All Forum Posts by: Steven Kim

I really do appreciate you not sugarcoating. I’d rather have the hard truth than a sweet lie. I am always trying to learn and my way of learning is seeking information like this! As of right now, the numbers look great but since I am so new to this, I wanted to see if there were any factors I might come across in the future that may not be on internet or Reddit. Once again thank you for your time and insight! 

Thank you for your insight. I will definitely take it into consideration. I will do more market researching and I did not mean I was gonna raise the price and not pay the utilities. I was just mentioning that's what it could be brought up too but I wanted to play around with the numbers to see if there was a different number so I didn't need to pay the utilities. Even if it was significantly lower. Yes, I will be using the VA. I will be living in the area but moving to another area for a job and can move back and forth when needed. Yes, I was trying to avoid the use of PM and that was why I was seeking some guidance and to see if it was even possible from people with more experience. I apologize if that seemed inappropriate to mention. I am entirely new and was only seeking advice.

1) All of the spaces are the same and the one unit is higher in rent because it was a month to month and the owner raised the price because it was a travel nurse and was on a month to month lease. 

2) The owner is saying I could easily bring the prices up to 2150-2250 per unit and keep it at long term leases to make it easier to manage. 
If this was the case, I would pay with the numbers so I would have the units pay the utilities. But would need some guidance on this part.

3) It is my first property, would not like to pay the 

10% for property manager. So would be beneficial to find a contract for maintenance? If so, what is the avg on that?

4) I will be putting nothing down, I will be using the VA loan for the purchase.

Thank you for your insights and your time! 

Hello, 

I am trying to purchase my first investment property which is a 4-plex. The listed price is 690000. After contacting the listing agent 2 units are a month to month term and the other 2 are year long terms. 3 units are going for 1780 and one unit is going for 2480. All units are 2 bed and 2.5 bath. The owner pays for all the bills currently 575 per unit, which include water, electricity, internet, and cable. It is fully furnished but a little dated. Taxes a little over 11000 annually and insurance was about 2800. No Hoa. I was trying to see if the advanced investors can give me their input and some advice. I would be moving away from the area this property is in, in a couple months but will 3 hours away. I plan to manage it myself. Please let me know if you need additional information to run numbers to help out! Thank you for your time!