All Forum Posts by: Bryan H.

If your lease is set up like mine it addresses utilities. All monies received go to late fees, repairs, utilities etc before rent. I'd keep the utilities in your name, pay them and then bill the tenant for the utilities. Again, money received first goes to utilities, then rent. If full rent isn't paid on time, you can then begin your eviction process.

Yes, you are right. Sorry about that. I forgot a step in my calc. (like including 12 months of income)

Is it common there to put hard surfaces in bedrooms? I was thinking carpet for a flip. I'd put laminate in my rentals.

But that's me.

I may be wrong, but you may need to hold those properties for 1 year before a bank will let you do a cash out refi. Have you looked into this?

So, to answer your original post, I would slow down and take a step back. You have a lot of equity, 3 houses paid for, but your ROI is about 1.5%. You would get that in a CD without the risk.

I understand the 50% rule, but not sure what you mean by 15 year @ 2.8% You paid cash right? So after the 50%, the rest is your cash flow.

Can I ask, why did you decide to pay cash for these properties? Not trying to be mean, what's done is done, but with over $200k in cash, I probably would have something different. Sounds like with the cash you had, you could have possibly purchased a 1MM apartment with better returns.

What do you mean by "50% rule monthly cash flow (15 yr @ 2.8%)"

I'd say sorry about your loss.

You are a housing provider, not an insurance company.

You can honestly say you work with a group of investors who buy, rehab & sell real estate. This group would be your HML, wholesalers, rehabbers, landlords, contractors, etc.

The property manager that handles my SFHs uses Buildium. I have been happy with it as an owner. If I happen to pull the trigger on a MHP I'm looking at, I will get the Landlord package of Buildium for myself. $15 a month seems reasonable for what it provides.

If you think it's a doable deal, get it under contract. But you will need to do a lot of due diligence 45-60 days. Search on here for things to look out for.