All Forum Posts by: Nita Martin

Thanks Guys...

So, we hadn't budgeted $100k for repairs b/c we were hoping to do some simple cosmetic work and maintenance.  Honestly, it would take quite a while to recoup that amount in the current market.  That being said, we definitely have a lot to think about.  My hubby is off tomorrow, so once we iron some things out, I'll update you all on our decision.

Thanks @Todd Dexheimer. We are so grateful for this platform. REI are so major, it is a blessing to get quality advice before making moves.

@Steve K. excellent points!  It is in a historic district, so we will definitely check that out.  THANKS!!

@Dennis M. The purchase price is $116K.  The rents total $2700/mth.  Income is approx. $700/mth after expenses.

@Colleen F.  No lead or asbestos reported.

@Nick Rutkowski Thanks for your offer to help.  I'll definitely be in touch if we decide to go through with this venture.

Thanks EVERYONE for your input.  We TRULY appreciate it.  Much to think about @Ed Matson.  We definitely want to make a financially wise decision and not an emotional one (I love old buildings :).

The Investment:

My husband and I have put in offer on a 5,000 sq ft, 100 year old SFH that was turned into a 4-plex with an efficiency apartment in back. It is a lovely property in a historic district, and we are literally paying 1/3 of it's value. The ROI when fully leased would be almost 13%.

The Inspection:

We got the inspection report back yesterday, and there are some major concerns!

1. 4 glass fuse panels
2. cloth & aluminum wrapped electrical wiring
3. some galvanized piping
4. microbial growth due to sitting for a while

The Question:

Is this still a good investment?  Should we jump on it or run from it???

All feedback GREATLY appreciated!!

Thanks!

Thanks @Charles Carillo!

I see this post hasn't gotten updated in about 6 years.  Any new suggestions?  I need to insure a 4plex with an unattached apt. in back.

@Michael T. thanks for sharing your wisdom. We are just starting our REI journey and were considering crowdfunding. We will definitely do our research and stick to the more seasoned companies.

I saw a post from January of last year asking if anyone was using rentcafe.com for PM.  There weren't many replies, so I figured I'd try again :) .

Does anyone use this website or a similar one for PM?

@Nathan Paul Konyndyk Thanks for your feedback.  

We are considering managing the property ourselves for at least the first year for the purpose of learning and because we frequent the area anyway.  We will keep you all updated.