All Forum Posts by: Patrick Gerrity

@Paul Gwilliam hanks for the reply. Yeah, I used the BP calculator to input all of those, except for accounting. Thanks for the reminder!  It's a small cost but it's a cost nonetheless!  

thanks! I'm coming up with a CoC of about 16%, so I know it's solid. But I'm still nervous that somehow I messed up the numbers and am going to lose my money. I used the BP calculators so I'm sure it's just nerves...

What's up everyone! Just had an offer accepted on my first deal! It's a 3 unit, great neighborhood and minor cosmetics to do. Rent brings in $2100 a month, operating costs are $6500 a year. Price is $119k cash. After running the numbers, it's a pretty good CaP and NOI, but for some reason I'm still very nervous... anyone else feel that way on their first?!? 😩

@Account Closed good point, I will retire from my current job in 9 years at 48, and do not want to have to get another job!  100 it is...

@Account Closed Thanks. Lots of good advice. If the rents stay the same, the CAP is at about 14.5%. So I guess the question is do I finance or pay cash?

@Nicholas Weckstein  Thanks for the reply.  Its not campus housing.  About 1 block from Campus with no affiliation  and non flood zone.  The numbers are my issue.   I have the capital to pay cash, but Ive bought poorly in the past and dont want to repeat my mistake.  Im not sure I trust my analysis of the numbers.  The ones I put on this post are from the listing agent.  I have sopies of the leases for all 7 units as well.  

Very little. I have a rental right now that I rent because I bought poorly and couldn't sell it. The rent covers the mortgage and escrow. Other than that? Just purchasing my primary residence. 

Wow, can't believe I forgot to put that in! They're asking $299,900.

Hi everyone!  Looking for some advice here for a newbie.  A property that I used to live in just went up for sale.  Its 7 units, one block from the University.  The area is the upper class section of the city.  It is currently rented and the net income is $49,500, with operating costs of $11,300 a year.  The kicker is the rents are extremely low, as in they have gone up $75 a month since I lived there 17 years ago.  If I evict and rent at current market prices, the net becomes $90,000.  Operating costs remain the same.  Also the tenants have been there for an average of 6-8 years, obviously because of the rent...I am considering paying cash for the property, but wouldn't be opposed to financing some of it.  Any advice?  Thanks in advance, and Im happy to be here!!

Hey everyone, just wanted to put up an intro and start . I've been listening to the podcast for a little while now, and figured it's time to get involved in the forums. I'm brand new to real estate investing, and am looking to get my feet wet. I own one income property, that brings in rent. I wouldn't count it as an investment necessarily, as it generates zero cash flow. Basically just covers the mortgage and escrow. I recently came into some money, and have been looking at properties in Florida to purchase as income properties. The problem is, I have no idea what I'm doing. So here I am, at bigger pockets! My wife and I have good day jobs, making good money. I am planning to retire in nine years, and the end goal is to be able to stop working at that point. So anyway, before I get off on a tangent, glad to be here. Looking forward to getting some good advice, and learning as much as I can from the people who are in it and have been doing it for a while. Nothing better than lessons learned!