All Forum Posts by: Cory Iannacone

@Mary Johnson thanks!

@Michael Kimmell thanks!  I’m a lawyer.

Thanks! @Randy Gutierrez @Michael Elia

@Michael P. 2020 Goal: To be at 50 Units Total

@Veronica Cabrera Thanks!  That sounds like something specific to your lender.  While I account for reserves in my analysis, my bank has only mainly been concerned with my income from my real job (asking for my tax returns and last 2 paystubs each time I purchase or cash out refi).  Try asking around to different lenders.  I spoke to 20+ lenders before I found one that I thought offered the best terms. 

thanks, @Travis Wylie

@Nicholas Hoffman Thanks! The license gets you access to MLS, which gets you more information on comps in the market (and new listings). It makes it easier to view new listings which come on the market too. I will be flipping my single family house next year, so that will save me around $6,000 right there.

@Morgan Madill @Denisse Lara @Kyle Schlosser @Jason Turgeon @Erik Smith @Giovanni Pisano @Justin Hayden

 THANKS ALL!

@Michael P.. Of course I will sell you one--for the right price.  

@JasonTurgeon. I definitely use Excel and run numbers on all my properties.  I thought it was too much info to include in this one post.  I do self-manage.  Everything has been rehabbed and I am very careful to put very good tenants in each apartment who I know will take care of the place.  So the management is not a big deal at all, and I don't mind it. If you take into account everything (including vacancy, which I don't really have, maintenance, cap ex, and even property management), I am cash flowing around $200 - $300 / unit.  So, you're in the ballpark with $5,000 / month cash flow.  

Regarding my single family--you are correct, it doesn't currently make sense.  I inherited a tenant when I bought it, and have just been sitting tight on it.  I am waiting for the weather to break (Spring 2020) and plan to flip it.  I bought it for $110,000, and plan to put around $50K into it.  Comps are as high as $240K.  Then, I'm planning on using a 1031 tax exchange into another multifamily.  I got my realtor sales license 2 months ago, so I figure I can save some money on the commission.  If it doesn't sell, I think I can rent it out (rehabbed) for around $1,650 - $1,750.