All Forum Posts by: Shahar Haion

@Loren Thomas

Hi Loren,

We just close a deal and got our three story building.

We need to do a total rehab and I wonder if you can tell me the price range that were facing for electrical work from scratch.

Some numbers:

3 story 1350 sqf each 

Ground floor retail store

Second and third floors 2 apartments 2 bed each (4 apt total)

The area is a c class so we looking for standard and basic job.

If you need more details I'll provide them..

Thank you so much for sharing your knowledge with bp community!!

@Dominic Jones

@Virgilio Garcia

thanks guys,

@dominic jones The building is seperatly meterd and the tenants paying their utilities,

We are paying for water.

@virgilio Garcia hope to hear that you closed your deal soon:)

I'll definitely will post pictures and updates when starting the project 

Hi bp friends,

First I would like to Thank you all out there for sharing so much knowledge!

I'm from New York (queens)

After long time of reading and getting education I'm happy to say that we just bought our first investment property:)

Would like to get your opinion about the deal..

It's 3 story building in Yonkers NY, the ground floor is a 1400 sqf retail stor, second and third floors have 2 apartments 2 bedrooms each (total 4 apt).

The building needs to get  totally rehab including roof,electricity,new walls inside,kitchens,bathrooms, plumbing,outside paint and everything else.

Some numbers:

We paid - 242k

Rough estimate for rehab - 180k

Extra costs (lawyer,taxes and utilities when running the project) - 18k

-----------------------------------

We had a meeting in the property with a local and famous reality agent and he said that the ARV will be around 800k, the reasonable and fair rent price for each apartment is 1500$ (*4)

And 2000$ for the store which brings the total income too 8000$.

The taxes are 12k annually 

Mortgage 2500$ monthly.

Very excited and waiting to start the project!!

Will appreciate Anything on your mind to write.

Thanks.