All Forum Posts by: Victor Steffen

Hello BP Community,

Found this 4-plex 20 minutes from me. My numbers are below and I was hoping to receive some feedback/critique on the accuracy of the pro-forma. Note- I evaluated this as a house hack deal where I would be living in one of the studios, allowing for financing through FHA. I also ran my numbers as if I would be paying rent, just to keep it simple.

Description: 4-plex in Bridgeport, CT (studio 1 bath, studio 1 bath, 3bd 1ba, 3bd 1ba) fully leased right now through June 2018.

List Price: 200,000

Studio Rent = 750

3bd 1ba Rent = 1350

Asking Price= 200,000

Rent Revenue/month= 4200

Down Payment (5%)= 10,000

Rehab= 2000

Closing Costs estimate= 2100

Cash Needed= 14,100

Monthly expenses= 3193

Cash Flow= approx 970/month

MONTHLY EXPENSES:

Mortgage= 1015 (5% down with 30 year fixed rate at 5%)

Water/Sewer= 100 /month

Electric= tenant

Gas= tenant

Property Taxes= 667 (tax data from zillow)

Garbage= 100 /month

PMI= 191 (1.15% purchase price)

HOA fee= 0

Management fee= 420 (10% monthly rent)

Vacancy= 210 (5% monthly rent)

Maintanence= 210 (5% monthly rent)

CapEx= 210 (5% monthly rent)

Am I missing anything major?

Thanks in advance for any feedback.

3 days ago I created my first post, introducing myself in the new member forum. Within minutes a local real estate agent responded with a warm “welcome” post. A few hours after that a developer followed suit, and cordial “welcomes” and “thank yous” were exchanged.

Meeting 1: That agent and I got coffee this morning, we talked about football, deals, and why we’re on the site. By mid-morning we were putting together a group of local investors and planning a meetup for later this month. Thank You @Mike Parelli

Meeting 2: The developer sent over a link to a meetup taking place this evening, Mindy Jensen would be speaking and it was sure to be a good time. So I went. The BiggerPockets community came out in full force and I will not begin to try and recount all of the incredible people and conversations. Thank You @Adam Cherko

1 @Mindy Jensen: An inspiring story from an inspiring woman delivered candidly and in a comfortable environment, where multi-millionaires and in-debt college grads (myself) ate pizza and drank luke-warm beer while discussing any and all aspects of real estate and building wealth.

Welcome to BiggerPockets! Don’t wait to get involved with the community, imagine what could have happened if I decided to write that introductory post weeks ago when I first signed up?

ONWARD!

-Vic

Love this. Thanks for sharing Abraham. Somehow I don't think you'll be stopping at 20 units..? Congrats!

Awesome, thanks for the heads up on the meeting, @Adam Cherko . Where and when? I'll certainly attend.

Hi Ceasar, thanks for the welcome. I really like the towns along the metro north and see huge potential there for buy and holds. Between New Rochelle and Stamford. 

Great post! Thanks for sharing man.

Thanks Mike, likewise. I'm in Byram currently. Let's get together soon.

-Vic

Hello All,

I'm here as a means to immerse myself in Real Estate vernacular and community- Also looking to hustle for something new now that my ball-playing days are behind me. Looking to fill the void with BRRRR properties in/around Greenwich, Westchester County, and the Bronx. Can't wait to connect with you all.

Onward!