All Forum Posts by: Jordan Vires

@Bob Bowling

It is on Scott Blvd

What about appreciation aside?

Just looking at is a cash flow property.

No real expectation or false hope put on future appreciation.

@Jerry W.

@Michael Noto

There would be a balloon. I was up front with realtor and explained to him that the owner financing portion would have to work out in terms of cash flow for banks underwriting as well. We would probably be looking at a balloon note in five years.

I look for the payment being anywhere from $645-$750 depending on what the interest rate comes back at that I am offered.

The units look to be in good shape. I have no knowledge yet of furnace or other utilities I have not viewed the property in person.

I would plan on hiring a property manager as well.

@James Wise brought up a good point about asking price being indicative of area.

It is in the Newport/Covington Area just outside Cincinnati.

Thanks for all of the great responses!

@James Wise

The rents are $400, $400, $400, $400, $350, $350.

It is in on the lower end. However a fourplex here in Kentucky usually rent for $500 per unit. This is a six.

What do most units rent for in your area that are in for?

It is a C property/area.

@Bob Bowling

What price would make this a deal?

Greetings,

I am looking at deal as follows:

6 plex with total rents of $2300 per month.

4 two bedrooms and two efficiencies.

Owner willing to finance 15%.

The building is currently separately metered however owner pays water, trash and gas bill for hot water heaters. The total utilities owner pays per month is $170.

The payment on property would be right at $700 per month.

Insurance will be about $150 per month and taxes are $190 per month.

Does this seem like a good deal?

Please help me if you can. Thanks

Jordan

Welcome to Bigger Pockets!

@Brandon Turner

Thanks! Its great to be here!

@Brie Schmidt

Thanks for being so helpful to all of us at BP!

Congrats on stepping out on your own and congrats on 1,000 posts!

I am curious how many units/properties you obtained prior to doing REI full time. I know there is not a magic number for everyone but I am trying to learn as much as I can from successful investors.

Thanks,

Jordan

Go get em Tiger! @Darren Nichols

@Brandon Turner

Thanks! Its great to be here!

@Alex Flowers

Yes and they played age and health off as reason for desiring to sell. They were right at 70 and there was a health issue with one of the couple. They acted liked they were getting out for this reason. However, they brought up other rental property. I asked if they were selling any of their other properties....."No"....again it made me wonder.