All Forum Posts by: Nicolas P.

Thanks Chimpo. 

Changing the question then, what would make this a good deal? e.g. at what price or with how much aside for repairs etc.

And also, how could I find local financing options using bigger pockets? not hard money just traditional lenders, but not sure how to search. Thanks!

Thanks Joe. I have separated a 5% vacancy cost or $1500 before getting to the numbers I posted.  The $4200 already accounts for a $1500 vacancy expense. I think I calculated everything fairly conservatively. Calculation also includes a 10%, or $3,700 property management cost. Property is fully occupied with new leases. It's a newer property vs. most in the area so tenants apparently prefer it for that reason. Main issue now is financing cost. I didn't know this would qualify as commercial and rates are in the 5.5% range...Thanks!

Hi all, it looks like I'm buying my first investment property.  A 4 unit property 100 miles south of NYC for $310K. Property is in very good shape and fully rented with leases in place. Well managed by current mgmt company, which I intend to keep for 10% of rent roll. 

Income is about $3100 monthly, a 1% deal, or $37K annually. Expenses are in the 50% rule, and including mortgage, vacancy, and rest of calculator expenses including property mgmt I would be clearing about $350 a month. 

With a downpayment at about $60K we are looking at a 6-7% Cash-on-Cash return. 

Area is ok, not growing like crazy but not going south either...growth probably more on the touristic side than on the employment and population side. 

I know this will be my next level RE education, but regardless of that, how good/bad is this deal? 

Finally, as this is a pure investment property and not a house hack, lenders consider it a pure commercial play and all but one ask for 25% down and 5%+ rates...any thoughts on this?

Thanks all for any advice!

Nic

Hi all, I'm new to BP and also interested in the airbnb model type of rental. Seeing that a lot of BP content is on multi unit / more complex type of deals, but not on smaller operations like the one I have in mind...a lot of the analytics and numbers usually refer to larger operations...any thoughts as to what numbers to look for when dealing with more niche/specific units like a ski house in upstate NY vs. a condo in Miami Beach from a numbers perspective? Thanks!