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  1. #1
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    Multifamily Realestate?

    Anyone on here own a multifamily buildings?

    I am a 26 year old who lives in Portland Maine. I have been thinking about buying a multifamily(3-4 unit) apartment for the last year or so and I think now is the time to pull the trigger. My goal is a take advantage of the FHA low interest rates and live in one unit for the next few years. I can see myself living there for 3-5 years. At that point I hope to use the equity and buy a property outside the city and keep the multifamily as a rental property. As much as it seems like the multifamily building is a good idea I want to make sure its economical and the numbers all work. I don’t want to end up with a property where the rents can’t pay the operating costs.

    Below is an example based on a 3 unit building I looked at:

    Rents:
    1st floor-$1,300, 2nd floor - $1,300, 3rd floor - $1,100
    Total - $3,700/month
    $44,400/year

    Expenses:
    Mortgage - $1,900/month, $22,800/year
    Taxes - $5,500/year
    Gas - $4,500/year
    Electric - $3,500/year
    Water - $2,300/year

    Total income:
    $485/month or $5,800/year
    Mentally this doesn’t seem like a ton of income as vacancy(very low in Portland right now) and maintenance costs are not factored in. My father is a contractor and I have extensive building experience from working with him. So I feel capable doing a majority of the work on the property. I f I don’t go the route of a multi family building I am considering trying to flip some foreclosure type properties or maybe try and buy one or two small single family foreclosures and hold them as rentals.

    Anyone care to chime in.

  2. #2
    heaven help me
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    Really?

  3. #3
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    I'd suggest opening a brothel instead.

  4. #4
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    By your own math it ain't worth it. The maintenance costs are going to eat that small profit. Not to mention you'll be doing the maintenance yourself? Factor in the headache of dealing with renters. But the more pressing question is are you from Nigeria? Where's the offer for us to invest in your venture?
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  5. #5
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    I say buy it. Then after you are done fixing it but before renting it out, burn it to the ground ala Burning Man.

  6. #6
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    Why aren't you on realestate/getrichquick/andbeadick.com?
    Nigerian Prince wanted??

    Seriously, the Portland multi-unit housing market has been overpriced for nearly 10 years.
    Pay very close attention to heating costs, and upkeep, and don't even consider one without off-street parking.
    The Portland mil rate of .022% taxes eats profits.

  7. #7
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    Have been out of this loop for a while now but can tell you real estate can make you a ton of money if you get into the right market (area), at the right time, like now.
    Again, it's been a while so this info might be dated but small multi unit rentals work like this... rent roll (how much the building pulls in) per year, multiplied by 6 to 10 times is the value of the building. With expenses, neighborhood, and especially condition determining whether it's closes to 6, or 10.
    Can tell you that being a landlord can be heart wrenching, if you have a heart, and getting out deadbeat tenants is no fun. Neither is dealing with problems that come up 24/7. As well cut into your profits.
    If you go ahead with this sort venture, my best advice is to make rents a bit below what the going rates are so you keep happy tenants.
    Good luck.
    Round and round we go

  8. #8
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    he should just grow weed in em.

  9. #9
    9 lives
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    Orgy!
    F*ck Cancer

    Eat your veggies

  10. #10
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    You are showing income for all three units of a three unit building, but state you are going to live in one of the units. You won't be paying rent elsewhere though. The way to look at this is to say the rent you are going to pay is the negative cash flow from only collecting rent from 2 of the three units. Have to figure in vacancies when you won't be collecting rent at all, plus maint and repair costs besides the sweat equity you are planning on putting into the building. Are you good at plumbing and electrical and general carpentry? If not then you are going to incur costs for all three. New carpet and paint when people move - or at least a good cleaning. You may be surprised what all people try to flush down the commode.

    I think the brothel/weed/orgy ideas are better.

  11. #11
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    Quote Originally Posted by cyclelicious View Post
    Orgy!
    Gyro!
    What's the difference between red and green?

    Apparently nothing if you’re on a bike.

  12. #12
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    I had a triplex near where I lived and it was a major headache I sold in 5 years later. The maintenance is a killer and will eat up most if not all your profit. Never mind chasing the tenants for rent. Never mind when you have an empty building you have to find the tenants which again is a pain.

    The only way I would do it is if I had cash so there would be

    1. no mortgage or really high down payment
    2. lived in one apartment but would sell as soon as I moved
    3. be able to own more than 4 and have a property manger


    other wise the other option is to be a slum lord.

  13. #13
    I didn't do it
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    Toga, Toga, Toga, Toga...
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  14. #14
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    Haha, here is my email address to send paypal funds to join my realestate venture lol. nigerianscam@yahoo.com

    JK

    Although I was raised by a carpenter I have done a little of everything in terms of plumbing, heating and electrical. Plus I have a few friends who are plumbers and electricians. And since its considered a multi family with me there and not a commercial property I don’t think I need to be a licensed plumber or electrician to work on my own place. I know some of you guys are mind blown that I would post this on here, but there are some smart dudes who lurk on this forum so I thought I would toss it out there. I agree with you on the inflated property values in Portland tho, that is the main reason I am posting this. I was hoping to get some feedback from someone else who owns a building and could weigh in on the potential profit(or losses) I should consider. The more I look at the numbers I feel like the multi family is not a smart move.

  15. #15
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    Quote Originally Posted by sb1616ne View Post
    Haha, here is my email address to send paypal funds to join my realestate venture lol. nigerianscam@yahoo.com

    JK

    Although I was raised by a carpenter I have done a little of everything in terms of plumbing, heating and electrical. Plus I have a few friends who are plumbers and electricians. And since its considered a multi family with me there and not a commercial property I don’t think I need to be a licensed plumber or electrician to work on my own place. I know some of you guys are mind blown that I would post this on here, but there are some smart dudes who lurk on this forum so I thought I would toss it out there. I agree with you on the inflated property values in Portland tho, that is the main reason I am posting this. I was hoping to get some feedback from someone else who owns a building and could weigh in on the potential profit(or losses) I should consider. The more I look at the numbers I feel like the multi family is not a smart move.
    I can't say for your area but in mine you still would need to be a licenced electrician or plumber because it still is a business.

  16. #16
    Meatbomb
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    How is your fiance' of 5 years treating you?

  17. #17
    heaven help me
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    Quote Originally Posted by Phillbo View Post
    How is your fiance' of 5 years treating you?


  18. #18
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    Quote Originally Posted by Phillbo View Post
    How is your fiance' of 5 years treating you?

  19. #19
    El Gato Malo
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    Quote Originally Posted by aerius View Post
    I'd suggest opening a brothel instead.
    Guaranteed income and fringe benefits.

  20. #20
    heaven help me
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    Quote Originally Posted by Wishful Tomcat View Post
    Guaranteed income and fringe benefits .

    Like sloppy seconds.

  21. #21
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    Quote Originally Posted by deke505 View Post
    Me, too. I think it had something to do with Kona867-5309.
    What's the difference between red and green?

    Apparently nothing if you’re on a bike.

  22. #22
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    Quote Originally Posted by Finch Platte View Post
    Me, too. I think it had something to do with Kona867-5309.
    me three. think it had to do with this
    Breaking up with my fiancee after almost 5 years
    Round and round we go

  23. #23
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    Quote Originally Posted by theMeat View Post
    me three. think it had to do with this
    Breaking up with my fiancee after almost 5 years
    yeah different user and different city.

  24. #24
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    How come nobody has red bombed the spammer yet???

  25. #25
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    Quote Originally Posted by Hawg View Post
    How come nobody has red bombed the spammer yet???
    not selling anything. If anyting is more of a sock than a spammer. dfdasdf

  26. #26
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    At first I was thinking spammer but the 2008 join date gave me pause.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  27. #27
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    Quote Originally Posted by Mookie View Post
    At first I was thinking spammer but the 2008 join date gave me pause.
    and the 108 posts

  28. #28
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    Quote Originally Posted by deke505 View Post
    not selling anything. If anyting is more of a sock than a spammer. dfdasdf
    I think it's spam. The OP is pushing a subject on us that has nothing to do in any way whatsoever with a mountain bike website. I bet the user never shows up again in the thread. It's spam. Doesn't have to have a price to be spam.

  29. #29
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    Quote Originally Posted by Hawg View Post
    How come nobody has red bombed the spammer yet???
    doubt he joined nearly a decade ago and became a mtber just to drop some spam on us now.
    Think he's just a fellow mtbr looking for some guidance.
    Round and round we go

  30. #30
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    He had a good-natured response on post #14. Although I don't think he'll post anymore.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  31. #31
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    Quote Originally Posted by theMeat View Post
    doubt he joined nearly a decade ago and became a mtber just to drop some spam on us now.
    Think he's just a fellow mtbr looking for some guidance.
    I hope you're right but the fact that he is not involved in the conversation seems suspicious.

    If it were my thread, I would have told all you fvckers to stop messing up my thread.

    It's prolly an AZ sock.

  32. #32
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    Quote Originally Posted by Hawg View Post
    I hope you're right but the fact that he is not involved in the conversation seems suspicious.

    If it were my thread, I would have told all you fvckers to stop messing up my thread.

    It's prolly an AZ sock.
    Nah sounds to smart for that.

  33. #33
    heaven help me
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    This thread has some life left in it. I'll hold on for a little longer before i pull the trigger.

  34. #34
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    Quote Originally Posted by norton55 View Post
    This thread has some life left in it. I'll hold on for a little longer before i pull the trigger.
    Atta boy, but please do keep your finger on the red button for when the time is right.

  35. #35
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    Jeez guys, clearly this thread is going downhill. Read some of my other posts, clearly I am not here to just spam. It's the off topic fourm so I figured it would be a good place to post this.

    Let's the crazy comments continue...

  36. #36
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    Quote Originally Posted by sb1616ne View Post
    Jeez guys, clearly this thread is going downhill. Read some of my other posts, clearly I am not here to just spam. It's the off topic fourm so I figured it would be a good place to post this.

    Let's the crazy comments continue...
    OK, you're back so you passed the test.

    Sorry about the accusation but there are just too many bad apples spitting their seeds at us here anymore.

    We have a strict screening process here nowadays.

  37. #37
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    Quote Originally Posted by sb1616ne View Post
    Jeez guys, clearly this thread is going downhill. Read some of my other posts, clearly I am not here to just spam. It's the off topic fourm so I figured it would be a good place to post this.

    Let's the crazy comments continue...
    LOL, the thread was pretty much holding the line, not downhill yet. It takes awhile before that happens. I will say I'm a little surprised that no boobs have popped up yet.

    You'll have to excuse the spam comments, we've got a bit of a sock infestation around here so we can be a little suspicious at times.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  38. #38
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    Quote Originally Posted by Mookie View Post
    LOL, the thread was pretty much holding the line, not downhill yet. It takes awhile before that happens. I will say I'm a little surprised that no boobs have popped up yet.

    You'll have to excuse the spam comments, we've got a bit of a sock infestation around here so we can be a little suspicious at times.
    The boobs will come when he rents to strippers.

  39. #39
    El Gato Malo
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    Quote Originally Posted by deke505 View Post
    The boobs will come when he rents to strippers.
    Or a sorority.

  40. #40
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    Quote Originally Posted by deke505 View Post
    The boobs will come when he rents to strippers.
    That makes sense. And to up the chances of renting to strippers, he should have dancing poles installed in each unit.

  41. #41
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    Quote Originally Posted by Wishful Tomcat View Post
    Or when he turns the apts. into brothels.
    Is this place in Nevada by any chance?

  42. #42
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    I guess I should book a trip out to Maine one of these days and check out this establishment. I tip well so I'm expecting full service.
    Let's eat Ted
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    Remember, commas save lives

  43. #43
    El Gato Malo
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    Quote Originally Posted by Hawg View Post
    That makes sense. And to up the chances of renting to strippers, he should have dancing poles installed in each unit.
    This thread is finally moving in the right direction.

  44. #44
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    Quote Originally Posted by Wishful Tomcat View Post
    Or a sorority.
    I'm bringing the camcorder.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  45. #45
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    Quote Originally Posted by Wishful Tomcat View Post
    This thread is finally moving in the right direction.
    Ah, like a breath of fresh air.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  46. #46
    El Gato Malo
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    Quote Originally Posted by Mookie View Post
    I'm bringing the camcorder.
    GoPro for me, I'm a big fan of POV.

  47. #47
    heaven help me
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    All this thread needs now are pics...............

  48. #48
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    Quote Originally Posted by Wishful Tomcat View Post
    GoPro for me, I'm a big fan of POV.
    Countour camera for me. It fits into tighter spaces for the ultimate in POV close ups.

  49. #49
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    Quote Originally Posted by Wishful Tomcat View Post
    GoPro for me, I'm a big fan of POV.
    The different views should make for some fantastic edits!
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  50. #50
    El Gato Malo
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    Quote Originally Posted by norton55 View Post
    All this thread needs now are pics...............
    We have to use our imagination, remember?

  51. #51
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    Quote Originally Posted by norton55 View Post
    All this thread needs now are pics...............
    If only this thread could have been started a couple weeks ago. Too bad because it has some real potential.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  52. #52
    heaven help me
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    Party pooper..........

  53. #53
    El Gato Malo
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    Quote Originally Posted by Mookie View Post
    The different views should make for some fantastic edits!
    Edits? I like raw footage.

  54. #54
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    Quote Originally Posted by Hawg View Post
    Countour camera for me. It fits into tighter spaces for the ultimate in POV close ups.
    Excellent, all angles are now covered. I'll get in touch with the Tri Delts.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  55. #55
    El Gato Malo
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    Quote Originally Posted by Mookie View Post
    Excellent, all angles are now covered. I'll get in touch with the Tri Delts.
    By chance are there any redhead only sororities?

  56. #56
    heaven help me
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    Quote Originally Posted by Wishful Tomcat View Post
    Edits? I like raw footage.
    You have a naked foot fetish?

  57. #57
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    Quote Originally Posted by Wishful Tomcat View Post
    By chance are there any redhead only sororities?
    Unfortunately no, but wow that would be something else. However I've seen all blond ones.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  58. #58
    El Gato Malo
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    Quote Originally Posted by norton55 View Post
    You have a naked foot fetish?
    Yes, among others.

  59. #59
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    Quote Originally Posted by norton55 View Post
    You have a naked foot fetish?


    I have to admit that I do like ankles.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  60. #60
    heaven help me
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    I told you guys this thread had some life left in it.........

  61. #61
    El Gato Malo
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    Quote Originally Posted by norton55 View Post
    I told you guys this thread had some life left in it.........
    Wish there were pictures…. of Mookie's visit to the all blonde sorority.

  62. #62
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    Quote Originally Posted by norton55 View Post
    I told you guys this thread had some life left in it.........
    You sir have excellent OC intuition.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  63. #63
    heaven help me
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    If we only had pictures, the truth would be revealed.

  64. #64
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    Quote Originally Posted by Wishful Tomcat View Post
    Wish there were pictures…. of Mookie's visit to the all blonde sorority.
    Oh man I wish I had pics. Unfortunately my forays to the all blonde sorority seems to have only occurred in my sweetest dreams. Great memories though.
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  65. #65
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    Quote Originally Posted by norton55 View Post
    If we only had pictures, the truth would be revealed.
    Pics, we need pics!
    Let's eat Ted
    Let's eat, Ted
    Remember, commas save lives

  66. #66
    El Gato Malo
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    sb1616ne, we've pretty much narrowed it down to you buying the apartments and either turning them into a brothel, strip club or an all redhead college sorority.

  67. #67
    heaven help me
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    Make sure it has a back door.

  68. #68
    El Gato Malo
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    Quote Originally Posted by norton55 View Post
    Make sure it has a back door.
    And waterbeds

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