All Forum Posts by: Charles Wang

I am semi retired.  Have 3.3m in equity in my 10ish properties.  I am trying to purchase 2.3m home that should bring in 250k.  Looking for different finance options.  Thanks!

Hello I am a new investor in the FM area looking to find or get hooked up with some wholesalers in the area.  

Thanks

I just closed on a cabin around Idaho Springs and would like a few bids to redo the kitchen/bathroom/floors.  If you know any good contractors in the area send me a message!   Thanks

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*This link comes directly from our calculators, based on information input by the member who posted.

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*This link comes directly from our calculators, based on information input by the member who posted.

This property is a 6 plex that needs some work.  Currently only 3 units rented for 1400 total and I am not sure of their condition.  The other 3 units are gutted and basically need a complete rehab.  My problem with this place is there are no comps and have no idea how much in repairs would be.  The average rents in the area are around 3200.  It is in B neighborhood.  The building was built in 1925.  I guess I will need a contractor to walk the property and give me an estimate because the numbers look good.  I just don't want to overpay on the purchase price.  Anyone have good strategies to determine the value of a property with hardly any comps?  Does a house in the nieghborhood with the same square feet/bedrooms make a comp?

I have the actual numbers for taxes/insurance.  I think they automatically just put them as a % of rent but 275x12 = 3300 which is exact.  As for vacancy it's rented currently but you're right that could go up.  As for capex the roof is within 5 years old and we will be remodeling the units so problems should be less likely.   I should have more accurate numbers after the inspection of condition of everything.

Thanks Chris!  Great advice. 

I think subcontracting out and learning the process and what thinks cost is a great idea!  I will have a Lowes Home Service guy come with to the inspection to give me a quote for all the materials so when the tenants move out I will be ready to go!  This is basically a trial run so I'll learn as I go!

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*This link comes directly from our calculators, based on information input by the member who posted.

The average rents in this C neighborhood for a 2-1 and 1-1 are 1600 total which are currently renting at 1200 which we would raise each unit $100 each after the tenants move out.  The roof is 5 years old and there are only AC wall units so capex should be low.  We are under contract at $100,00 and I will be going to look at them during the inspection.  Most of the comps for the area for 3-1 single family 1k sq ft are around 140k so I think we are buying at the right price.   Any advice for a first timer during an inspection?  Is this deal worth it?  Thanks!

I bought my first house for 375k with a 3.5 Interest rate in 2014 and is now worth around 450k(I owe 260K on it).  I am moving out of the state and am wondering if I should rent it out or sell it.  I don't need the money for another down payment on my new house and am Pre approved for a 600k loan.  I have redone all the plumbing and the the house is in great shape.  My current mortgage with taxes is 2k.  I could rent for around 2600-3200 range.  I had a problem coming up with a good capex #(I put 10%) as all I really need is a new roof in 10 years so what number would I put there as a percent in the spreadsheet?  I know you should get 1% for every 100K your house is worth but since I have a low rate and dont have to pay any other fees maybe its worth it to hang onto it?  I know all the little details matter but just kind of looking for some broad opinions.  THanks!

I am wondering if this is a fair deal compared to how you guys structure partnerships.  I am the investor and am responsible for only the 30% down payment and he is getting a loan and taking care of all other costs including rehab and closing costs.  He will be managing the property.  We are looking to rent for the long term.  I would receive 30% net rent monthly and 30% equity in the property and receive a check every month.  My cash on cash is around 15%.  Is this a pretty standard deal?  What terms should I put in the contract?  Thanks!