All Forum Posts by: Eli Ettinger

@Eli Ettinger - Like Kerry said, you'll get all sorts of opinions. For starters, you're buying and that's a good thing. Do you have a strategy on what you want to accomplish? A roadmap will help you towards your success. Two comments:

1. I'm not fond of your Houston purchase because you didn't gain much value after spending over $25k. IMO, if $25k+ might only have it at $90k ARV, I wouldn't have spent more than $45k on it. And how do you owe $708/mo? That wrecks your cash flow.

2. If Brooklyn is worth $300k, seriously consider taking a loan on the home. If you took $150k out, you'd have most of your money back (for more investing) and the rent would more than cover it....and you get the write off too.

Good luck!

0 Votes

The HOA has their own insurance. I pay for both Landlord and Flood insurance for my unit. I feel like my landlord insurance is on the high side.

Thank you for the info Sir. I am looking at that website right now.

Originally posted by @Rich Tirado:

@Eli Ettinger: Is the flood insurance paid by the HOA? If not there is a cheaper off market alternative The Flood Insurance Agency (TFIA) from Florida. Insurance is insurance, they all giver you a hard time if there is ever a claim made.

0 Votes

@Tchaka Owen - Thank you for the reply.

Below is the breakdown of my monthly expenses for this unit:

Landlord insurance $177
HOA $325
Hurricane (Flood) insurance 45
Property Tax $140
Water $15

Plus this complex has 2 pools. This might makes the HOA a bit higher.

My landlord insurance went up $65 after the last hurricane.

I suspect that shopping for a cheaper insurance will make things a bit better, however not sure if its worth it, I feel "safe" with a big brand name insurance that I currently have.

Other then that the property is located in the

Clear Creek Independent School District -

an independent school zone with super excellent ratings which I believe increases the tax bill.

As for sale price - I know for sure that a similar renovated unit has been sold in the complex for $120 just a couple of weeks ago.

But yes, I hear you. could have done better.

Thanks again for taking the time!

Any further insight will be appreciated!

2 Votes

Hi all, Newbie here and not even sure if this is the correct place to post so please forgive me if not.

I would love to hear what you have to say about my tiny portfolio. I suspect that I know what I did wrong but would love to hear it from the pros and hopefully take notes and grow. Thanks!

All properties are paid for so no mortgage is included in the number below plus all expenses are fixed monthly expenses NOT including vacancy, realtor fees and major expenses. (All have recently updated - 2 years - major appliances, AC units, Heaters, etc)

Only Tax, Insurance, HOA fees, water are included below.

Current market value estimates are based on Chase home value est and recent comps from realtors/redfine/ recent sales in the same complex.

All 3 apts are well maintained with great tenants and have been worked on to the T so unless something really crazy happens I do not anticipate major expenses in the next say 3 to 5 years.

Where it says full reno it includes shower and kitchen and new floors and everything.

Monthly breakdowns;

Brooklyn NYC - 400sqft Studio in Zip 11206

Purchase price 2013 - $170k (plus $20k Full reno Includes new inwall ac + new Lochinvar tank-less gas water heater install)

Current market value est; around $300k (2 mins walk to subway and 10 minutes from Williamsburg)

Rental income: $1600

Expenses: $295 (25 year tax abatement and very low hoa)

2. Roseville MI Zip 48066

2bd 1ba 770 sqft with small porch and 2 parking spaces

Purchase Price - $34k -2015 (plus $5k in reno Includes brand new appliances + new hot water tank)

Current market value est; $50k

Rental income: $750

Expenses: $350

3. Houston TX Zip 77058

2bd 2ba 1008 sqft with small porch and 2 parking spaces

Purchase Price - $65k 2017 (plus $25k in full reno Includes brand new appliances + brand new split ac system)

Current market value est; $90K- $110K

Rental income: $1100

Expenses: $708 (Includes Hurricane Insurance)

Thank you all in advance.

1 Vote

All Forum Posts by: Eli Ettinger

Eli Ettinger has started 2 posts and replied 24 times.

Post: Would like to hear your opntion about my small portfolio!

Post: Would like to hear your opntion about my small portfolio!

Post: Would like to hear your opntion about my small portfolio!

Post: Would like to hear your opntion about my small portfolio!