All Forum Posts by: Ali S.

Ні,

My mother and I own two units in an apartment building. She owns one under her personal name and I owned the other unit in my own name. How should I set up our agreement for who the landlord is? Right now we have it where the agreements shows she's the landlord of her property and I'm the landlord of mine but wondering if there was a way to make it under one individual as the landlord? (without doing an LLC). I also want to start doing rent collection via software and apps like Baselane or apartments.com so l'm trying to figure out where to have two separate accounts or can I do everything under one account?

Thank you in advanced!

Hey everyone!

Wanted to get some insight on what to do with my current portfolio. I'm kind of stuck and not sure what to do with the portfolio my family and I have created since 2021. It would be helpful and I appreciate it a lot on how you would proceed if you were in my family and I's position and on how to proceed now.  I am 26 years old, graduated from college last year and work a W-2 job. I just don't know if my family and I should continue to pick up these types of condos with either no return, break even, or low profits. I just don't know what direction we should go on our journey. Should I sell these properties slowly? Should I look for other investments? or anything, I'm just not sure. I appreciate the advice and thank you in advance!

Our portfolio in Illinois (close to Chicago):

All properties in this portfolio are the exact same layout in terms of sq ft and having 2 bedroom and 1 bathroom and are Condos in a 4 unit building Only difference is when each unit was renovated or not. The properties are either one street down from each other or are 2-4 buildings next door.

Property #1 (Currently live in with my family and I)

Purchase Date May 2021

Mortgage Balance: $117,898

Rate: 3.625%

Mortgage payment including escrow: $870.51

Purchase Price: $143,000

Tax: $3,308

Estimate to sell in today's market: $190,000- $210,000 based on current sales in the market this year

HOA: $110 monthly includes Water and building insurance and other maintenance for the property

Property #2:

Purchase Date:: April 2022

Mortgage Balance: $135,756

Rate: 4.625%

Mortgage payment including escrow: $1,375 (payment normally $1,059 but payment increased due to low balance on escrow because of tax increases)

Purchase Price: $148,000

Tax:  $4,578

Estimate to sell in today's market: $190,000- $210,000 based on current sales in the market this year

HOA: $100 monthly includes Water and building insurance and other maintenance for the property

Rent: $1,400 a month only water is included in rent

Property #3:

Purchase Date:: February 2023

Mortgage Balance: $118,518

Rate: 5.99%

Mortgage payment including escrow: $1,315 (taxes have gone up for this property as well)

Purchase Price: $132,000

Tax: $4,522

Estimate to sell in today's market: $190,000- $210,000 based on current sales in the market this year

HOA: $100 monthly includes Water and building insurance and other maintenance for the property

Rent: $1,400 a month only water is included in rent

Property #4: (We were thinking of selling this and take profits but not sure to be honest)

Purchase Date:: February 2024

Mortgage Balance: $139,408

Rate: 6.75%

Mortgage payment including escrow: $1,332

Purchase Price: $147,000

Tax: $4,130

Estimate to sell in today's market: $190,000- $210,000 based on current sales in the market this year

HOA: $100 monthly includes Water and building insurance and other maintenance for the property

Rent: $1,350 a month only water is included in rent

Hi everyone,

I just purchased a property yesterday. My father also has another property that I am a cosigner on, he tried to get a HELOC but was rejected due to low income so I'm wondering if I can come and qualify for the HELOC even if I just purchased another primary property?

Thank you in advanced!

Hey Everyone,

Happy new year! I’m 25 years old and just graduated in 2023 with bachelors in finance and work a 9-5 job as my main income driver: I want to continue it to build my family and I’s portfolio and was wondering if anyone can provide some insight on what I can do next because I feel like I’m stuck on what to do. My goal for 2024 is to add more than one door this year whether that’d be in my home state (Illinois). I’ve been listening to the BP podcast and other podcast and hear others stories on individuals building their portfolio at crazy speeds and having so many doors and I want to do the same and build long term wealth and add more doors to my current portfolio and also have my parents retire. My family and I own three condos and below are the ideas I have for one of them. If anyone can help me understand what I can do next to continue to scale I’d appreciate it a lot! My family mainly relies on my income from my job and for future investments going forward. Thank you in advanced and hope everyone has a great 2024! :)

State: Illinois

Average market rent: $1,350 -$1,450

Property #1 (under mothers name):

2 bed/1 bath

Purchase date: February, 2022

Mortgage: $1324

Rate: 4.625%

Purchase price: $148,000

Loan amount: $136,799

Rent: $1,350

HOA: $100

Property #2 (under fathers name and I co-signed):

2 bed/1 bath

Purchase date: February, 2023

Mortgage: $1324

Rate: 5.99%

Purchase price: $132,000

Loan amount: $119,952

Rent: $1,250 (will go up to $1,400 this year)

HOA: $100

*Note for this property: currently making additional payments to reach the 20% equity but not sure if we should do this or not?*

Property #3 (under my name):

2 bed/1 bath

Purchase date: May, 2021

Mortgage: $874

Rate: 3.625%

Purchase price: $143,000

Loan amount: $119,042

Rent: $0: Myself and parents live here

HOA: $110

• Question for this property: Bought this under a program where I cannot refi or take out a line of credit for 10 years as their is a second lien of $5,000 which would be forgiven 10 years after the purchase date and each year $500 is taken off the lien until the 10th year where it would be completely forgiven. Todays value is around $3,700 for the second lien. If I want more cash to invest into other properties should I pay off the lien value right now at $3,700 that would’ve been forgiven in the next 7 years from today or wait it off? Feel like my equity is locked for the next 7 years.

Thank you in advanced!