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Home > Got my 401k match and possible new 2 flat

Got my 401k match and possible new 2 flat

March 14th, 2016 at 10:28 pm

HI all
I got my 401k match from last year. approx $3650.. nice!

I am trying to get my entire 401k in this year by July in case my contract ends (but do not think it will). it also forces me to live on much less which is good and I will continue at once I am complete w the 401k deductions (approx July)

I am looking at a 2 flat, contract sale
occupied , price $72,500, total rent $1750 ($900 and $850)
With all expenses (water bill, tax, maintenance escrow, insurance and mgmt) the cap rate is over 14%. Seller will sell with $25k down and finance the rest over 4 years,. payments $1018

I did an inspection (cost $450) and seller is fixing a big list of items I asked for . I should say this is a seller referred by the property manager and she is wanting to sell all her properties and move to a different area. First floor unit just prepped for new tenant too.

So i will re-inspect property Friday (my list of items) and see if it makes sense then.

Inspections are SO WORTH it. even if listing is 'as is'. I wish I had done then on the '6 homes' but live and learn. Smile

Rachael

Posted in 6 homes-rentals, 3 units-rentals, Job search | 7 Comments »

7 Responses to “Got my 401k match and possible new 2 flat”

  1. Bluebird Says:
    March 14th, 2016 at 11:33 pm 1457998416
    1457998416

    Great news on the 401k match! The 2 flat sounds very promising, hope it works out!

  2. livingalmostlarge Says:
    March 15th, 2016 at 05:40 am 1458020420
    1458020420

    Did you have to buy the 6 homes without an inspection?

  3. Rachael777 Says:
    March 15th, 2016 at 01:20 pm 1458048029
    1458048029

    I did not have to buy the homes without an inspection but I made a newbie error and assumed since they were sold 'as is' there was no point. Currently I do inspections on all homes and have found that people give credits, fix items and lower prices even on 'as is' properties if you come at them with a good inspection. I am looking forward now but had I know that then I likely could have gotten price decreases on the 6 homes. It is what it is now and I have property I would not otherwise have so am fine.. but am smarter now.

  4. househopeful Says:
    March 16th, 2016 at 06:01 pm 1458151295
    1458151295

    Out of curiosity if you were to leave the position, would you get match on 2016 contributions? or would you have to have worked the entire year to get it? I had a previous employer that would deposit the match in Feb for the prior year. If you were not employed 12/31 of that prior year, you did not get the match.

  5. Rachael777 Says:
    March 16th, 2016 at 07:28 pm 1458156524
    1458156524

    I checked that when I got brought on again. If I get cut before year end I still get the match but only on 3% of what I earned so if I get cut in July..I will only have earned 55% or something percent of expected earnings for the year.. so based on earnings not on my contributions but I asked exactly that.

    Hoping this contract extends. LOTS Of hours but starting to wear on me big time.. but again trying to save as much as I can and pay off this 3 unit in the next 23 months and LIVe. I am slighting myself a little on the 'lving' and need to seriously reduce stress and increase.. work is sapping me big time

  6. LivingAlmostLarge Says:
    March 17th, 2016 at 03:28 pm 1458228513
    1458228513

    Interesting I also see a lot of as-is homes non negotiation. I always thought you'd have an inspection to know what you potential costs are going in and see with all repairs if you could still turn a profit.

  7. LivingAlmostLarge Says:
    March 24th, 2016 at 07:40 pm 1458848403
    1458848403

    How did you find a 2 flat deal with such great cap rate?

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