All Forum Posts by: Bradley Miller

Here's my latest curveball:

Tenant calls me to report a mold problem.  I arrive the day of to investigate.  She found some green growth on the bottom of her nightstand and bedroom dresser. Clearly mold, but this is the sole evidence of mold.  None on ceiling, walls, bathroom, etc. This is a basement apartment, I not only advise to run a dehumidifier but I stress to her the importance of doing so in the summer months, and provide her with a brand new, 400$ dehumidifier when she moved in. (A year and a half ago.)

Ok, how would you like to proceed? Well, I certainly can't live here. (I agree, time for you to find a new place.) 

Well, can you maybe replace my bedroom set for me and help me get into a new apartment? 

Think about what you think is a reasonable number and get back to me.

two days later she says 50K due to all of her furniture now having mold damage. Mold spores travel through the air you know and im scared to bring any of my things to another apartment.  

No I can't do that.

The next day it drops to 25k. 

Still, no.

The next day she feels 10k is reasonable.

I initially was inclined to help her with a new bedroom set, and return of security deposit along with not charging the month of september while she finds a new place.

My responsibility or not, amicably helping a tenant vacate quickly is in everyone's best interest. That said, 10k is still well beyond my responsibility.

What would you do landlords? Thanks for reading

@Danny Gelfenbaum

If you think that price is unreasonable do it yourself. 🤦🏻‍♂️

Some people think everything should be free.

@Alecia Loveless

You’re worried about the republicans? 😂😂

Off market buying from a family member.

400k. Pretty much market value.

Will rent for 2600/month.

Has a shop on property that will rent for 2000/month.

Going to run me 2500/month all in with all expenses @ 15 years payoff.

My requirements: I have to let my family member use that shop for the next four years until he retires. And I need to pony up a 20% down payment.

Any input or ideas. Very flexible and willing to negotiate but we want it to be hrelatively fair for both of us.

Stuck in a quandary between selling and cash out refi on a 4 family I have.

I owe 235k. I have a buyer for 500k off market.

Sell it and walk away with 250k.

I also lived here and can avoid capital gains.

Property cash flows about 1500/month.

Or do I do a 30% cash out refi. Keep my asset and pull about 125 out.

I would love to take the larger sum and pursue a much larger asset… but I guess I just don’t know and/or am intimidated by how to go about that.

Got a deal that I’m buying from a family friend. Duplex for 225k. As is value before I put a penny into the property is 300k. It will not be a primary strictly investment. I have the 25% to put down on this property but I would like to use the instant equity I have toward my down payment. How is this doable? Thanks

Looking for input on this deal.  This will be my first 5-family.  I have a couple triplexes and a quad.

Here is the info

Price is 370000.  Owner wants 25% down @ 6% for 20 years with a 7 year balloon.

I have only done coneventional financing before.  Although the numbers make sense to me, the house is in good shape, and the location is premier, I'm having those nervous thoughts being a newer, young investor.  Thank you for any input!

Rent roll:
Apt 1, 3 br paying $1200, tenant paying utilities (due for increase)
Apt 2 1 bedroom paying $1100 tenant pays heat and electric
Apt 3 1 Bedroom $1260, landlord paying utilities
Apt 4 Studio apartment w/alcove paying $1150, landlord pays heat and electric
Apt 5 2 BR w/office alcove. $1250 tenant pays utilities
There are 5 boilers for natural gas heat. The heat can be taken over by the tenants, however there is a
shared meter situation that makes it difficult for the tenants to take over electricity for apts 2 and 5.
There is room for rent increases, however, the owner has opted not to do so at this time due to Covid.
Total rent roll $71,520
Expenses (rounded off to nearest $100)
Insurance: $4,000
Taxes: $13,000
Pest control: $800
Water, sewer, trash removal: $4,800
Utilities (gas and electric) $4000
Reserves: $2,500
Total expenses: $29,100
NOI: $42,420,
NOI assumes self management. Apartments rent up very quickly with many applicants applying at
once. There have been no vacancies for the past three years, therefore vacancy factor may be
calculated at less than 3%.

But cash is king and you dont need to claim it as income!

I have a tenant who has totally trashed the unit, has not had electric or heat on in over three weeks, and has left a dog and two cats in unit. I was there Saturday with animal control and had the animals removed. The place appears abandoned but tenant is totally unresponsive and is clearly not staying at the unit. She also owes 2 months rent. What is considered abandoned and at what point do I have the right to remove her trash and get to work on rehab?

Hi all, here is my situation.  I found a deal that seems to be a home run for me. However I need a little help ironing out the details.

Attached is the financials.

The owner is offering owner financing with 10% down and a balloon in three years.  

My questions are these: How exactly does the balloon payment work?

Does my 10% down recognized by the bank when I finance this with a bank in three years?

This is a commercial piece so what am I expected to put down at the finance process in three years?

Purchase price is 300000.

30k down with a 40k rehab will be valued at 400+

Net cash flow is 2400/mth