Type
- Single Family Single Family Home. These are the most prodominant
- Condo You own from the drywall to the inside. Everything else is owned by the Homeowners Association
- Townhouse This might look like an apartment, but you own the land that it sits on.
- Duplex This could be two units side-by-side, or a big house that has been converted to two apartments: upstairs and downstairs.
- Triplex Could be a large house with three separate apartments in it or side by side units.
- Quadraplex Could be a large house with four separate apartments in it or all units side by side.
- Multi-Family More than four units in one area. Could be a small apartment complex.
- Mobile Home Park Lot with mobile homes parked on it. Owner might own all, some or none of the mobile homes parked.
- Apartment Complex Many, many units. Pay attention to the GOI and the NOI in the Property Description.
- Vacant Land Land might be clear of trees or dense forest, check with the owner
- Commercial Property that is used for commercial purposes. No residential living.
- Farm Ranch Land used for agricultural needs or ranching.
- Time Share Property in which you have equity for specified time of the year.
- Co-op A group of people joining together to jointly own or manage a property.
Gross Operating Income
This is the total amount of income (rental and non-rental) coming in from the property
Net Operating Income
This is the amount of money that you make BEFORE debt service is included (mortgages, loans). If your annual loan payments are less than the NOI, you have a property with profitability!
|
|