All Forum Posts by: Todd Whitfield

I was looking at buying multiple multi families in this area, however with the credit crunch I am having an issue getting financing.

This is is really bothering me since I have paid all my bills and in full since I was 15 years old. It isnt our fault where in this mess.

Anyway Im not going to get on my soapbox. Im sure that everyone is feeling the squeeze. I guess it just isnt my turn yet.

I have found multiple positive cash flow oppurtunities in this area.

If anyone interested give me a shout.

I guess I will have to go the finding property route for now. If anyone is looking for a leg man in this area. I would be interested.

Thanks

Tc

I have a property in mind. Note that I am as green as they come, no investmants as of yet. I own my own home. I posted this before but i believe it was in the wron section. I have in front of me now the exact numbers.

I am interested in this property. The question is should I be?

The property is a triplex, townhouse style, vynl sided double pane windows, roof is three years old.

It was built in 1990

Each unit has two beds 1 bath, 850 sq ft and 2 parking spots. Laundry in each unit. Its gas and electric all seperate.

It sits on about 500o sq ft lot in a Urban neighborhood.

Its assessed at 298,000. Land and bldg

Its listed at 99,000 I could probably get it for 90,000.

The average rent in this area is btween 750 and 1000/mo

The taxes are 4500 a year.

Insurance around 700 a year.

I assuming the loan is 7% at 30 years.

Mortgage 650 mo
Taxes 375 mo
Ins 66 mo
save 500mo for unforseen issues.

Rents at the low end would bring in 2400 mo

Leaving 800mo/269 a unit/mo cash flow, which I also would bank because Im a nervous nellie.

I am not sure the rest of the calculations or the formulas you use.

Does this sound feesible, or am i am missing somthing?

Any help greatly appreciated.

Thanks
TC

Thanks J. Scott.

Im just starting out and that was a very interesting, eye opening read. I have a lot to learn in this area.

I think im in the right place to do just that

TC

Hello

Nice to finally jump in. I have found a wealth of information here already just reading. I have not yet bought my first property, but I hope that statement will be changing soon. I am as green as they come, as far as real estate investing. I own my own home, my wife and I have completely remodeled it, I learned so much with that experience, of course by learning from my mistakes, our mistakes but it was completely enjoyabale, and has peaked my interest.

Im hoping to buy multi families, renovate the interior if need be and hold on to them long term. I think.....

You guys have already been so informative with all the topics on this board. Its nice to finally jump in and hpefully make this a reality for me and my family.

Thanks again

TC

Wow. Who says the dollar has lost its value.

Thanks Dan,

Nice to meet you.

Hello,

I'm just starting out in real estate, and was wondering a few things. I have been browsing this site for a few weeks and the wealth of knowledge is incredible.

It just seems that I am missing something. I know I have a ton to learn, but what am I not seeing.

In the area I live in, there our tons of multi family homes on the market. The majority of the homes average between 100k to 150k solid homes with no major defects. The rents average anywhere from 600/mo to 1200mo depending on location.

The one I have my eye on is a triplex town house style, built in the early 90's, two bedroom 850sq ft. each. This house sits a block away from a Big East University where rents average from 500 to 600 a bedroom or 1000 to 1200 a month. The students usually pay up front yearly, or this is what 'I have heard if I was to go this route.

The assessment value is 279, 0000 with land and structure, its on a 5000sq ft lot, with 6 parking spaces. Its an urban area.

Its listed at 99,000. I know the assessment does not mean much in this market, but if my math is correct.

The mortgage would run around 700mo
taxes are 375 mo
insurance 100mo
fixes 500 mo

Cost a month 1675.00 month
at the low end the rents would bring in 2450.00 month.
Thats 775mo cash flow.

I would hope to get this property for 90,0000 take the loan for 110,000, using the extra 20,000 to bank, improvements and any catastrophic failures that could possibly happen.

The thing is I am not sure I want to use any of my funds. The deal with my wife is to completely separate from our personal home and funds. Is this possible?

Someone bring me back to realty, this seems a little to good to be true. I'm not really looking to make a monthly income just to cover the mortgage, and hold onto it for a while. I would like in the future to own three or four of these.

Have at it, make me see the light. I'm pessimistic by nature but I am having a problem finding any thing wrong with this deal

Thanks,

TC