All Forum Posts by: Henry R.

@Swat Khan Yes thanks I believe there is lots of upside, good price positive cashflow, etc. Just have to see if my offer is accepted and go from there.

@George Carnicle Welcome to BP! Great site, best wishes to you also and thanks!

@Aaron Montague they told me the heating cost was $1975 per year, and I thought that was low, so I got the real bill from the utility company and it is 2300 per year.

Thanks again

Thanks @Aaron Montague and @Walter Ichikawa-Doyle!

I made my 3rd offer today at 90k, keep in mind the debt service also which is about $4114 per year so totals a are close to 19k minus 27.6k for gross income. Thanks for the help it's like approx $150 per door after all expenses, no PM at this point. Net income is around 8600 per year.

expenses also inculdes heat paid by the owner which is $2300 per year.Has a new boiler. I got the bills!

Thanks everyone, waitng on the agent.

Thanks for your reply and numbers @Aaron Montague

I'm looking hard at 90k

Hi @Brandon Turner

Ok, I had to go to google chrome to use the @symbol

Brandon check out my reply to your post.

Thanks

Sorry about some of the mistakes going to fast, the figure of $7484 is the yearly after tax income. And how do you do that @ thing correctly. lol

Thanks @Aaronm. for your reply. ( hope that @ works)

Thanks @BrandonT. my last offer is at 85k, I was told yesterday that the seller came back with 92k, however he lowered his price from 109k to 99k.I was told he had other offers when he came down to 99k, but I have no proof of this. I thinking of a counter offer of 90k. it's fully rented now with 2 long term tenants, 2 yrs and 4yrs. Full rent is 2300 per month or $27,600 per year, all expenses including debt service is $18880, after tax is $7484 if purchased at 90k with 25% down. yes it's tough in my area to get 200 per door.
I would need to buy in a very upscale area and not many 4 units plus I could not afford it anyway.So that is $623 per month after all expenses and fully rented.
It is in a c+ to B- working class neighborhood all 1 bed room units. well kept. It is old built 1914, but that's what you get in the City of Schenectady. A few other places i viewed were 115k and 129k and they were dumps. this is owned buy and investor he's in his 70's and had done a good job with it.

Thoughts?

Thanks Bill,

I see, what I did was take the less vacancy off the top. With all the units rented the gross monthly rent is $2300 less 10% would be $2070, perhaps I did not show it correctly in my post.

Thanks Bill I put my offer in. If you get the chance would you mind showing me how you got the NOI up to $9411?

Thanks again