All Forum Posts by: Bobby Paquette

@Brandon Roof Looks like a good deal on the outside to me if we're still talking $2800 for that category, do you see anything else I could be missing to hinder the deal? I would be reaching out asking if there is an assessment planned in the near future, and the current status of the HOA making sure they actually have reserves for big things.

First Deal a Condo, Thoughts?

2 bedroom, 1 Bath 940sq ft. Right now it is on a 12 month Lease until January 2021 @ $850/mo (about 70$) below market rents in the area. HOA covers Water, Sewer, Cable, Trash, and Community area and Tenet Pays electricity. Numbers below:

Purchase Price: $70,000, Down payment: $14,000(20%)

Rent: $850/mo or $10,200/yr

Insurance: $1000/yr , Taxes: $2100/yr, HOA: $2500/yr, Mx/Mgmt/Vacancy/Capx: $1400 = $7,000/yr

$10,200 - $7,000 = $3,200/yr cash flow if kept at $850 rent.

First Deal a Condo, Thoughts? 

2 bedroom, 1 Bath 940sq ft. Right now it is on a 12 month Lease until January 2021 @ $850/mo (about 70$) below market rents in the area. HOA covers Water, Sewer, Cable, Trash, and Community area and Tenet Pays electricity. Numbers below:

Purchase Price: $70,000, Down payment: $14,000(20%) 

Rent: $850/mo or $10,200/yr 

Insurance: $1000/yr , Taxes: $2100/yr, HOA: $2500/yr, Mx/Mgmt/Vacancy/Capx: $1400 = $7,000/yr

$10,200 - $7,000 = $3,200/yr cash flow if kept at $850 rent. 

@Mike McCarthy waiting on them for their documents! Thanks!

Looking at purchasing a condo and all the numbers make sense about 270$/Month cash flow but the lender doesn’t like the idea of Too many investors own units in the complex so they want 25% down? Thoughts on this?

I have read some things to Stay clear of complexes with too many investors ?

@Cameron Tope yes absolutely, thank you! I have been looking at them just trying to learn as much as possible to start.

@Scott Anderson Thanks for the info!

@Scott Anderson makes sense, thanks!

@Cameron Tope so now paying a monthly payment on 3 things with interest, what’s the benefit? I assume each bank does them a little different with time it needs to be paid back ?

@John T. Looks good, thanks for the info!