All Forum Posts by: Aaron W.

Thank you all for your replies! 

Reginald: We want to refinance so we can continue to invest.

Thanks!

I purchased a 4-unit multifamily last year but the numbers are not working out the way I am expecting. The property cash flows, but CoC is not to my standard (10%+). In hindsight, I bought the property too high and it needs more rehab than I want to put in before refinancing it. The rehab is going to be double expectation because it is an older property. With this increase in rehab costs, when I am able to refinance, then I will still be in the property about $40k of my own money, which is double my max after a refinance.

I am thinking about selling or 1031 exchanging this property into another investment property or opportunity.

Should I:

1. Unload this property now via sale or 1031 exchange and look for a new investment
2. Don't rehab, hold on to it a little longer to collect the cash flow, then sell when buyers and lending are more plentiful
3. Just suck it up and get the rehab done, then refinance
4. Something else

Thanks for your thoughts!

Looking for a recommendation on a bank(s) lending in MO or OH for a cash-out refi and willing to lend up to 70-75% ARV with a minimum seasoning requirement of six months.

Thank you for any recommendations!

Interested. Please send info.

Are you still looking for funding?

What do you consider before refinancing your rental property? 

For example, do you wait until your property is fully rented and showing income?  Do you wait for all your expense are stabilized?  Wait until the seasoning requirement is fulfilled?

TIA

Thanks very much for the advice!  Unfortunately, our property manager is not the best so we are trying to deal with the plumbing issue while managing the manager. 

Have a great day!

In one of our fourplexes, we a tenant (or tenants) who are flushing wipes, paper towels, and other unknown objects down the toilet which is causing plumbing issues. Our property manager has called the plumber out to the complex multiple times this past month which is costing us a little over $300 each trip. The property manager and plumber have been unable to identify which tenant (or tenants) are doing this so they advised all of them about this issue and to not flush anything other than toilet paper down the toilet. 

If this issues continues, what have you done to try to mitigate this issue?  One thought it to charge all the tenants for the plumbing charges.

TIA

There are 3 other storage facilities nearby. The city is in a suburb about 20 miles from the city.

Demographics
Population 65,705 (0.23% growth)
Median Age 36.4
Median Household Income $43,174 (4.68% growth)

Thanks for the reply! Something I did forget to mention is 1.4 acres of land is included in the sale which can add an additional ~50 units.