All Forum Posts by: Sean Rhodes

I have been trying to analyze this triplex property. The seller is asking 425k. It is 3 units that are 2/1. They rent for $1250 a month. I was just wondering what I should offer to make this property be a good investment. I am super new at this so I hope this is enough information. Thanks for the advice!!!

So I don’t disagree that this is a great deal. And what I mean by zero profit in the first 4 years is that I can rent the place for $900 per month on the high end. I will be putting 10k down and the other 40k will be financed over the next four years which in turn makes my payments $833 per month so with taxes and insurance that should put me at just a little more than my tenants will be paying, so if something goes wrong ( burst pipes, old furnace, or heaven forbid vancacy) I won’t have any money in the account to pay for it and I will be coming out of my own pocket. I understand that once it’s paid off everything will be grand but I have to make it there first. So I hope that clears everything up. Thank you for the great advice everyone I really appreciate your feedback.

So I still haven’t purchased a property yet. I am pursuing a 3/1 for 50k right now. The homeowner doesn’t want me to finance with a conventional loan through a bank. He is insisting that I just finance through him at zero interest. That’s sounds great but there’s only one problem he wants it paid off in 4 years. So the place rents for $900 a month. So even in I put 10k down finances over 4 years that leaves me zero profit until the property is paid off. So my question is what reason or reasons would he have to not want to deal with my bank?? Is this a normal thing? Any advice would be greatly appreciated. Thanks BP

I am looking at this 11 unit apartment complex(In Shreveport,Louisiana if that helps). I am very new to this I have never purchased any kind of real estate before. So from what I hear on the bigger pockets podcast I am supposed to be really nervous about it. But I am not going to let that stop me. It seems like a good deal they are asking 180k and they rent for 5 to 600 a month. Also it located in a very bad area so there will be a lot of evictions I am told. I haven’t actually been inside the property that is something that I am going to do very soon. I am kind of thinking that it is going to be in pretty bad shape but we will see. So basically my question to everyone is do you guys think that I am in over my head buying in a F neighborhood with 11 units, and my first purchase ever? Thanks for the feedback