from a commercial( half the taxes). He had to take two huge tress out that cost quite a bit and paint the exterior. Roof is flat style roof that is old. No leaks but at least 20+ years old. two newer hot water heaters one newer ac unit. Everything else including the 4 furnaces are approx 20+ years old. Newer appliances in all the units, two of the bathrooms have been remodeled, two dated. Old aluminum windows. Parking lot would need to be replaced or resurfaced sooner than later. Hopefully that helps the assessment.

No, 3,100 each year is depreciation. He also has a huge bill each year for phone. Like 1400, which I would not have. It seems like he expenses are "fluffed" up a bit, but that's the only truth I can go off of, for offering price.

The owner has owned it for 13 years. I am trying to figure out if I could somehow make money through this deal, but maybe I am trying too hard and there is no money to be made. I will say this year he started to use a property management company, could it be, that he was a terrible manager? I believe he is still working on this years schedule E.

I am looking at a fourplex, that is listed at 117,000, Just based on Realtor's numbers and condition I would be looking to get the property around 105,000. Realtor said it would gross $19,479 yearly. I requested Schedule E's for the last three years and in 2011 and 2012 the owner took a $4156 loss and in 2012 $3975 loss. Gross income was 15,791 one year and 17,068 another. I am just trying to process that information, however to me it looks like this property is a huge money pit and I should stay away. Am I analyzing this right? Thanks for any help.