All Forum Posts by: Nicholas Weckstein

But wait Joseph Gozlan so my net worth has to say 1 million in order to finance a 1 million dollar property ? It’s not enough to have 25-30% down and the property does well financially ? The part of having x amount of months expenses liquid in the banks I get.

Joseph Gozlan ahh okay I see. That I understand. I was worried for a second. I thought I had to re write my game plan !

This post caught my eye. So if I wanted to get financing on say an 8 unit building. I’d need to have equity in other properties equal or greater than the purchase price ? My impression and reach search has told me that you need 25% or more cash down. Good credit, property has to have 1.25 DCR or more And could expect a 3,5,7,10 year period amortized 20-25 years.

I use Allstate I pay a bit over 1400 for 3 units, total of 4 bathrooms and 6 bedrooms. Built in 1971. I shopped it around and it was the lower rate. Also my rebuild cost is in the mid 400k range.

Michael Jones I see, thank you for that info. Unfortunately at this point it’s more cost effective to have a service tech look at them. I live 4 hours away and it costs me 100$ to travel back and forth. I’m moving their in a few months. So for now I have to deal with it. But thank you because I will hold on to that Info. Hopefully this company that’s coming to check them out won’t try to kill me on price. It’s 75$ for them to diagnose the machines. Can’t wait to be closer to my rentals so that I can handle these issues myself.

Andrew Syrios I own the units. I called into a company who does appliance repair. Let’s see what happens. Just hoping it’s worth fixing. I’ve seen some units are pretty pricey. Any suggestions on where to go if it’s a replace job ? I’ve heard about leasing, but it’s only a 3 unit building so not sure if leasing would work.

I have a coin opp washer and dryer in rental. My tenant is telling me that the dryer is taking to much money to dry the clothes, around 5$ and the washer is leaving “white stuff” on the clothes. Looking to see if it’s worth trying to fix or to just replace. Obviously I need to have some one take a look at it. Just trying to see if anyone with any experience with these units can offer some input Also where to buy and how much would they run me. I’ve seen a huge range of prices when doing a quick look online.

Keep focused on one goal at a time. Don't look at the people who have 10 or the people who add 8 doors a year. Rome wasn't built in a day. JUMP! That's right take that leap once you can. Buy your first property. Then snowball into more. For now, work on what you need to qualify for a mortgage. Save up the down payment. Once you get that first spot, keep going. My advice, be picky, pay as little as possible. If your don't go back and forth to negotiate you paid to much. Just don't get discouraged, even if you don't have a property but are actively getting your financial situation in order, guess what your doing better than most Americans. DONT BE AFRAID TO FAIL....it's necessary

Nicole S. I'm curious of the same thing. About a year and a half ago I was pre approved over the phone as well. Very quickly, but as you said I felt like it was a little to good to be true. I did some reading on them and I wasn't to fond of what I read so I backed out and went with A regular bank. Was thinking about checking into them again. Curious to know how it turns out for you.

Make sure they receive any disclosures required by your state. There should be a pamphlet you can print and give to them. As others have suggested, take pictures before so you have an idea of what it looked like after. On my leases I have a checklist that I go through and check everything off on it's condition with the tenant. So if I look at it after and say well floor was in great condition and you signed off on it and now it's scratched and has a hole in it, well you get the idea lol.