All Forum Posts by: Account Closed

Found a owner selling a 2 family, The asking price is 55k and the yearly taxes are 2500. The 2nd floor is rented out at 625, the first floor is vacant but could get 650-675 2 bedroom but has a den. All the rehab is done

I have 25% to put down so

14k down
potential rent income 1250 x 12 = 15000
Yearly taxes 2500
Insurance= ?
vacancy = figure one month of both units being vacant.( area looks good not a war zone but in a city)

Monthly
finance of 41k over 30 years at 5% about 250?
taxes=210
Insurance=?

This would qualify the 50% rule

Hey I am from CT and still fairly new to the real estate market. I am a buy and hold type investor looking at multi's in the cities of New haven county. Any advice or networking would be great! thank you!

Any one from CT use a PM company and what is your experience with them? I am looking at a multi-unit in Waterbury but may not be able to manage it myself since i am 40 min away so I am looking to see if you have any good PM companies around

any one have a good property management company in CT that you have experience with? Also any companies who have given you a bad experience? I am looking at multi's in Waterbury but since it is 30-40min from me I will need a good PM to make it work thanks

yea I will do that now I was trying to figure out the best way to get in touch with Linda Thank you!

yes it is in waterbury, i went to the local credit union and they can approve me for 54k and I have 25-30% to put down.. I know Waterbury has high turnover from what I heard. I will look at the neighborhood and call a property management company to check on vacancies. Ray do you have experience in Waterbury?

yes i know the 50% rule that is why it sounded like a good deal to me.. I think I am going Saturday to check out the property so some good indicators of a neighborhood would be if houses aren't abandoned? and too not see alot of for rent signs correct? thank you

I am going to try to get in touch with property management company to see the turnover rate and vacancy rate in this area.. I will also drive down the streets around it and see if there are alot of FOR RENT signs. Any other ideas you have which will help me understand if this is a good area to invest in? thank you

I have a 3 family with 2500 square feet. each unit is 2 bedrooms 1 bath. The average rent in the area is 550-700 for each, but the city does have a high turnover rate on rents from what I hear. The asking price is 36k and the repairs seem not to bad. The plumbing is in tact but needs to be connected from the wall to the sink, showers on each unit.There is a spot on the outside where the siding needs to be replaced and filled and goes up the 3 stories. The roof has a spot that can be patched up and some windows need to be replaced but other than that it looks good. The estimate from the agent is no more than 10k but I will of course bring a contractor to make sure. The taxes are 6000 a year in the city so the breakdown would be as

Rent 550 (low ball) x3 1650
Taxes- 500
mortgage- 200-300 (downpayment will be 20-30% on 30 year mortgage)
Insurance- ??
Vacancy- 1650 ( each unit vacant for 1 month?)
Maint- 100 a month?

Does this look like potential deal and are my numbers off on vacancy and maintenance ? thank you

that is what I thought some REO's even offer financing from homepath and other sites, I would think if I can get a loan from my credit union for 50k that would help me pick up a better deal. thank you!