All Forum Posts by: Marcelo Ricarte

Hello @Adam Schooley, my wife and I have been looking for a multifamily for a few months now and prices are a little high. There are deals out there depending on the area but you have to be patient, think outside of the box, change strategies, etc., in order to make the numbers work. We have place over twenty offers within the last three months and we actually have one that we're negotiating on right now so again, be patient ;)

My wife is a Realtor so let us know if we can be of any help.

By the way, house hacking is the way to go when starting (I think...)

Thank you very much @Chris Mason for your input, very good info. Deal however, didn't go through. I guess the seller wasn't motivated enough to accept my offer. The property was overpriced in comparison with comps and needed a substantial amount of work in one of the units. 

Thanks again!

Thanks @Andrew Postell for your feedback, you are right, we'll keep that in mind!

Hello BP Family, my wife and I got a possible deal financed by the seller. We have no knowledge on how to structure a deal like this so we need your help!

Some info: Seller is getting rid of some properties and we want to acquire two of them.

Asking price $245k each. Two duplexes. Roofs 10 years old. Overall they look decent from outside (maintained) in a B- area. Tomorrow we'll do a walk through to see the inside.

Is there a standard approach in this cases?

Any advise will be greatly appreciated.

Thank you for your input @Kevin Siedlecki, good points!

Hello BP Family, I was analyzing a triplex that are two separate buildings in a double lot. The question that came up was that if since the two buildings are detached shouldn't be double spending in comparison with a triplex that's attached (one building)?

Thanks everyone for your time and happy holidays.

Thank you @Ralph R. and @John Thedford for your input. I tried to make the numbers work because I thought it has potential as far as schools, area and equity (based on other properties) but really, I have to accept there's no deal there at least for me. I found one better today where the numbers are way better and we'll get in touch with them first time tomorrow morning. I'll keep in mind the advices. Thanks again!

Thank you @Ralph R. about the contingencies, that's a good tip. My wife think so too.

Hello BP Family, 

My wife and I are looking to buy a duplex using an FHA in South FL. Property seems to have lots of potential but we're not very sure. Numbers, to be honest with you, don't really seem to be working out (perhaps we're missing something?). We thought of reaching out to you guys maybe you have a different perspective and/or can give us an advice or point of view?

Thanks in advance before anything!

Its a 4/2 and 3/2 duplex asking price $349,900. just reduced 20k, 60 days in the market

Its a B or B+ area, schools are pretty good (considering schools in South FL), rents are way undervalued (a 4/2 can be easy rented for $2200 and a 3/2 around $1800), right now they're $1450 and $1350 mo to mo.

We thought that we can be hacking it but we have to lock one side's rent with a one year lease so we can qualify with the income, so according to our calculations we'd have to come up with around $1600/mo to cover operating costs for that first year before we can raise it to $2200.

Additional data:

My wife is a realtor so we'll try to factor in her commision on the purchase.

To us, the property is underpriced based on past sales comps (estimated price $420k).

We'll offer $340k and based on pictures (we have an appointment this saturday to go see it), it doesn't need much updating, probably $10k.

Anyways, I know is long and I don't mean to put you to work but any advice will be very very appreciated.

Thanks again.

Marcelo and Giselle.

Thank you much @Toni Romano