All Forum Posts by: Andres Vanegas
Andres Vanegas has started 8 posts and replied 67 times.
Post: BP Calculator Equivalent
- Westbury, NY
- Posts 69
- Votes 37
I have not. I started doing those intensive calculations on a sheet. Would be great to see an update to the calculators come through given they only have a baseline calculation.
Post: I fired my tenants / gave them an early termination optout - why?
- Westbury, NY
- Posts 69
- Votes 37
Great story! Thanks for sharing!
Who knows what could have happened if Tenant B stayed in. People who cause problems at the start only cause more problems. In the current climate of eviction moratoriums etc. it is critical to have responsible and stable tenants who make your life easy!
Post: Need Mentor in Oregon
- Westbury, NY
- Posts 69
- Votes 37
Hey Dona- have you searched your town name for investors or your local state forum? If I were going into a new market and had something to bring to the table like deals - I would shoot over a quick intro to a couple of different folks and see who is the best fit. From there just see who is open to what! I usually try to make it as easy as possible for the other person to be aware of me and what I can offer by going right into their inbox.
Hope this helps!
Post: Starting rental properties
- Westbury, NY
- Posts 69
- Votes 37
Hey Jacques - congrats on your decision. The idea is definitely to not have that happen at all right. We want tenants, the RIGHT tenants that is, in there as quickly as possible.
You will be responsible for those mortgage payments if your units are vacant or even if your tenants are not paying you. Have you heard of a house hack? Check out the article in the link. It may be a strategy you may be inclined to if you are planning to continue renting for a time period - sort of a rent from yourself.
Hope that all makes sense - happy to help!
Post: Blair Halver methods
- Westbury, NY
- Posts 69
- Votes 37
@Mark Grimm, looks like they are chatting about it over here: https://www.biggerpockets.com/forums/79/topics/673270-dealbot-pipeline-program-by-blair-halver
Post: Evaluation Calculator Tools on BP App
- Westbury, NY
- Posts 69
- Votes 37
@Mindy Jensen - Shucks I have Apple devices. Thanks!
Post: Evaluation Calculator Tools on BP App
- Westbury, NY
- Posts 69
- Votes 37
@Brandon Turner@Joshua Dorkin@Mindy Jensen
Great feature to add to the app. Need the BP calculators on the go!
Post: BPInsights Feedback & Recommendations
- Westbury, NY
- Posts 69
- Votes 37
Originally posted by @Cindy Larsen:
The local market data available in your spreadsheet is interesting but it would be much more useful if you broke down pricing by type of rental unit, # of data points to garner a confidence of the data, average price per sqft.
Housing size: #bedrooms, #baths, sqft
Housing type: SFR, duplex, triplex, 4plex, >4units in complex
If that data was available, it would be a lot easier to determine what asking price I should list units for.
My best current method is
1. last years rent + inflation,
2.compared with HUD housing data which tells me the 40th percentile rent for the number of beds and baths, by county. This HUD data is for determining section 8 rental amounts, and since I target my properties and units at the 60% to 80% range of market rents (class B), I at least know I can charge more than the HUD rent. I also compare last years HUD data to the previous year to determine how much the market has gone up.
I also compare with local listings, including comparing amenities available. I charge just slightly less than units in large complexes with more amenities. Turns out some renters dont want to live in cookie cutter apartments, and will pay almost as much for my units without the amenities.
I also google for info on market rent trends
After all that,
I make the best educated guess for each unit/location that I can
More detailed data would be very helpful.
So far, my units have always rented for asking within a month, except units that entered the market in the winter, which rented when I dropped the price by $25/month. Those units, I leased just until summer, and then raised the rent by the $25 plus my educated guess yearly rent increase.
My yearly leases are all ending May 31. I have offered current tenants a 2% increase (pointing out that it is less than inflation) and 2/3 have decided to stay (so far, not all tenants have replied yet since I gave them until April 30 to decide) and some even thanked me for the less-than-inflation rent increase.
Love this. Definitely would like to see it broken down by bedrooms, type of property (single, duplex, apartment etc.), zip code, population since this will normalize the number of units listed, average sale price, average time on the market. These are the ones that come to mind immediately upon first opening the file.
Post: Which Calculator For Industrial / Warehouse Analysis?
- Westbury, NY
- Posts 69
- Votes 37
Bump-
Can anyone shed any guidance here?
Post: Only one FHA loan per person
- Westbury, NY
- Posts 69
- Votes 37
Well time to check out a refinance, thanks Matt!