All Forum Posts by: Michael K Olson

Quote from @Dalton King:

Looks good! Just make sure all sorts of expenses are accounted for. I would bump up some of the monthly expenses like gas, electricity, water, etc. Just to be safe.

Hi Dalton,

Thanks.

Have not put in the information for those figures as am making the assumption that the utilities are metered separately as there is currently no information.  If the analysis looks good and there is enough wiggle room I would contact the real estate agent to get further information on the utility situation and update the analysis further with the info from the real estate agent.  From there the decision would be to put an offer on the property or not.

Thanks,

Mike

Quote from @Tim Herman:

@Michael K Olson unlikely you can find insurance for $24 per year. Have you run a capex and maintenance budget. If the duplex is small maybe the capex is right. If you have a 1000 sf per unit of flooring. My area it is $6 sf. 2000 sf*$6sf=$12000. Go to your favorite flooring store and ask what the commercial warranty is. Most will be 10 years or less. $12000/120 months lifespan=$100 per month for 1 item in a capex budget. Still have to account for roof, hvac, appliances, hot water heater, etc.  I use $50 per unit as minimum for maintenance.

Hi Tim,

Thanks for your input.  Good catch on the insurance.  Should be 26 a month.

I appreciate your advice on the capex budget information.  For the analysis part I have been putting in 5% for capex.  So I should go with a higher percentage?  Maybe 10 to 15%.  Is there a way to run a capex and maintenance budget to estimate what should be put away for capex.  Appreciate your advice.

Mike

Quote from @Tiray Simpson:

Quote from @Michael K Olson:

1.  Hello, I am currently based in Fredonia, WI looking to eventually move to Wilmington, NC and possibly invest locally there and also other areas out of state.  

2.  Purchased our first rental property last year in Lubbock, TX and am interested currently in investing in small multifamily.

3.  Lived in Hawaii for 9+ years as a kid before moving to WI.  In case the question comes up, Dad got promotion at the company he worked with and home office was in WI.

Looking to connect with some local real estate groups to find possible partnerships.

Thanks,

Mike

Hey Mike, would love to connect with you this week! I’m here in Lubbock & our group Milestone Realty Group specializes in Investments from Residential to Commercial. 

Hey, 

Nice to meet you Tiray,

Would love to connect with you to see what additional investments are in Lubbock, TX.

I am actually out of state on vacation until the 9th.  Can we connect after then.

Thanks,
Mike

1.  Hello, I am currently based in Fredonia, WI looking to eventually move to Wilmington, NC and possibly invest locally there and also other areas out of state.  

2.  Purchased our first rental property last year in Lubbock, TX and am interested currently in investing in small multifamily.

3.  Lived in Hawaii for 9+ years as a kid before moving to WI.  In case the question comes up, Dad got promotion at the company he worked with and home office was in WI.

Looking to connect with some local real estate groups to find possible partnerships.

Thanks,

Mike

View report

Analyzing properties in my neighborhood and found this duplex.

It looks to be in good condition recently remodeled with month to month tenants occupying.

Let me know what you think.

*This link comes directly from our calculators, based on information input by the member who posted.

View report

Hello,

Analyzing this triplex in Rocky Mount, NC - 2 bd 1 bath per unit.

Rent Report indicates a 2 bd 1 bath apt goes for an average of 785 a month in the area.  However, I see it listed each unit at 325 looking at some of the records.

Let me know what you think.

*This link comes directly from our calculators, based on information input by the member who posted.