All Forum Posts by: Brian King

I just went under contract on a 4 unit apartment building with a single family home on the same lot. The buildings need some TLC, but nothing major in my eyes. 

My agent got the declaration pages from the current owners policy. He emailed current carrier asking if they could re-write current policy to me. They came back and said it was greater than 50 years old so they wouldn’t insure it. Kind of crazy to me they’ve insured it for years, but with a new owner they won’t. Any advice?

So I just signed the contract on my first rental units.  It is a 4 unit, 2 - bedroom 1 bath apartment building and a single family 2 - bedroom 1- bath on the same lot. 

It is currently lower income.  It has 2 long term hud renters and 3 cash renters. 

Current rental income is $2400 at full occupancy.  I picked this up for $75,000. 

One of the units in the apartment building is becoming vacant this week, this is going to give me the opportunity to remodel. It is going to be a complete gut, rewire, plumb, etc.  

What would the experts do?  Steel bath tub, cheap or more expensive kitchen cabinets, LVL or some other type of flooring, and anything I can do that will help me out in the future?  my plan is to upgrade all the units as the come vacant, get rid of hud, and get the rental rates up to $600-$700. 

I am going to meet with an owed of a car wash tomorrow.  We are going to go over numbers and his asking price.  He is willing to owner finance will a partial down payment.  I do respect this man although I don't know him well enough to trust him, and I think a car wash would be an easy business to manipulate.  Go put eight or ten dollars in quarters in it a day and it would show a nice profit to potential buyers.  What kind of terms should I ask for in the contract?  Should I ask for a 3 month provisional period before I give him the whole down payment?  I am looking to somehow protect myself while making it lucrative for him as well..

I am looking into buying my first rental property in Florida. I want to invest there because of the current prices. My idea is to have a property management team run it for me, and when the market goes back up sell it. My debt to income ratio is 21% right now. My question is how hard would it be for me to get a second mortgage for about 70,000? I gross 75,000 a year. That would put my debt to income ratio somewhere between 32 and 35%. I also have great credit. Would a second mortgage be possible?

I am looking into purchasing a car wash. Does anyone have any experience with them?

I forgot to add that I am going to put a 15,000 down payment on the property. So I would only be financing 70,000.

My current debt to income is about 31 percent. I am looking into buying some rental property that generates about 2,000 in income a month. The price for the propery I am looking at is 85,00 whish would raise my d to i ratio to about 43 percent. Will this matter since it is rental property that is generating income?

I live in West Virginia. I was just wondering if maybe I could raise the rent a little with central heating and cooling.

I am looking at a couple rentals in town. They are older houses but are in pretty goo shape. There are 3 houses with a total of 6 renal units. All 6 together bring in a little over 2000 a month. The only thing is they don't have central Heating and Cooling. Evidently it dosen't really matter because they are all rented at this time and the lady thats selling them says she never has trouble getting renters. I'm just wanting to get some opinions, what do you guys think?

Has anyone ever rented section 8 or to HUD? I am wanting some info to what the qualifications are and if it is even worth it. It kind of seems like it would be a hassle.