All Forum Posts by: Mike Penn
Mike Penn has started 2 posts and replied 3 times.
Post: Flipper Analyzing my first Multi-family Deal
- Dexter, MI
- Posts 3
- Votes 0
Thanks for the responses. That confirms most of what I was thinking anyway. Adding up taxes, debt service and any property management seems to make it an unreasonable investment at $300k.
Really appreciate the insight.
MP
Post: Flipper Analyzing my first Multi-family Deal
- Dexter, MI
- Posts 3
- Votes 0
Hey everyone-
My wife and I recently were approached by someone who offered to sell us their 4-plex in Dexter, MI. Dexter has been one of the fastest growing markets in Southeast, MI and is a great little town. My wife and I have done a few flips with the hopes of eventually buying rentals for long term cashflow. Here is our first look at a MF property so I'm looking for some input.
Details:
Age - Built 1977
Condition: Good. Solid Brick Building. Roof is good. Newer windows and AC units recently. Walked all of the units and they are in good shape
Location: Good neighborhood. Great schools. Easy access and walking to a nice downtown.
Units: 4 - 2bd/1ba
Utilities- All electric
Asking Price; $300K
Current Taxes: $8100
Utilities: $275 per month
Insurance: $200 per month
Average Annual Costs Including withdrawals for self-managing fee, Taxes/Insurance and Utilities- $26k per year
Current Rent: 3 Units $850, 1Unit- $800 per unit (tenant pays electric)
Comparable local units for 2br - $900-975
All questions and comments are welcome.
Thanks in advance!
Post: Evaluating Possible Beaverton, OR Opportunity
- Dexter, MI
- Posts 3
- Votes 0
I'm new the real estate game but have had success in several flips in my area (Ann Arbor, MI). I have a potential opportunity out of state for the first time. I'm looking for advice from those who have managed a remote flip and to potentially get some insight into the Beaverton/Portland, OR market for those out there. I wouldn't be adverse to wholesaling the property as well.
Here are some of the specifics on the property.
- Location: Beaverton, OR - 10-15 mins from downtown Portland. Very Close to the Nike headquarters.
- 4bd/2.5ba, 1950 sqft. Built in 1963. Split level.
- Everything is dated. Hardwood floors under the carpet.
- New roof.
- Needs new furnace and A/C.
- Kitchen/baths paint need to be redone.
Questions
- Currently looking at a purchase price of $360,000
- Is an ARV of 430-450 reasonable for that area?
- Advice on out-of-state flipping?
- Ballpark costs on reno?
Thoughts/Advice suggestions?