I’ve started looking at and analyzing local small multi family properties (currently reading The Multifamily Millionaire) and hope to be in a position to purchase my first rental property next year, after educating myself some more.I’m located outside Grand Rapids, MI (Zeeland, to be exact) and would love to connect with others in the area.

My rule of thumb when analyzing rentals is expenses will be 50% of revenue  and that is before any mortgage. 

Would love to have some advice and hear what some of you might do to get accurate numbers so that you are not surprised when you are analyzing a deal and making sure it cashflows. 

I analyzed deal after deal and as of this month, 1 year later, I own 16 doors in my own portfolio.

I've also been analyzing properties in Indianapolis to hopefully jump into my first REI.

View reportThe scenario is that we'd use our own cash for initial down payment and some reno... and then refi and hope to pull out equity to repay ourselves and get ready for the next deal. (The reno costs are a very...

I am extremely new to this world and trying to figure out how to analyze potential properties. 

View report
*This link comes directly from our calculators, based on information input by the member who posted.

Purchase price: $110,000 Cash invested: $37,000Investment 01After analyzing the property and the market I took the leap and purchased myself. 30% Down - 2.99% Rate - 15 year - Market Rental Rate - $1595 per monthCondo HOA Includes Trash, Water, Sewer, Outside Maintenance, Parking, Pool, ClubhouseMinimal repairs needed and immediate cashflow the days after closing.Next investment goals will be in Orlando, Florida & Puerto Rico.What made you interested in investing in this type of deal?

First would be to search the online listing, see what's available and practice analyzing/underwriting the deal to make sure it makes sense.