All Forum Posts by: Randall Kates

Inboxed!

This is  a good thread  as  each market  is  a different beast even between the  Winslow  and  Gloucester Township  sides of  Sicklerville because  of  the  almost $3000  in taxes  difference  albeit slightly higher rental income on the Gloucester end! My South Philly project ha s much lower cost  in taxes but of course  was  aquired for  damn near  80k  more but still is  at a lower  payment than my  South Jersey  property.

James Mc Ree excellent points.  i  will try to see  if  I  can get rehab done  for  $26,500.  Right now  paint, carpet, ,plumbing, roof  & drywall work,  power wash and  driveway work  is  on  the  list  covered by the  $30,000!  I'll  split the  insurances  up.

Thanks Ralph R.

i receiver feedback on minor number mistakes snd thats cool!!but no rreal solid feedback on the structure or meat and potatoes on the actual deal on if its ones cup of tea!

I  made  some  errors on this one  in fact that $113,000 should be  $117,000!  What I will do is  repost this  one  with a few  change s because it is  a  solid breakdown.

i messed that one up $1100 per unit!

Good  Eye, I did not site  this  but I put it in my general  Insurance!

I decided to househack  a duplex  in Southern New Jersey Area   after  much back in forth between there  and  philly. This  house  was  listed at $79,000 but I  had to bid up to $91,000. I'm open to  any opinions on this  deal and your point of  view on whether this is  a good buy or  not. Thanks.

- Purchase price: $87,000

-Rehab Cost: $30,000

-Total Cost: $117,000

- Loan payment: 

$491.83 (principal and interest only) With financing at a 3.5% rate

- Property tax: $520.83 (Too Damn High For The Area In My Opinion But I Digress)

- Insurance: about $200 per month

- Management fee: $220  (10% or gross monthly rent)

- Maintenance/repairs (reoccurring): $220 (estimated 10% of gross monthly rent)

- Vacancy: $110 per month (5% per unit per month)

- Landscaping: $100 per month

- Total monthly expenses: $1862.66

- Rental Income: $2,200 (2 units renting for $1,000 per month)*Pro Rated For When I Move In A Year

- Cash flow: $337 per month ($2,200 - $1,862.66 = $337.34)

- Down Payment: $8,095 (including closing costs and cost of inspection)

- Cash on cash return: 11% ($337 x 12 = $4,048.08 Then $4,048 / $113,000 = 0.035 = 35%)

The market varies are you talking Rentals? Flips? etc. Town by town  and county is a drastic difference. You'll hit a nice percent in Cumberland but not near that in Camden1