All Forum Posts by: Erika Caba

@Andrew Freed I did try to hired a property manager but the fees were too high.

I will post another one asking about prices. Thanks

Hello everyone,

My name is Erika, I own 7 apartments in 2 buildings, the first one I bought almost a decade ago (2 unit) and until today it has been an excellent investment, and the second one bought it back in Dec 2022 (5 units). Since I bought this last property, it has been a headache, I have to go often to do repairs, the last repair was replacing a water heater of 75 gallons which cost almost $3k (too expensive). I think a lot if I should just give up on this one, since it's a lot of work. How can I determine when to give up on a property or keep going? I am in the middle, not sure what to do. Any suggestions will be very much appreciate. Also, I feel since I am a lady, handyman takes advantage of me by charging more or not doing the job well. I have to be present all the time to make sure they are doing the job, and it's hard to keep a handyman because of this reason. The cash flow is good, I believe, I had a profit almost every month since I bought.

Kind regards,

Erika.

@Sam C. Thank you for answering. I’m thinking of buying another duplex or 3 to 4 units. But do your single homes make $400+/month(net)?

Hello,

Thinking of buy my next multi family property(2-4 units) in this city. What are the best area? 

Hello everyone,

I live in Bethlehem Twp, own a duplex in Allentown and now thinking of buying my second multi-family property (2-4 units) in Wilkes-Barre. Anyone have information on the market out there. Also I heard out of town investors have to have a property management company manage their investments. Is this true? Thanks!

Thank you so much for answering this. All these informations are really helping me.

Why is it that when calculating Cash On Cash Return in the expenses the property insurance and taxes are added separate from the mortgage if those expenses are already included in the mortgage payment with the principal and interest?

When using the BRRRR Strategy, when refinancing the property, do lenders look at your income just like conventional loans?

I appreciate your time answering them. Thanks 🙏🏻 

Thanks again. I will keep learning more and will try to buy my second property using this strategy soon. Have a great day!

@Jim Pellerin Thank you for the clarification. I was very confused. Another question, when you refinance, do you need a down payment?

Hello! So I have some questions, I'm trying to figure out the BRRRR Strategy. How do you come up with the equity/cash out at the end of the last step? Is there an equation to solve it, to find the answer? There is a house that cost $70k repairs will cost $30k, and according to the realtor I will make $30500 equity at the end. How did he come with that number?

The ARV is $140k

My understanding is that you can do a 75-80% cash our refi of the value after 6 months seasoning.

But I thought the lender can only give you 75-80% of the value of the house which means I will only get $105,000, not the $140k so at the end I will have $5k equity, not $30,500. 
I’m very confused with this. Can someone help me clear things up? It will be very much appreciated.