All Forum Posts by: Daniel Kokodoko

Hi Nathan, thanks a lot for such a detailed response. I have a property in Salt Lake City right now, a triplex with a single gas meter, where I have to do something similar and it works pretty well.
For Atlanta, it looks like I have the choice between 2 gas companies, and multiple rates plans. There are fixed rates, with 6 to 36 months contracts, and cancellation fees and variables rates. Variable rates are almost double the fixed rates, but they require no contract. My initial question was to see what plan would work for me, as a landlord. After looking at this more closely, I'm leaning towards the yearly fixed rate plan. Because it's simply. I will use your option #2 above, with about 20% buffer in case my projections are wrong.

Thanks, Kyle. This is a pure investment property for me. I don't plan on living there.

Hello all, I just closed on a small Single Family home in the Atlanta area (Stone Mountain). I'm currently rehabbing the property and I'm planning on finishing up the basement to make it a stand alone 1BR rental (Long or Medium term) with separate entrance. Unfortunately it may not be cost effective to have separate gas and electric meters for the main house and the basement. I would have to keep gas and electric in my name and handle billing the tenant(s) their portion through the respective leases.

Of the gas and electric plans offered in the area, any one has suggestions on what plan may work best for landlords? Any suggestions on the best way to handle utilities in this situation?  

Thanks everyone for your input. The properties are located in Salt Lake City. I'm planning on reaching to Zions Bank in the next few days. I will post back here to let everyone know how it went.

Some update: I spoke to a local lender that I have a HELOC with on our primary residence with today about options: they can lend up to 75% of building costs (basically $950K), not appraised value at 8.25%!! No go for us. Better roll construction loan into a fixed mortgage and wait/hope for rates to drop.
One thing I may not have made clear is that both units are parceled out independently. So we should be able to refinance them into confirming loans individually as investment properties. A quick look on Bankrate.com today shows one bank that has a 5/6 ARM @ 6.8% APR for that scenario. Just a year ago I refinanced my 2 investment properties for 3.25% ! But it looks like there are some options, some worse than others.

Hello BP community, I'm looking for some refinance advise/options. Any help from experienced BP investors is really appreciated.

My business partner and I are currently completing a new construction in Austin, TX (completion planned near end of February 2023). The property will be a Primary unit and a ADU unit, each with its separate address. Our Plan A was to sell both, but with the softening of the market, we are preparing for our Plan B, which is to keep both units as rentals (minimum 5 years or until the market improves). We are exploring using one of the unit for Long Term Rental, and the other one as a Medium Term Rental. The rents comps in the area for LTR show we could get around $4500 to $5000 combined monthly rents for the 2 units. With Texas high property taxes, cash flowing may be a challenge...

We invested around $400,000 cash to buy the land, pay for permits, design, architecture, etc.. We took out a construction loan from a bank to build. Building costs should come in around $550,000 when all done. (Building costs are high in Austin, and we probably would not recommend the builder to anyone). So all in costs, about $950K for the 2 units. With any luck we anticipate both units would appraisal for a combined 1.1 or 1.2 million dollars. 

We are looking to refinance the units, to pay off the construction loan, and ideally take as much of our cash out as we can and still cash flow. My partner and I are both have W2 jobs, good income, good credits (740+), although I already have 3 mortgages on my record (2 investment properties and a primary home). What are our refinance options in today's high interest rates environment? Our primary goals would be to take some of our cash out, but at least still break even for cash flow.

We do have an option to convert the existing construction loan into a long term mortgage at 5.5%, however the caveat is, we don't get to take any of our cash out. This would make our ROI pretty miserable, but we both are ok with this scenario if we can get better rate somewhere down the road.

Thank you

I will check with them and report back here. Thank you!

Hello, we have 2 rental properties in Salt Lake City, and both have conservatively at least $200K in equity in each. We would like to open a HELOC of $100K on each. Does anyone know an investor friendly lender that would do this? Credit score, debt to income, and gross income should not be an issue. Both properties have positive cash flow (+/- $300 per month), and have 30 year fixed 3.25% loans. The lines of credit would be used to potentially fund new deals.

Thank you

We have 2 duplexes in the Salt Lake area and we are looking to contract snow removal services for both. Does anyone have a good referral for a mom and pop type properties? How much should this be costing us? Ideally we want to sign up for a service where we do not need to call when there is a snow storm, and a service that would be make sure we comply with snow removal ordinance and clear common areas on the properties. Any tips on what to look for, and what kind of services we should require would be awesome.

@Dustin Gale is the $1,875 rent for just the unit you are renting out or is that the total rent for both units?