All Forum Posts by: Roger S.

My lease says if utilities are not maintained then the lease is in violation.  If they can't keep it on, I'd move for eviction.

we add about 1k a month.   Whenever it's above 30k we may use the excess for other things. 

I'm very happy with 30k combined for my 10 houses.

Don't worry about disclosing your account number,  it's on every check you've ever written.

I have 2 homes that I bought as a package, one mortgage.   I have rehabbed one of them, the other is decent but does need some work.  Is there any way to refi the package together, going to a 30 year note and pulling out the equity of both homes?

I bought these right, 3 years ago. Paid 86k for the package, the rehabbed house now will appraise for 110k or more, the house that needs work could easily sell for 60k. That's 170k, at 75%LTV I could pull out 127,500, call it 120k after closing costs, my existing mortgage is about 65k.

This would keep my mortgage payment almost the same per month, pay off the house that needs work and put 55k in my pocket.

Doable?

Yeah, it does .  GRRRRRR.  Where's General Patton when we need him.

It's not real value.  I could never sell the house for what the tax man appraised it for.

Just got property tax statements today.   Most of the houses went up a few thousand to maybe 7 thousand, which is bad enough, but I have one house that the improvements were valued at 76,000 last year, and this year are valued at 140,000.    Want to know what improvements I made?   A paint job, 500 bucks worth of fake rock veneer and some new cedar shutters I built myself. 

Wow.   I mean, I know I'm a great handyman, but 64k for that little bit of work.  :)   I'm in the wrong business.   Making my list of properties to protest my taxes, same as last year.   

I understand your points,  but its like everything else,  it depends.  My goal is not to build an empire.   My goal was to acquire enough property to allow me to quit my W2 job and retire.    These 10 properties just about do that.   I'm not taking time away from my next deal because I'm not looking for one.   A few hours a month being a handyman suits me just fine. 

I've seen all the rules, the 1%, 2% and 50% rules.   I see the value in all of them and use them to quickly evaluate a property, but I've got my own metric to use now.   After ALL expenses, mortgages, insurance, taxes, repairs, capex reserve fund, everything, I want to put in my pocket 25% of the rent.   I've got some houses that do better and some that don't do that well, but my average of 10 houses is just about right on that mark.