All Forum Posts by: Trevor K.

David Beckett, thanks for the reply, and you bring up a very valid point. The area in upstate New York where I live is pretty rural, total population of the city and surrounding area is about 50 thousand. Most of the jobs are in corrections and nursing, the manufacturing jobs here are Bombardier and Nova bus. However a manufacturing company from Norway just announced they are building a $300 million dollar plant with additional $150 million coming from the state. Which will be huge for the local economy.

Dacia Ray, thank you for taking the time to respond, the tenants pay for their own heat, which is electric. In terms of the other expenses (I.e. Cap ex, maintenance, vacancy, etc.) it was my understanding that when using the 50% rule that they were included in that. I want to be very conservative in my numbers and not get myself into a money pit or a negative cash property.

I am a new BP member from Upstate New York, I work full time in Law Enforcement and I want to acquire small multi family properties to buy and hold. My goal is to create passive income for my growing family and provide the best possible life for them. On Tuesday, 9/20 I will be looking at my first potential investment property. It is a triplex, I ran the numbers through the BP calculator and they appear to work, however asking for additional advice never hurts.  Here are the numbers: Asking Price: $175,000 Taxes: $5617 per year Insurance: $1950 per year Water and Sewer: $1770 per year Tenants pay electric. Unit 1: 3 bed, 2 bath Rent: $1,100 per month.  Unit 2: 2 bed, 1 bath Rent: $700 per month Unit 3: 1 bed, 1 bath Rent: $625 per month Using the 50% expense rule with the calculator it stated that this should cash flow $460 per month.  I plan on getting a conventional mortgage and putting 20 percent down All units are currently occupied. The property is in a good blue collar neighborhood within walking distance to an excellent elementary school.  I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal. Any and all advice is welcome, thank you for your time. 

Next week I will be looking at my first potential investment property. It is a triplex, I ran the numbers through the BP calculator and they appear to work, however asking for additional advice never hurts.  Here are the numbers: Asking Price: $175,000 Taxes: $5617 per year Insurance: $1950 per year Water and Sewer: $1770 per year Tenants pay electric. Unit 1: 3 bed, 2 bath Rent: $1,100 per month.  Unit 2: 2 bed, 1 bath Rent: $700 per month Unit 3: 1 bed, 1 bath Rent: $625 per month Using the 50% expense rule with the calculator it stated that this should cash flow $460 per month.  I plan on getting a conventional mortgage and putting 20 percent down All units are currently occupied. The property is in a good blue collar neighborhood within walking distance to an excellent elementary school.  I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal. Any and all advice is welcome, thank you for your time. 

Ben, Thanks for taking the time to reply. Yes taxes in NY are killer, the numbers definitely seem to work though. I will have a better idea of the condition of the property when I look at it on Monday and will just have to go from there.

Next week I will be looking at my first potential investment property. It is a triplex, I ran the numbers through the BP calculator and they appear to work, however asking for additional advice never hurts. 

Here are the numbers:

Asking Price: $175,000

Taxes: $5617 per year

Insurance: $1950 per year

Water and Sewer: $1770 per year

Unit 1: 3 bed, 2 bath Rent: $1,100 per month. 

Unit 2: 2 bed, 1 bath Rent: $700 per month

Unit 3: 1 bed, 1 bath Rent: $625 per month

Using the 50% expense rule with the calculator it stated that this should cash flow $460 per month. 

I plan on getting a conventional mortgage and putting 20 percent down

All units are currently occupied. The property is in a good blue collar neighborhood within walking distance to an excellent elementary school. 

I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal. Any and all advice is welcome, thank you for your time. 

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