All Forum Posts by: Rico S.

@Dmitriy Fomichenko

what if its a husband and wife partnership? where the husband has the ira and the wife manages or vise versa? and if so, would only 50% go back into the account?

Good day BP family,

I actually should have been brainstorming with the BP family. A little about my goals and journey. I am a newbie but not at heart. I have been looking into small multifamily with plans for trading up to bigger mid size properties. However, we all have to start somewhere. I am super motivated and passionate about the business. I plan on investing in multifamily for cashflow where I can add value and hold long term. I have met, talked, and worked with a lot of people. I have even analyzed and toured a lot of deals but have not found anything that fit with my criteria. I plan on doing all the ground work myself regarding any upkeep and managing. Ive been on the grind for about 3 years and actively looking for about a year. I search the MLS and send out direct mail. This particular property came up the other day and below are the details. Any feedback will be great.

3 plex:

Location is in Port Orange, Florida

its a single family 2/1 with a duplex in the back that has a 1/1 and a efficiency unit.

2/1: $850

1/1: $600

Eff: $435

Total= $1,885/ month

Income $22,620/ year (assuming everything runs smooth)

List price is $169,000 but may be some wiggle room for about $155-160k.

Expenses are claiming 25% annually

Insurance= $1,500

Water= $2,400

Tax= $1700

total= $5,600

However thats not even including management, maintenance & repairs, or cap ex. But lets entertain it.

I plan on living in one of the units and renting out the others. So I will be putting down 3.5% down. Debt service would be at about $9,886.

Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.

Income- $22,620

Expenses- $9,048

NOI= $13572

Debt Service- $9886

CashFlow= $3686/ year, $307.17/ month, $102.39/ unit

Any feedback will be helpful!

Best Regards,

Rico

Good day BP family,

I actually should have been brainstorming with the BP family. A little about my goals and journey. I am a newbie but not at heart. I have been looking into small multifamily with plans for trading up to bigger mid size properties. However, we all have to start somewhere. I am super motivated and passionate about the business. I plan on investing in multifamily for cashflow where I can add value and hold long term. I have met, talked, and worked with a lot of people. I have even analyzed and toured a lot of deals but have not found anything that fit with my criteria. I plan on doing all the ground work myself regarding any upkeep and managing. Ive been on the grind for about 3 years and actively looking for about a year. I search the MLS and send out direct mail. This particular property came up the other day and below are the details. Any feedback will be great.

3 plex:

Location is in Port Orange, Florida

its a single family 2/1 with a duplex in the back that has a 1/1 and a efficiency unit. 

2/1: $850

1/1: $600

Eff: $435

Total= $1,885/ month 

Income $22,620/ year (assuming everything runs smooth) 

List price is $169,000 but may be some wiggle room for about $155-160k.

Expenses are claiming 25% annually

Insurance= $1,500

Water= $2,400

Tax= $1700

total= $5,600

However thats not even including management, maintenance & repairs, or cap ex. But lets entertain it. 

I plan on living in one of the units and renting out the others. So I will be putting down 3.5% down. Debt service would be at about $9,886.

Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.

Income- $22,620

Expenses- $9,048

NOI= $13572

Debt Service- $9886

CashFlow= $3686/ year, $307.17/ month, $102.39/ unit

Any feedback will be helpful.

Best Regards,

Rico

@Maurice Remillard Whats going on! How are things going? Are you still adding to your portfolio? What is your RE plan?

Best REgards,

Rico 

@Tony Ramos

Great afternoon and happy Friday! I hope all is well and you are enjoying the beginning of your real estate journey! I believe that it is really important to consider their time. It is easy to try and over prepare to make sure you get every question answered but it will not happen in one sitting. Just as it was recommended focus on the route you and your wife are looking to pursue and go from there. I did this many times (over prepared with questions) but honestly it will come natural and believe it or not, I gaurantee that you will be doing a lot of listening and not much talking. One simple question could have so much Knowlegde and insight that you will have to bring a pen and paper. Seriously, especially that she is well experienced. So maybe have a small list of questions to refer to but be sure to right all the information she will share.

Congrats on getting started and going after your goals. Would love to hear how it went! 

Best Regards,

Rico

@Amy A.

Good morning Amy,

What a wonderful story and thank you for sharing! Congrats on meeting your goal! So from your post that will put you around 32 units, is that correct? What made you get started and what helped you take the plunge in 2007?

Best Regards, 

Rico

@Jordan Hamm

If you dont mind what is your step by step process moving in a tenant?

Best Regards, 

Rico 

@Chris Soignier

You know its a great group of people and last nights guest were discussing MF and adding value. This was more so when networking telling them I wanted to get started in MF. I guess they seem to think Im clueless and assume I dont know what it takes. Of course there is a lot to consider but I feel I have a great understanding. 

I just noticed some of their reactions but No one will rain on my parade. I know what I want to do and I am not going to settle for anything else. MF makes sense to me and fits what I want, its just funny how people are quick to almost say no because of their horror stories. I am just thankful for BP. 

@Andrew Kazakoff for some price can be a concern but if theres a good deal in play. Money will find you. 

Thank you for the feedback.