All Forum Posts by: Douglas Curtiss

Trying to get a rough idea of rents and I went to rentometer.  If I have a duplex (each side 2/1) and put into rentometer "4 bedrooms", is the result I get for both units or for each unit?  In other words, if rentometer gives me $1500, is that $1500 total or $1500 per unit?

I have a property in Mason City IL that I need legal advice on. Does anyone know of a great attorney in the area?

I’ve experienced the same thing. First I’d realize that your family’s response comes from love and fear. They want to protect you. Having said that, my strategy is to get educated, get the encouragement you need from the BP family. Then move forward with your plans. After you start to have some success, your family will get on board. 

I have a unique (I think) situation.  I am looking to purchase a duplex / triplex in a Trust to have as a longterm buy and hold rental for cashflow.  The Trust has about 75% of the purchase price in cash. So I'd like to put down 50% and finance the rest.  The issue is, since it is in the Trust, I cannot personally guarantee the loan.  It has to be nonrecourse loan.  I've checked out the Mortgage Lenders and Hard Money Lenders here on BP and either they don't lend in Arizona where the properties are or they only lend short-term and don't offer lending for long-term buy and hold.  Does anyone have any recommendations?

For me I think cash on cash is most important. If you’re happy with a 5% return then go for it. Also, as you pay off the loan the cash on cash should improve. 

After doing mostly fix/flips, foreclosures, tax liens, I'm looking to buy my first buy and hold rental.  I've been running the numbers and typically use 5% for Cap Ex, Vacancy, and repairs, which I think are the numbers that @Brandon Turner uses on most webinars. Recently however,  I saw the Bigger Pockets video How to Analyze a Multi-Family Rental Property | Deal of the Day | Lewiston, Maine and in it, @Dave Meyer uses 10% for each.  I know it's probably just a matter of opinion, but it feels like you could never find a deal that cashflows enough to cover this much reserve and generate a profit.  So I'm wondering, what do most people set aside for these expenses?

Looking at buying a duplex / triplex in AZ. Does anyone have a recommendation for a hard money lender (50% LTV)? I've looked at the lenders listed here on BP, but was hoping for some recs from other pros. Preferably someone you've done business with.

Thanks everyone for your help. 

I am interested in purchasing a small multifamily in a retirement account.  Because it's a retirement account, I can't use leverage without bumping into complex tax issues (UBTI / UDFI) that i would prefer to avoid.  My issue is I'm having trouble getting a 12% or better cash on cash return unless I offer an 25 - 40% below market value.  Has anyone been able to achieve this return without using a mortgage?

Congratulations on getting your first property and mostly for starting so young.  That's amazing