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All Forum Posts by: Neil Patel

Neil Patel has started 13 posts and replied 37 times.

@Anthony Gayden

It's located in Glendale area. I've been looking for 4 plex in the area for a while. All I've seen is around $240 to $270k with rents between 600 to 650. Most of the 4plex are selling within days!

If I'm calculating correctly, looking at 9% COC

Which area you've been investing and what price point if bought them, if you don't mind sharing?

I'm purchasing (2) 4plex units in Phx Arizona. I've got an offer accepted and just getting my ducks in a row..

I appreciate any inputs, recommendation, etc from seasoned investors!

Details:

Price: 440k for 8 units

Avg Rent: $600 (market rent is around $650)

Taxes: 1560

Insurance: 1200

Water/sewer: 2100

Trash: 1000

Maintenance 5%: 1440 , Vac. 5%: 1440 , CapX 5%: 1440

Prom Mgmt 8%: 2300

It's going to be my 1st multiunit...Here's the situation. Seller wants a cashdeal only. I'm offering all CASH deal for this price, going rate for 8plex is between $480k to 520K so I'm getting a lil discount. My thought is to refinance it in 6 months and get money out... It's doable right?

My agent got a hold of inspection report previous buyer got done but backed out. I went over it and nothing seem major issues to fix. So I'm not going to do full inspection, just walk each unit and maybe get a roof inspection.

My questions are:

1. Should I still do my own inspection from a professional or since other report is done within 1 month, should be ok?

2. Should I get a appraiser to give an opinion? OR should I go with comps in the area if they are all higher than this property?

3. Any tips on getting cash refi any sooner? (I'm borrowing some money from friends)

Thanks!

I'm purchasing (2) 4plex units in Phx Arizona. I've got an offer accepted and just getting my ducks in a row..

I appreciate any inputs, recommendation, etc from seasoned investors!

Details:

Price: 440k for 8 units 

Avg Rent: $600 (market rent is around $650)

Taxes: 1560

Insurance: 1200

Water/sewer: 2100

Trash: 1000

Maintenance 5%: 1440 , Vac. 5%: 1440 , CapX 5%: 1440

Prom Mgmt 8%: 2300

It's going to be my 1st multiunit...Here's the situation. Seller wants a cashdeal only. I'm offering all CASH deal for this price, going rate for 8plex is between $480k to 520K so I'm getting a lil discount. My thought is to refinance it in 6 months and get money out... It's doable right?

My agent got a hold of inspection report previous buyer got done but backed out. I went over it and nothing seem major issues to fix. So I'm not going to do full inspection, just walk each unit and maybe get a roof inspection.

My questions are:

1. Should I still do my own inspection from a professional or since other report is done within 1 month, should be ok?

2. Should I get a appraiser to give an opinion? OR should I go with comps in the area if they are all higher than this property?

3. Any tips on getting cash refi any sooner? (I'm borrowing some money from friends)

Thanks!

thank you all for advice! I got a quote from RealProtect and they're around $650.

Post: SFR in Center Point, AL

Neil PatelPosted
  • Glendale, AZ
  • Posts 45
  • Votes 11

@Chad Lopes   I'm purchasing a rental TK in CenterPoint. Can you recommend any insurance company for home owners policy there? I called few big companies and got a quote around $1200- $1400 on a home that's $78k.

How much are you paying for your rental properties in that area?

I appreciate any help!

One property is in Centerpoint, AL and 2nd in Montgomery.  

I was just surprised by proj on financial analysis by TK provider at only $38/month compare to $1200 to $1400 a year quote i got.
I'm looking at $225 a month cashflow with their numbers but if in reality insurance is $1200 then I'll be in negative cashflow! 

Anyone care to share what typical rental home premiums are? I believe its called "landlord policy?"

I'm purchasing 2 SFM turn key rental homes and need help finding Home owners insurance! I'd appreciate any help I can get! I tried calling 5 different company to get a quote..and have no luck!

Few that actually gave me a quote, (liberty mutual & Arrowhead) were SUPER high, around $1200/year!

The home is worth $78k and per turn key proforma they listed cost of insurance at under $500/year.

AM I MISSING SOMETHING HERE? Am I not calling the right insurance company or the TK agent provided with bogus insurance expense?

Post: Houston Multi-Family Expenses

Neil PatelPosted
  • Glendale, AZ
  • Posts 45
  • Votes 11

@vennessamc

I'm looking for MFH in phoenix area. I'm still learning everything i can about mfh and would like to purchase something in next few months. Let me know if you can across anything.  Thx

Post: Investor from Arizona

Neil PatelPosted
  • Glendale, AZ
  • Posts 45
  • Votes 11
Garrett Sparks I meant 😎

Post: Investor from Arizona

Neil PatelPosted
  • Glendale, AZ
  • Posts 45
  • Votes 11
Hi Jeff I'm also actively looking to buy a single family rental or fix n flip deal in Phoenix area. However would love to get someone who is doing flips take on our market. I'm not finding any crazy great deals we hear on BP from other states. I'll be lucky if I'd find a rental positive cash flow even putting 25% down. If you can share your deals and what you look for and how you find deals in AZ? Thanks Neil