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All Forum Posts by: Barry Sanders

Barry Sanders has started 11 posts and replied 76 times.

Post: Where to FHA (new to real estate investing)?

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

Hi Ryan, Welcome to bp, 

FHA itself is a multiprong strategy, you can fha 203k rehab and refi out, you can fha and live free while getting either cash flow or appreciation. Would depend on how much capital you have for the ultimate strategy

Hi William, welcome to BP. I see alot of units in the pipeline for brooklyn and do expect some slowing in rent appreciation.  i agree with llewelyn that even if cash flow isnt incredible it can still be a great investment. Just make sure you have enough room to decrease rents if needed

Post: New Investor in Staten Island, NY

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

Hey

@Adam Scheetz

Welcome to BP, you seem to have pretty clear criteria what will help the most is being able to evaluate the deals, at those price points you may be into some rough neighborhoods. I completely agree with @Kim Stofan If you can make it out to a meet up that would be good place to network and meet other like minded investors and accelerate your growth. More than anything this will keep you motivated and reduce the trial and error periods

@Kim Stofan

Post: I have 100K cash, In Houston Area

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

@George A. Douty II

welcome,

congrats on the successful flip

what is your long term goal? to build a fix and flip business?, to build a BRRR/Hold portfolio, to be a hard-money lender?, perhaps there is a faster way to get there

Post: New member looking to start investing.

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

@Philip Claessens

  You have a great starting point. If you're looking to do long distance (outside of California) I'm assuming you want to invest for cash flow/ buy and hold rentals.  Are you looking to do passive investments or active?  Are you looking to partner up or go it alone?

Post: Security Deposit for Room Rentals

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

@Andrew Kerr thanks for sharing your personal experience. My concern was, like in your situation, the responsible party would not admit fault to common area damage. Creating accountability via security deposits covering this area seems to be the fairest solution. If a tenant has to pay and they know theyre not responsible, they will be upset so they will ensure that they and their room mates take good care of the property. 

@Ray Harrell. I figure the landlord is responsible for common areas external to the apartment (hallways, entryway etc) but common areas within the apartment (living room, dining room, kitchen,bath) should be shared responsibilty of tenants. This would encourage them to take better care of common areas if they know its not the landlord's cost to fix it. For example if the landlord provides lightbulbs for the kitchen what would deter tenant from swapping it for the lightbulb in their room? And of course screening is key but this is just a hypothetical question to illustrate the point. 

@Ron H. This makes the most sense to me and is the ideal situation. Thanks for your input

Post: Security Deposit for Room Rentals

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

How do you manage security deposits for a non owner occupied apartment rented out by the room? If there is damage to shared space ie: kitchen and bath, do all tenants become responsible or must the landlord cover this? 

If the security deposits for room rental do not cover common areas does that mean the landlord is responsinle for upkeep of this common area (kitchen/bath)? For example If a light goes out in the kitchen the land lord must replace the bulb, but if a light goes out in the bedroom the tenant must replace the bulb.

Post: Renting out rooms done right

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

How can one rent out rooms the right way? Specifically what are tips for choosing tenants that will live in harmony? How do you handle shared spaces such as kitchen and bath, will the tenants figure it out or will it be a micromanagement headache? Anyone that has rented out rooms have any insight to how to do this the right way?

Post: Calculating property taxes

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

@Peter Moser ...its the same thing as far as I can tell, PITI is probably the correct acronym. Thanks for clarifying about the taxes.

@Anthony Dooley thanks for the tip, will look if that formula is online somewhere if not will call a real estate tax accountant. Was wondering if maybe I need to speak with a tax assesor.

Post: Calculating property taxes

Barry SandersPosted
  • Brooklyn, NY
  • Posts 79
  • Votes 29

Have been going throught TIMI for a few properties. Is there an accurate way to know what property taxes will be if there will be a substantial increase in property value at purchase price? Is it safe to use comparable priced properties that recently sold or do you need to go back a few years? Is the current property tax safe to use during due diligence / multifamily deal analysis.