All Forum Posts by: Jonathan Ramos

@Rebecca Belnap

I sent you a pm. 

My business partner and I are looking to partner up with someone to help purchase a property we will be the boots on the ground for this and we will be willing to mange the property as well.  With the revamping of the space program I believe the time is now to get into Brevard County real estate. The asking price for the property is $419k  which is $41,900 a door. 

INVESTMENT OVERVIEW YEAR 1 

Price $419,000 Price per Unit $41,900 

GRM 6.2

CAP Rate 7.8%

Cash-on-Cash Return (yr 1) 8.21 %

Total Return (yr 1) $18,518

Debt Coverage Ratio 1.36 

OPERATING DATA YEAR 1 Gross Scheduled Income $68,064 

Other Income - Total Scheduled Income $68,064 

Vacancy Cost $10,210 

Gross Income $57,854 

Operating Expenses $25,397 

Net Operating Income $32,457 

Pre-Tax Cash Flow $8,600 

FINANCING DATA YEAR 1

Down Payment $104,750 

Loan Amount $314,250

Interest Rate 4.5% 

Amortization Period 20 yrs 

Debt Service $23,857 

Debt Service Monthly $1,988 

Principal Reduction (yr 1) $9,918

INCOME SUMMARY YEAR 

1 PER UNIT TOTAL SCHEDULED 

INCOME $68,064  Per Unit $6,806 

VACANCY $10,210 Per Unit$1,021 

GROSS INCOME $57,854  Per Unit $5,785.00 

EXPENSE SUMMARY YEAR 1 PER UNIT 

Real Estate Taxes $5,353  Per Unit $535 

Insurance $5,377  Per Unit $537 

Lawn Maintenance $1,200 Per Unit $120 

Legal Fees $1,322 Per Unit $132 

Management Fees $4,776 Per Unit $477 

Repairs & Maintenance $4,608 Per Unit $460 

Utilities 2,761 Per Unit $276 

GROSS EXPENSES $25,397 Per Unit $2,539 

NET OPERATING INCOME $32,457 Per Unit $3,245 

OPERATING EXPENSE RATIO 44% Per Unit 44%

UNIT TYPE     COUNT %       TOTAL SIZE (SF)   RENT            RENT/SF 

1 Bed 1 Bath 10        100.0    650                         $600             $0.92 

Totals / Averages 

                      10        100%    6,500                      $6,000          $0.92

@Jared Townsend Thank you for that information

@Pavlos Kasselouris

They advised that the inspection has to be completed prior to contract. They also advised that they have a property inspection that has been completed about 2 weeks ago but hasn't furnished that information or the Leases agreements or the ledger.  Granted we just looked at the property on Saturday. My business partner is itching to get our first investment but we don't want to go into something blind either. Are these demands reasonable? Are we asking for too much? 

@Pavlos Kasselouris

1. Yes, the property is frame and also block.

2. No, we have not received the copy of the leases for us to review. 

3. Sound good. Is that because it is a coastal property or does that work for every property type in Florida? 

@Pavlos Kasselouris  

Do do you recommend doing the 4 point and wind mitigation versus a general property inspection and also wdo or do you recommend doing all?

@Pavlos Kasselouris Yeah they wanted $700 bucks just for the property inspection and also the wdo. Is that normal pricing with two dwellings on one lot?

@Joshua Dates Yes, I would need to buy before they evict, but have and addendum stating that previous owner will be responsible for finishing the eviction process. Can't lock up the property under contract with a inspection contingency. the inspection has to be done before the contract. Need to find out which tenant is being reluctant to allow and the property inspector because there are 2 tenants at the moment.  Do you happen to know of any good property inspectors in the Daytona Beach area?

@ Joshua Dates  looking to buy a property I found.

Hello All,

I found a property that is a duplex but could be converted to a triplex. My concern is that I am not able to do a property inspection because the tenants are not being cooperative they are going thru eviction. Was able to due a drive by and the property is need of repair. The nice thing is that this property is dual zoned commercial and also residential. Would you continue with the deal or would you leave it? How many people would buy a house without with inspecting the interior? 

Hello @Tommy Hopkins  

Thank you for the information