How to Analyze a Multi-Family Rental Property | Deal of the Day | Lewiston, Maine

On this week’s episode of Deal of the Day, we are analyzing a fourplex in Lewiston, Maine.

Using the BiggerPockets Rental Calculator we will be able to see if this property will cash flow and ultimately make a good deal for BP member, Al Smith!

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19 thoughts on “How to Analyze a Multi-Family Rental Property | Deal of the Day | Lewiston, Maine”

  1. Are you sure electricity bill is part of the landlord's one of the fixed expenses? In California, renter pays for gas and electricity, and the owner pays for the water and the sewege.

  2. Since there is no slot for heating. Could I simply add that amount to the electricity to have a more accurate number or no?

  3. Al asked about estimating expenses. When you finally get to that part, you just said you did some research. The answer is to ask the seller for their records, PandL, utility bills, and hopefuly their schedule E.

  4. It would be cool if there were several practice cases where we could try it out ourselves then verify with the example with answers.

  5. Video, thanks! I wonder if BP would ever consider doing a series where a local investor will analyze a deal in their state(s)? I would love to learn more about my local deals to analyze as each state can be very different in taxes, rents, utilities, etc.

  6. Two things. Maine banks consider four units commercial properties and you didn't include heating expenses which would run about 600 a month in a four unit in Maine.

  7. LOCATION is EVERYTHING in REAL ESTATE!  I inherited 47 rental units from a deceased great uncle in Lewiston in the early 2000's and it was nothing but trouble.  This old river town once had booming Lumber mills but now sadly has next to nothing going for it which sadly makes it a town where people have nothing to lose….but INVESTORS have tons to lose.  I was ripped off by property managers, tenants trashed apartments, never ending repairs, constant legal battles in court and it took me 13 years to sell off all my units just to get some money out. 13 YEARS!  There is far more to a good deal than the numbers alone.  Never forget location, location, location.  A great deal in a terrible area isn't a great deal as I learned the hard way.

  8. I understand you are selling your calculator, which i happen to think is good, but you are doing the investor an injustice by not allowing for repairs right away. just by looking at the video i can tell you that the railings on the exterior of the house do not meet building codes. that would be the first thing i wood fix for liability reasons and an allowance should be made for repairs right away. I recommend that people do their due diligence and allow for repairs, otherwise you may not make the money you think you will. the major thing when you own rental property is to make sure the place is up to code.

  9. Lewiston Maine is a DUMP. Tons of drugs, massive decline in the local industry. You will for sure have to deal with some big time losers not paying rent. Be prepared.

  10. Decent cashflow considering the low amount of downpayment required. Just be very careful with capital expenditure because it looks like an older building that may come up with "surprises" down the road.

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