All Forum Posts by: Sean Ploskina

Use the rental Calculator here on BiggerPockets!  It is free for the first couple times and will bring up some expenses you may have missed.

That being said based on the numbers at least it looks like a good deal.  But have a professional inspector check the place out just to be sure.

224K for a duplex in HR is pretty expensive.  If it is about 60 years about that is overpriced unless you are in something like Ghent where things are more pricey.  Zero down loan at 3.5% will still be well over the 1200 you are trying to get.  Plus in my experience the one percent rule is not enough in Hampton Roads.  I would keep looking unless they are will to drop the price a lot.

If the tenant did not report it to you and there is nothing wrong with the operations of the toliet I would put it on the tenant to pay the bill.  

@dustin boggs

How much are repairs, vacancies, and management from previous years?  Are these verified by tax returns and rent rolls or just their word.

Did the previous owner manage are you planning to forever?

How much is you liability insurance?  I only see flood

2550?  Are all the units the same?  If so why isn't that a more round number.  Why do you think you can bump up to 3000?  Do the local comps support that?

What is the condition of the property?  Are there delayed maintenance issues?

Is there a lawn to maintain?

That is a great idea @Bryan Williamson about the rocks.  What kind do you use?  

I am considering putting down rubber much as part of a landscaping project at several properties.  Has anyone had experience using this at rentals?  How long will it last assuming it doesn't float or fly away?

Worth the cost vs regular mulch?

Thanks BPers

Unless someone gave it to me I wouldn't buy there.  It is pretty rough. 

Property Services of Ocean View.  Ask for Marc.  Tell him I sent you.   I have been with him for over five years and he manages 90% of my units.  Very flexible to what you want in terms of work he will do.  Software that you can track bills and income in real time.  

757-588-7768, their office number

The 70% rule is a quick analysis for flipping homes.  

Some rules of thumb for rentals are the 1% or 2% rule.  Which state the rent should be 1 or 2% of the purchase price.

Another is the 50% rule which is that 50% of all rental income will be taken up by expenses excluding debt servicing.

Either way @Jesse Bellavance check out the BiggerPockets beginners guide.  It does a great job explaining all of these and more you will need to know.

I have used LT Caplan with good results.  But in general good luck trying to get the damages back.  Even with a judgement.