All Forum Posts by: Adam Wigdorski

@Gabriel Craft

In the safest guaranteed rate or return vehicle out there. Even at 3% that’s 300,000 a year. Can definitely live off of that for the rest of my life

@Dorothy Butala

9/32

@Dorothy Butala

Couple reasons. I pay the taxes, insurance, sewer rent, utilities, etc. their roll is strictly rent collection, maintenance, tenant issues, etc. And this is all besides the point as I always manage my other units.

@Dorothy Butala

Yes I literally just want the income and expense so I can give to my tax preparer. All but 9 units are under property management and I get a monthly invoice for their services. The data entry would literally take me two hrs if there is a simple excel spreadsheet or software that has zero extras. I looked at landlord studio send that’s 27 a month but that cost is mostly the extras.

Someone will have the answer.

I own 32 units spread across 5 buildings

Some are in my name and some are in 2 llc’s

Was prepping for my taxes and the single spread sheet for each building is becoming a pain in the butt. Looking for cloud software but it’s a big fee because there’s so many add-ins I will never need. Anyone know of a single excel spreadsheet or cloud software where you can literally just type income or expense and the program does the rest and puts it in the right place on the summary sheet? Example

Rent on building 2 unit 2 was paid on 12/1. It auto adds to the gross income of that month to the right place on the summary page.

Same for expenses.

Paid 493 for building x on 12/1.

@Phillip Christie

You do not need a partner to buy multifamily.

Your lender is looking for experience and probably a pfs to give you a term sheet.

Lay it out for them. Get the t12 for the property your trying to acquire. Use that to create a proforma for the property on the loan you seek with them. List the management company you are going to use. If they have yet to have you do a pfs , google it and include in your “resume”. Buying a 1 million dollar apartment complex is the same analysis as buying a $100000 single family house. If this is a broker or hard money company they are looking for your experience level to see what tier you’ll fall in for funding. Go check out the local credit unions by the property and check them out. They probably be at 80% ltv on a 20/25 year amortization and a 5-10-15-20-25 year term.

Good luck

@Sarah Bridges

Are you calculating your “1 %” rule as if you were also paying rent.

If your using a va loan and putting nothing down, and say it cash flows 100 bucks with you living there. How much does it cash flow once you leave.

Live in it for a year, term and rate refi to a conventional loan then house hack va again. You can do that a bunch

@Brittany Baker

My personal tips

I don’t spend my cashflow. I just let it stack in a mutual fund so it grows on its own.

I’ll buy a house under market , force appreciate it, and cash out refi my down payment and Reno cost back out.

I only buy properties that cashflow 1k or more a month

Look at all your debt service. See if you have equity and can restructure it in maybe a commercial blanket mortgage with a line of credit. Use loc for future downpayment and then refi the property to recoup the funds

Remember it’s not a race. Move at your own pace.

@Kristopher Miller

Hjhill tax

@Dave foster

How soon after you close on the new property you are 1031-ing can you cash out refi out.

Example. I have 3 multi units I want to sell and will get around 985 for them.

After agent fees and mortgage payoff that’ll be 326,000 I have to put towards the target property.

My target property is 1,000,000 that I’ll be getting it for but worth 1.25

I’ll be buying it with a 80% ltv commercial note but obviously putting down the whole 326,000

So my loan will be 674,000

Can I literally refi the property the next day after the exchange and pull out the 326,000

1250000 x .80 = 1,000,000 . 1000000 - 674,000= 326,000 cashout refi

My bank requires no seasoning