All Forum Posts by: Eric Kelly

I am looking to get started in multi family and Apartment Complex deals. I am located in NJ but looking at markets in Florida, Fort Lauderdale, Fort Meyers or Destin. Also considering Mrtyle Beach since I have boots on the ground there already with a STR. I have been doing research within this asset class and want to jump in to start underwriting some deals and start building out a team that operates in those markets.

I own a condo in Mrytle Beach on a golf course, it has been profitbalw since the day I brought back in early 2021 but due to some changes in personal I have been running into some issues with my cleaning service. Does anyone know a good realizable and communicative cleaning crew/property management company they can recommend ? my biggest issue with my current company is that they do not communicate with the customers and have not always cleaned the place to their bets ability which has caused some bad reviews. Any connections or advice is welcomed.

thanks !

there is currently two bathrooms one upstairs one downstairs in the basement which would be where the additional room would be. the basement has a living area currently and the bedroom would be off the side of the garage and look out into the backyard 

I recently just closed on a house in Point Pleasant NJ and am currently house hacking it. I am renting 2 bedrooms out and living in the other. The house is on a hill but I have a room on the first floor(basement) that is currently not being used for anything and needs to be re done either way. The room looks right into the backyard.I have two options, make it an additional bedroom or blow out the room and make it a sun room with access to the backayard and make some sort of entertainment piece in there. (I am planning on re-doing the backyard to increase the value of the house by adding a hot tub, an above ground pool that is built into a brand new deck, re do the fences and add artificial grass along one side of the back yard where I have a putting green and then adding a sand pit area on the other side with a fire pit that will be next to the pool.

The house is located about .75 miles from the beach so in the summertime this entire house could poteintally rent for about 10-20k per month. If I ever decided to do a short term rental and then winter rental in the off season.

 In terms of the cash flow if I added the additional bedroom downstairs I would be able to Create more cash flow while living here and classify the house as a 4 bedroom which I would assume increase the value of the house. However, I am at fork in the road on wether adding that 4th bedroom will increase the value more than re doing that backroom and making it easier access to the backyard for and the amenities that I plan to add to the abc to increase the value.

My exact question is given the situation and the circumstances which makes more sense to do from an appreciation standpoint. Any insight or feedback is appreciated.

When you are calculating numbers on a house hack scenario would you consider the room/side you are living on apart of the rental income ? 

I am looking at buying a 3br house with a basement than is fully furnished that I can rent out for anywhere from 1200-1300 a month in additional income with fully furnished bathroom. 

Currently paying 1500 a month in rent in my current situation.

Looking to buy a house that is 569k using a conventional loan putting 5% down

Expecting the mortgage with insurance taxes etc to come in at 4,000-4,200.

I am trying to rent the 2 bedrooms out for about 1050-1100 each and the basement out for 1200-1300 a month

When I am adding up the numbers I'm getting a total monthly income of 3400 from the other rooms, leaving me on the hook for the remaining 800 or 600 dollars depending on what the lender comes back with.

Am I calculating this house hack correctly or should I be adding in the fact that I currently pay 1500 a month in rent so by eliminating that payment I am essentially making 700 bucks on the deal considering I am only paying 800 a month towards the mortgage.

This is my first house hack so just trying to ensure I am running the numbers correctly 

condotel***

I am looking to re-fi my STR that is in Mrytle beak SC. I went through a process with a broker and the HOA that I currently have the broker is telling me classifies as a condole so it is limiting me to take the money out of the house. I currently have about 91k in equity that I want to take out but from the condole classification I am having trouble getting another conventional loan do to the re fi. Is there any ways around that ?

I have a 2 bedroom 2 bath in Mrytle Beach SC that is currently cash flowing about 400-500 bucks a month and I use it for short term weekly rental during the summer and longer monthly rentals in the off Sean. When I purchased the home in may of 2021 the sale price was 154k. Now I am being told that the property is worth around 210-220k from realtors in the same area trying to buy the house.

I am wondering if doing a re-fi would be a good idea and exactly how the process works. I did some due diligence with a lender down there and they are offering- 

Conventional 30-year fixed 4.990% at $1,035.94/mo (when escrowing both homeowners insurance + property taxes) to access $30,000 cash in hand. 

Currently the loan I have is a 30 year fixed rate with 3.875% at $714.54 with $121,544 left on the loan.

This is a good rate form what  is out there or I should continue to shop, also with the payment going up so much per month the cashflow would be taken out of the unit. 

If I did end up doing the Re-Fi I would upgrade the couch and floors to all hardwood first to hopefully get it re-fi'd at a high value of closer to 230k.

I would take the 30k in cash and use it as a down payment for a househack where I live in NJ.

Hi, I am looking for an experienced CPA that can eventually become a long term tax advisor and tax planner, I have one investment property set up through an LLP in SC and one 2nd home vacation rental in AZ that I recently just purchased. I'm not sure of the tax advantages that I can take leverage and the write off's that I am eligible for using these properties.

I am in the process of purchasing my second rental property in Phoenix AZ, I currently have one in Myrtle Beach SC. I have an LLC set up in SC but it is set up as a Partnership as I split the first rental with a partner. How would it work if I was thinking of putting the AZ property into the same LLC but was not going into this deal with a partner. IF the deed of the property lies with the LLC would this other partner own equity in the property ?