All Forum Posts by: Ugochukwu Opara

@Steven Bays Tell me about it! FHA is a saving grace for those who don't have a heft cash reserve sitting in the bank. Its great because you can finance a multi and if you can prove a profit after a year or more then when you go to get your next property, you can actually factor in the income from you first multi when they go to figure out how much to lend to you and at what rate.

-end rant

Hey @Steven Bays

I had the same delima not to long ago. I graduated last year May 2012 and I decided to put everything I have into REI. Will be purchasing my first rental unit in t minus 6 months. The goal is to find a 3-4 unit (pref a 4), Live in one unit and rent out the rest.

I have 22k in student loans at 6% so as long as my Total ROI is %9-10 or more. I should be fine.

All you couple make me sick.

I'm single ... no couple ... just me ... but I would like to be part of this meet up.

I'm in the west philly area. Would love to link up with like minded investors. Please keep me posted. Cheers

@Michael Wentzel This sounds like a great ideal. I will def mimic what you're doing for my future tenants. Thanks for the insight.

@Andrea M. I would love to be you're tenant if you are sending me Vodka and visa gift cards! Your retention rate must be insane. Well done

@Roy N. Ahh got it. How much are you paying contractors and engineers to come out and run estimates?

@Roy N. And @Bill Gulley Thanks for the heads up guys.

My question now is how did you guys master the reno estimation part when you first started out? That phase is killing me

Ballparking estimates for MultiFamily:

Moderate rehab: $20 to $25 per square foot

Substancial rehab: $35 to $40 per square foot

Gut rehab: $55 to $70 per square foot

What are your thoughts?

@Account Closed Hmmm. I estimated on the renovation numbers. I haven't mastered that aspect of things yet. But I get what you are saying 90 in revo work for only a $1336 return is pretty low.

@Michael Wentzel Hey buddy congrats on your 4 plex! My goal is to also close on a 4 plex in the next 6 months. You cash flow kills mine and you have a property manager. How'd you find the property and how did you run the numbers to reach $700 projected?

Greetings BP family!

I just ran a deal analysis and I was wondering if you could be so kind as to provide feedback on it. It's a Triplex that needs work (hence the asking price). I will go in 203(k) so the renovations will be rolled into the mortgage. Not the highest producing rental but it will serve as my first and one must start somewhere.

What are your thoughts, did I get this right? What am I missing? What would you do differently? I need to hear the truth!

I think my cap rate is super small ... what does that mean?

I'm investing for cash flow so I am loving the cash on cash (assuming its calculated correctly).

@Gregory Green Welcome buddy. Glad to have you! I am also in the Philadelphia area so welcome.

This site is amazing. Feel free to reach out to me if you have any questions. Cheers!