All Forum Posts by: Patrick Rowe

Ok thanks, I have a lender that will do a 100 percent finance on this deal. I'm just trying to make the duplex will cash flow. Once I use the 50 percent rule for expenses it doesn't cash flow. 

What other information do you need? I'm coming up with $621.00 per month including taxes, insurance.

Taxes -$900 year

Insurance - $2000 year

ok thanks, how much cash flow are you coming up with?

I need some input on this Duplex deal. I have a banker that will do 100% finance on them for 30 years at 5.75 interest rate. The seller has owned this property since 2005! One tenant has been there  20 years. Wood floors in some, new Roof, New A/C in units 1970 and 1972. Well maintained and ready to be sold. The units are 100 percent occupied and the units are separately metered. The property is located in a c or d area located around college campus. The owner also has two more duplexes at this price.  

Asking Price- $65,000

3 BR  2 BA

21-30 Years of age

Total Square Footage- 2,250

Income - $1100 a month

Thanks MJ, I think now we have to take expenses out of the $356. So if you figured $900 x.50 for expenses you're left with $450 to service the debt. If you figured $65000 at 5.75 for 30 years plus taxes,insurance you at $544. Which will not cash flow, So I'm trying to figure out what the most I should I pay for the property including renovation of about $10,000-$12000

Thanks MJ, I think now we have to take eexpenses out of the $356. So if you figured $900 x.50 corn expenses you're left with $450 to service the debt. If you figured $65000 at 5.75 for 30 years plus taxes,insurance you at $544. Which will not cash flow, So I'm trying to ffigure out what the most I should I pay for the property including renovation of about $10,000-$12000

I haven't been inside yet, but from the outside the roof,exterior looks good. I will be looking at the inside this week. I was thinking of offering around 45,000- 50,000 after I look at the inside. What margins did you come up with?

I have opportunity to purchase a single family 3BR 1.5 BA 1610 Living area with a tenant already their paying $900 per month. The asking price is $65,000 for the property. I have a banker that will do a 100 percent financing at a interest rate of 5.75 for 30 years. What do you think about this deal. Is there anything i'm missing for as expenses? What do you think about this deal?

Insurance & property Taxes $150 per month

Property Manager $90.00 per month

Vacancy - $45 per month

Yes, Once some renovations are done it will be worth $102,000. The bank I'm dealing with will finance the renovation with a rehab loan then roll it over to a 30 year loan. So this will be no out of pocket  money for me.

I have purchase several house flips properties with this small community banker. These are the following expense I included. It probably take around $10,000-$12,000 to fix up. I'm going to offer less to make up for repairs. It's a out of town investor selling the property.

P&E $379 A MONTH

Insurance& property taxes $150