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The Water Cooler
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Should I buy this apartment investment property?
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<blockquote data-quote="mr ed" data-source="post: 2907064" data-attributes="member: 6777"><p>I would never own an apartment building for the same reason I'd never own a duplex.</p><p>They get to fighting each other the both move out.</p><p>I don't know the location of or value of the property but a good rule of thumb is.</p><p>subtract any utilities from rent then multiply rent x 12 x 7 = purchase price. This is a good investment.</p><p>rent x 12 x 10 = fair-poor investment</p><p>example $650 x 12 =$7800 x 7 = $54,600 purchase</p><p>on this example payment Principle, interest 5% commercial, taxes, insurance = $500 per month netting you 150 per month</p><p>example $650 x 12 = $7800 x 10 = $78,000 purchase</p><p>this example prin,int 5% commercial,tax,ins,=$700 netting you a loss of $50 per month leaving a hole in your wallet and nothing for repairs.</p><p>It doesn't have a pool does it? Makes insurance go up and lots of repair costs.</p><p></p><p>Must be awful fancy upscale apartments for $800+ a month</p><p>I'm renting out 3 bedroom houses in decent neighborhoods for $650-800 a month</p><p>But then maybe I'm too cheap as my average tenant has been there 8-10 years</p></blockquote><p></p>
[QUOTE="mr ed, post: 2907064, member: 6777"] I would never own an apartment building for the same reason I'd never own a duplex. They get to fighting each other the both move out. I don't know the location of or value of the property but a good rule of thumb is. subtract any utilities from rent then multiply rent x 12 x 7 = purchase price. This is a good investment. rent x 12 x 10 = fair-poor investment example $650 x 12 =$7800 x 7 = $54,600 purchase on this example payment Principle, interest 5% commercial, taxes, insurance = $500 per month netting you 150 per month example $650 x 12 = $7800 x 10 = $78,000 purchase this example prin,int 5% commercial,tax,ins,=$700 netting you a loss of $50 per month leaving a hole in your wallet and nothing for repairs. It doesn't have a pool does it? Makes insurance go up and lots of repair costs. Must be awful fancy upscale apartments for $800+ a month I'm renting out 3 bedroom houses in decent neighborhoods for $650-800 a month But then maybe I'm too cheap as my average tenant has been there 8-10 years [/QUOTE]
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