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All Forum Posts by: Brandon Roof

Brandon Roof has started 6 posts and replied 181 times.

Post: Monster 3 unit BRRRR complete!

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Congrats @Kyle McCorkel, looks great!  Do you know what product was used to refinish the shower tile and bathtub?

Post: 101 Batchelor Trl, Jacksonville, NC Would you do this DEAL

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

If you are confident in your numbers and your holding costs won't be too high, then this should be a good deal, but if you are even a little bit off on the ARV or rehab you could find yourself in a world of pain. If you feel the numbers you've reached are more of a best case scenario as opposed to a worst case, it may be better to simply walk away.

Post: Mobile Home Rent to own or just Rent

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Either way should be a win.  Lease options would be a great way to maximize your return on them while getting larger chunks of cash coming in immediately, but at the same they would probably more than pay for themselves in a relatively short period of time as rentals.  I'd gauge the useful remaining life on the units and proceed accordingly.

Post: Single Family Home Portfolio

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Never base your decision solely on financial information provided by the seller.  Was this a pro forma or actual figures?

If it's pro forma, they are likely outlining a best case scenario with low vacancy and expenses with high revenue.  Even if it's actual, you're likely looking at a snapshot of one really good year with low maintenance and capex in order to paint a rosier picture than what actually exists.

All of that aside, given your current scenario, I wouldn't even be messing around with a deal like this.  Taking 19 or so steps back and saving for a down payment to acquire one single or multifamily property may be the best approach before you attempt to become a mogul overnight.

Post: How much of my closing costs can I wrap into my mortgage?

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

To my knowledge, none.  That being said, there are many ways to accomplish your goal of less cash out of pocket.  Ask the seller to cover a portion.  If they are reluctant, you could provide a higher offer.  Another way would be to ask your lender to cover them.  In return they would charge you a higher interest rate on your mortgage.

Talk with your lender and broker about your desired outcome is and they should be able to help you form a plan.

Post: EVICTING a relative who is NOT on lease ?

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Depending on the situation and the language in your lease regarding guests, the tenant may be in hot water with you if the presence of the guest was not disclosed to you prior.  If you have an evictable offense, put it back on the tenant to step up they're game and get the sibling out as opposed to their likely lame attempt of asking them.  It doesn't sound like they tried very hard and it feels like the tenant is hoping you'll do the dirty work.  If this isn't the case and the sibling did receive prior authorization from you, weigh the cost of cash for keys versus eviction and proceed accordingly.

Post: Estimating Capital Expenditures

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Percentage of rent is one that is heavily relied upon, but if you're looking to be concise, you really need to know costs in your area and itemize.  Some costs are relatively fixed and are rarely impacted by the individual home (think appliances), but other things will be very specific to the property such as the roof (size, pitch, material type).  That being said, if you have a relatively narrow focus (i.e. sq. ft. in the 1,000 - 1,500 range, two or three bedrooms, 1 - 2 baths and a kitchen) you can have a pretty good understanding of what standard expenses will be in that setting.  You may occasionally have to deviate if a particular room is over-sized or has a different foundation than what you are used to, but start compiling quotes and historical expenses from similar projects to help you better gauge what a new property may require.

Post: Temporary pet? How do i ensure the pet is gone?

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Their definition of temporary and your definition may very well be on opposite ends of the spectrum.  Your three months could be their ongoing passive attempt to find the never developing new home.  Temporary pets have a funny way of working like that.  Be clear with your expectations and include them in the pet addendum, charge the fee, charge the monthly pet rent.  If it works out, consider prorating or refunding the fee if you want to keep things copacetic with what may be a great tenant.

Post: Keep an OOS agent incentivized

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

Many will say their eventual commission is their incentive and this is simply the nature of their work, but something like a gas card would help let them know you appreciate their hard work and should be pretty universally accepted as opposed to trying to guess what restaurants they might like/stores they might shop at.

Post: Utilities Move to Landlord THEN Tenant?

Brandon RoofPosted
  • Rental Property Investor
  • Posts 187
  • Votes 230

While completing the repairs, I'm assuming you may need access to lights, water and possibly climate control, so you'd need to get the utilities in your name during this period.

You may even want to backdate the service to the date you became legal owner because you could be currently racking up some costs if the A/C is kicking on or you have a leak anywhere.