Quick reframe that will help more than a list of names: buyers of SC multifamily don't ignore packages because the deal is bad, they ignore them because there's no per-unit data to price. Send the five things below in one PDF and you'll get actual numbers back instead of "send more info". 1. Unit mix, then rent per unit. Section 8 pays against the payment standard for the unit size, so a 3-bed in the same building is worth materially more than a 1-bed. "18 units, $21,400/mo" tells a buyer nothing. "six 1BR at $1,285, nine 2BR at $1,610, three 3BR at $1,950, all leased, HAP in force" is a deal they can underwrite in ten minutes. 2. The HAP contracts, per unit. Current rent-to-owner amount, effective date, expiry. If any unit is on a voucher outside a HAP contract, say so - that's a different risk profile and they'll find it in due diligence anyway. 3. Rent roll with move-in dates, current status and delinquency, plus a T-12 and last year's return. Utility actuals split owner vs tenant matters a lot in SC, since water/sewer is tenant-paid in some markets and owner-paid in others, and that line moves NOI by thousands a year on a building this size. 4. Condition and paperwork: roof, HVAC and water heater ages, any open HQS/NSPIRE findings with cure deadlines, lead-based paint on anything pre-1978, current vacancy and average days to lease. 5. Financing tier. At 5+ units you're in commercial lending - DSCR, 70-80% LTV, rate based on the in-place rent not the pro forma. Price it for that buyer. A 4-unit prices like residential and sells to a completely different list. One thing I'd get from an SC real estate attorney rather than a forum: the current state rules on marketing and assigning contracts changed recently and the answer affects how you paper the deal, not just how you advertise it.

Congratulations — genuinely, and the reflection about pace over speed is the right one to have after a first close. One thing nobody posts on these threads, though: the 30-60 days after the first Section 8 closing are where first deals quietly go sideways, and it's not a sourcing problem, it's a clock problem. Worth knocking out while it's fresh: - Get your own executed copy of the HAP contract, not the tenant's, and check that the rent on it matches the current payment standard for that unit's bedroom count. If you bought an occupied unit, the housing authority also wants an ownership-change package before payments move to you. - Write down the annual re-certification date. Rents can be reset there, and finding out by email is the wrong way to find out. - Lead-safe certificate if the building is pre-1978. A failed clearance takes the unit offline until it's cured. - The NSPIRE inspection date and, if it's already happened, the actual repair list with the cure deadline attached. - Who pays which utility, per the lease and per the HAP. It's the most common source of an unexpected monthly bill in year one. Then the money part. Section 8 rent is fixed, so you can't absorb a turn or a repair list by raising rent the way a market-rate landlord can — the reserve is the mechanism. If the first deal's cash flow is going straight into the next deal, the next repair list is going on a card. That's how the second deal becomes the one that hurts. On deal two, one rule that will save you more than any course: buy where you can physically walk the property within a week. Deal two is where people start buying in markets they've never driven through, using somebody else's ARV and somebody else's contractor, and it's the same failure every time. And if someone found deal one for you and wants a percentage going forward, run one full re-certification cycle together before you set the split. You'll both negotiate better with a completed year behind you.

Worth underwriting it exactly as posted before anyone gets attached to the $2,650. 11904 Chesterfield Ave, $186,000, combined HUD rent $2,650/mo = $31,800/yr gross. The operating side, with assumptions you should replace with real bills: - Property tax: I'd budget $400-500/mo. Cuyahoga effective rates are high and the current bill may be based on an old valuation, so underwrite the post-sale reassessment number, not the seller's bill. - Insurance: $200-275/mo for a landlord policy on a 100-year-old duplex in 44108. Get a quote in hand — carriers will want the roof and panel documented. - Water/sewer/trash: $80-120/mo, and in Cleveland this usually stays with the owner. Confirm it's not on the tenant in the leases. - Management at 9% and maintenance plus capex at 14%: $238 and $371. - Vacancy 5%: $132. Section 8 turns over less, but it turns over. That's about $1,527/mo of operating cost, leaving NOI near $1,123/mo, or $13,476 a year. On $186,000 that's a 7.25% cap. Then the debt, at 25% down and 7.25%: $139,500 borrowed, P&I around $952/mo. Cash flow is roughly $170/mo, DSCR about 1.18, cash-on-cash about 4% on $51,500 in. A DSCR lender at 1.25 wants closer to $175,000 for this rent, so the asking price is about $10k rich against these assumptions. That's a negotiation, not a deal killer, but it's the number to walk in with. Change the taxes or the insurance and the whole thing moves, which is why those two get verified first. Four Section 8 specifics that matter more than the cap rate here: - A "combined HUD rent" is a seller's number. Each unit gets its own HAP contract, its own payment standard for its bedroom count and its own rent reasonableness test, so ask for the per-unit figures and check them against the current CMHA schedule yourself. The 3BR unit is where the rent usually holds and the 2BR is where it can come in under. - The existing HAP contract does not simply transfer to you. CMHA wants an ownership-change package, and rents can be reset at the next annual re-certification. So $2,650 is not locked for you — plan the deal to survive a modest downward reset, because that's the direction it usually moves.

As written, no — and the arithmetic is why. £150k purchase plus £20k of work is £170k all-in against a £190k exit. That's £20k gross, which is 11.8% of the purchase price and 10.5% of everything you've put in. Ten percent of gross is the margin a deal has before anything goes wrong, and something always goes wrong. What eats it: - Stamp duty. If this is an additional dwelling in England, the 5% surcharge applies across the whole price, so roughly £8k on a £150k purchase (about £500 if it's your only home). That's 40% of your spread gone at the start. - Purchase legals and searches, £1,500-2,500. - Holding costs for four to six months — insurance, council tax, utilities, and a void: £1,500-2,500. - Selling legals plus agent at 1-1.5% of £190k: £3,000-4,000. - Contingency on the refurb at 10-15%: £2,000-3,000. The £20k is almost never the £20k. Add that up and you're at £16-18k of a £20k spread. You've taken five months of execution risk and full capital exposure for £2-4k. If the exit comes in at £183k instead of £190k, you've done it for free. So the price that works: for a flip I want all-in at 70-75% of the exit value. At £190k that's £142,500 all-in, which puts the purchase around £122k. At £150k you're at 89% of the exit — that's a retail price, not an investor price. The offer isn't a discount, it's a different number. The other numbers I'd want before even making that offer: - Is £190k an achieved sale or an asking price? Three sold comparables, last six months, same bed/bath/square footage, within half a mile, plus their days on market. Asking prices from the same agent who'd list yours are the least reliable input in the file. - Is the £20k a builder's quote with a written schedule, or a guess? You want line items for roof, boiler, rewire, damp and the bathroom, because that's where the £20k becomes £35k. - Tenure. Leasehold with under 80 years left changes the lender pool and the value, and the lease extension gets paid by someone. - EPC rating. Relevant now, more relevant if the plan is to let it.

Terry — welcome. Since you're starting from zero, skip the courses for a week and go get two documents instead. They decide every Section 8 deal you will ever look at, and almost nobody pulls them first. 1. The payment standard, by bedroom count, for the specific housing authority that covers the address. Section 8 rent isn't one number — it's set per PHA, and the same house on opposite sides of a parish line can be two different deals. The address has to sit inside that PHA's jurisdiction. 2. That PHA's rent reasonableness comparables. This is the part people miss: the payment standard is a ceiling, but the PHA will not approve a rent above what comparable unassisted rentals in that area actually command. You can be under the payment standard and still get cut. So underwrite to the lower of those two, then subtract the utility allowance, vacancy, repairs, taxes, and insurance. Not to market rent, and definitely not to the number in a YouTube thumbnail. Louisiana specifics worth knowing before you make an offer: most of south Louisiana is in a flood zone, so get an insurance quote with the address in hand — a roof or HVAC age can move that number enough to kill the cash flow. Property taxes are parish by parish, so don't carry an assumption across a line either. Inspections now run on NSPIRE, and the failures are usually cheap and stupid — handrails, GFCI outlets, window locks and egress, smoke and CO detectors, peeling paint on anything pre-1978. Walk the unit with that list before you call it ready and you save yourself a re-inspect cycle. Simple filter while you're learning: payment standard divided by all-in cost at 1% or better, and a pre-walk that passes the list above. Everything else is a detail you'll pick up.