All Forum Posts by: Tim Kaminski

For the retrofit, they do all the wiring through the single cut hole? How difficult would that be to DIY or is something to be left to electrician? Just curious as I prefer recessed lighting.

Thank you for the informative post! Will work with my realtor today to get comps. This is my first property so I do not want to get in over my head and deal with a very distressed property right off the bat. Would rather get in the game, live free or close to it, while I learn and save for the next purchase. Does that sound like a good strategy? I understand what you are saying, just need to find a property where I can add value in some way. You said if my comps show a much lower market value, then I would have negotiating power. I would still want to get under that market value price though, correct? Buying at market value would not get me anywhere.

Hey John Leavelle I left the ARV at the asking price number as I did not feel comfortable running comps and wanted to do quick analysis. You are correct. I will be using an FHA loan and house hacking for at least the first year. I was under the impression that I should run my numbers as if I was NOT living. At the property as I will eventually move on to my next venture. Is that not right? Three units. A 3/1 for $1250, and 2 1/1s for $800 each. These are all around market value for that area. Part of me would like to submit the lowball offer as the seller has been largely uncooperative with giving out info on this property but do not want to waste my realtors time and give him the impression I am not serious.

What confuses me is the "50% Rule" tab shows me making $698 in monthly cash flow.

Sorry,  Trying to figure out how to share my Bigger Pockets Calculations on here.

OK.  Found what I thought was a deal.  Upon closer calculations, would have to offer $85,000 less than asking price to achieve cash flow of $100/door goal.  Would just love to put my numbers up and see if there is anything I am doing wrong.  I feel making an offer that low isn't even worth it.  

Would appreciate any feedback!  Looking for first purchase!

Triplex Deal?

Jeff Copeland Just to clarify, 1% of purchase price or estimated value?

Thanks Jeff Copeland So no flood insurance but I will have to talk to a broker to figure out what the +$1 mill umbrella policy would look like? Would assume investors put in numbers for termite protection? Or is that included in Cap Ex?

Started seriously analyzing multifamily properties for buy and hold. Couple questions for those privy. Looking in St. Petersburg, Fl. Current property is north of DTSP, between 275 and 4th st. Trying to find average insurance rate numbers to plug into the calculators. I'm strictly going flood zone X so not sure if flood insurance is needed or if it is, how costly it would be. This is an FHA so don't believe I can buy using LLC. Therefore, I'm assuming I would need homeowners insurance AND an umbrella policy. What I'm trying to find is an average number to plug in or do I have to contact an insurance broker per each possible deal to give me a number? Assume I would have to setup umbrella policy BEFORE closing deal? Using 8% vacancy 10% CAPEX 10% repairs and maintenance Trying to determine if my numbers are off. Any help is appreciated. Thank you.