All Forum Posts by: Steven Bonfante

Of course.  Thanks for the quick reply Nick.

I am using the rental property calculator to evaluate multi family properties. I thought there was a section to break out each unit as well as additional income such as on-site storage.  Am I using the right calculator?

Oh no,  I completely forgot about this post. 

I was at the Beach Haus last night listening to Chris Whalen speak about tax laws.  This event was well worth the time.

Now that I'm looking through the thread I recognize some faces.

Hope to see you all again next month.

@Victor S.  Your killing me but good catch.  :)

The property is a retirement community so exteriors are handled by the association.

I know I'm high on rehab so that may be where I'm going a little sideways.  I'm hitting a meetup tonight and hopefully I find someone to impart some wisdom on me.  The more I look at them I think I should go another round for more accuracy.

Just for reference, here are the deets on my numbers:  

Thanks for your input. 

@Matt Motil  Good point about the owner occupant scenario.  I didn't think about that.  Hopefully, the saving grace is that the property is in need of major updating.  So at least that field of competition narrows a bit to those who are willing to DIY.

@Jim Adrian  Yes,  all accounted for thanks to the BP calculator.  Thanks for the reminder though.

@Jason D. Thanks. I trust the math and from what I am seeing an ARV of $110 is not out of the question. I guess my biggest source of anxiety is lack of experience in estimating rehab costs. But, I'd rather estimate on the high end.

@Michael DeVowe.  After sleeping on it I'm a little less stressed about it.  Going to work more on due diligence today and make sure what makes sense.  Either way I'll make an offer and get it into the deal funnel.

Thanks.

Hi folks,

I'm a analyzing my first legitimate deal.  I've done plenty of analysis for practice but this one will be a serious offer.

Let's start with the property description:

• Senior community (55 and over)
• 2 bed/1 bath
• 980 sq/ft
• 1 car garage
• Slab
• Built in 1973 and still looks it
• Bank owned
• On the market for 44 days

Repairs:

• New laminate floors
• Kitchen cabinets and appliances
• washer/dryer
• New bathroom
• Paint, molding, doors, light fixtures
• Central AC compressor

Numbers:

• Asking price:  $79,900
  
  • Taxes: $1580
  • HOA: $260
• Repairs:  over estimating at $24,000
• ARV: $115,000 - $120,000
• Estimated rehab/resale time: 120 days
• Profit expectations:  $20,000

I'd like to make $20k and the BP calculator is telling me to offer no more than $52k. These are nice units in a nice community and our realtor says they are selling well. I met an investor at a meetup who has done a few of these and he said about the same in respects to ARV and repair.

My concern is my offer.  We just missed out on an opportunity on a similar unit that was asking $57k that got multiple offers and settled for more than asking.

I know we have to trust the numbers but am I over analyzing somwhere?  I don't want to get stuck in the paralysis but still want to make sure it makes sense.

Any advice would be appreciated.  Hope I supplied enough info.  The analysis link is below.

Thanks,

Steve

View report

*This link comes directly from our calculators, based on information input by the member who posted.

There are several meetups in Monmouth county.  One in Belmar and one in Asbury Park.  They meet once a month.

https://www.meetup.com/Jersey-Shore-Flippers-and-F...

https://www.meetup.com/Central-Jersey-Monmouth-Cou...

Hope to see you there.