All Forum Posts by: Micah Livengood

Hello All, I am wanting to purchase this property on a contract deal. Can anyone help analyze this with me? 

Purchase price 165,000                                            Monthly Gross Income  2,827

Down payment   24,750                                            Monthly Expenses         2,214.72

Loan Amt          140,250                                             Monthly Cashflow            612.28

Loan interest            5.5

Mortgage                 796.32

Vac rate      2%          56.54

Cap Ex   8%             226.16

H2O/ sewer                75

Property tax              275

Heating                     188

INS                            165

Misc                           150

NOI 16,903.2

Thanks Mike, my contractor is planning on hooking it all up at once. I didn't know if I had any negotiation room. I appreciate your response.

I am building a spec home in a smaller town I grew up in. A few years ago the town changed the lot dimensions to be able to build a house from 80'-60'. We were looking for the sewer, which was on the map from the city, but we didn't find it and we dug a few more hours to try and find it. No such luck. So it seems I'm going to have to cut the road and tie into the main that way. From what I'm hearing I'm responsible to fix the road. Has anyone experience this before. Knowing that a lot of lots can be built on them now because of the ratification of the lot sizes, how many other lots are like this one in my hometown? I have a meeting with the town board on the 18th. I feel like I shouldn't be held liable to pay for all of the cost. Any thoughts would be appreciated.