All Forum Posts by: Eric Jun

I've had a tenant in my long-term rental unit for 7 years, and they've recently moved out. As I prepare the unit for the next tenant, I'm finding the gas stove cooktop and the inner oven glass particularly challenging to clean. What are the best methods and products to tackle these tough cleaning tasks?

Hi! I'm a software engineer/real estate investor. I'm brainstorming a project idea where I want to build software/website that automates routine activities that are often done by real estate professionals. What are some of the tasks that you do often but want to automate by using software or a website that does it in your real estate-related work?

Quote from @Bob Stevens:

Quote from @Eric Jun:

I have 7 units across NY and NJ and planning on adding more in this area. The properties are all under my personal name, and I manage them on my own. Are there any benefits to creating a property management company and having the company represent me in tenant communications, rent collections, and tenant requests?

The idea is to keep all the communications under the property management company letter head and have the tenants pay the rent payable to the property management company. I'd pay the mortgage and all necessary expenses out of the management company's account.

 Of course, 1st it frees up your time. 2ND why do you want to deal with tenants? I live in FL my phone never rings. All my business is in the Cleveland markets, I never want tenants to call me, heck they do not even know who I am, 

Hi Bob,

I've been the main contact point for the tenants, and I hardly get any calls (roughly about a call per month). So I'm going to be managing them on my own until I get to the point where I can delegate. Having said that, what would be the advantages and disadvantages for me to operate under a business vs. just a personal mom-and-pop landlord?

Thank you.

I have 7 units across NY and NJ and planning on adding more in this area. The properties are all under my personal name, and I manage them on my own. Are there any benefits to creating a property management company and having the company represent me in tenant communications, rent collections, and tenant requests?

The idea is to keep all the communications under the property management company letterhead and have the tenants pay the rent payable to the property management company. I'd pay the mortgage and all necessary expenses out of the management company's account. I'm personally a licensed real estate agent with a proper broker although I'm not active being an agent and I'll continue managing properties on my own.

Hi.

I have a 3-unit multifamily property under contract and I'm planning on applying for a FHA loan with a low down payment. Is there a requirement that the total monthly rent from other units has to be greater than the monthly mortgage payment I have to pay?

My mortgage broker is saying that there's no such requirement for a 2-unit multi-family FHA loan, but a 3-4 unit multi-family FHA loan requires that the total rent collected (actually the bank uses 75% of the total rent) must be greater than the monthly PITI including the mortgage insurance. I find this requirement very unusual.

Thank you.

Thankks @Eliott Elias AND @Benjamin Fritz.

Quote from @Kevin Sobilo:

@Eric Jun, adding a garage usually adds less value than the cost to build it unfortunately. 

 Thank you @Kevin Sobilo

Quote from @Jack Mawer:

It would depend on the current value of the home and the extent of the repairs. Have you considered adding an ADU instead to boost your rental income?

 Yeah. Unfortunately, the lot is small so I don't have much room to build anything other than a small one-car garage. Currently, I'm working with a contractor to fully renovate the property as it's in very bad condition.

This is in upstate New York, not Birmingham, Alabama.

Hi. I have a 2 BR 1BA single family BRRRR I'm trying to do. There's a little area in the lot that can be used for a parking spot and I'm thinking if I should consider adding a small detached single-car garage there to increase the value of the home at appraisal. How much does a detached single-car garage add to the appraisal value?