All Forum Posts by: Steven Sather

 You are good they are 2 bed one bath.  I can raise rents in July as all my leases expire then.

 Thank you, sir.  As this is my first deal I needle someone to tell me that I was not completely insane and I shouldn't run from this deal like it was on fire. 

Great information thank you.  I did not realize I could withdraw my objection before the deadline.

Thank you all for your advice.  I know asking the seller to do it is ridiculous, and as of right now everything works fine.  I will upgrade and I talked to the electrician and thesis I can do it one by one and as people move out.  The main box will need to be upgraded first and that's the biggest expense but I know that the tenets will be using window AC so it is necessary eventually.  As for the seller, asked my resistor to just get some feelers out see how bad the seller needs this deal and if they are even willing to negotiate. Maybe told to pound sand but at least I have tried. 

I believe it is do to the wiring from the main box to the individual unit boxes.  (Forgive me for if my vocabulary is wrong.). I have been told it is due to the size of the wire.  I plan on getting one more quote as i had 2 and both gave relative equivalent quotes.  Please let me know if I am overpaying i would love to negotiate with them with more info than i currently have. 

I am sorry,  good catch 4 units total rent each month is 3400. Tax is about 1000 a year and insurance is 1600ish.  Planning in a 10% for repairs but expect this to be high. 

 Thank you for the reply I think i am going to try to get something but with the current market in Colorado Springs we shall see what the seller says. 

I posted another question and they suggested that I are run the numbers, as this is the first property I am feeling my lack of experience.  So by way of background, this is in Colorado Springs meaning there are very few multifamilies properties on the market so it's very hard to find a deal and cap rates are lower then I would like.  But here we go.  

Property is 475,000

I have no down used a VA loan

Interest due to a mix of buying down and some concessions is 3.5.

Rent is currently 850/mo and it is separately metered.  

What threw me is after inspection we are looking at 50k in improvements to electric and parking.  But rents should go up to 900-1000 once completed.  

This property is in a good area that is one of the few lower cost options in the area so vacancy I don't think will be too challenging.  I apologize for asking for help with my homework but for me, it seems right on the edge I am hoping/fearing I am missing something.  

Hello,

About to purchase our 1st quadplex in Colorado Springs.  The inspection came back with 2 big problems: electric is at capacity at 60 amp and needs to be upgraded.  The second, while not an as big of an issue is the entrance to the parking lot, is so steep that one of the residents choose to skip class if it snowed because it was so slippery.  Granted no one ever salts the parking lot either.  

After getting estimates we are looking at 25 k to fix each of the issues for a total of 50k.  

My question is should we ask for the seller to pay for some if not all of this as it seemed to be things that should have been taken care of well beforehand and does affect the functionality of the property.  

Thank you for all your help just for reference this is our 1st multifamily.