All Forum Posts by: Erin Anderegg

Thank you Dawn and Ishviyan. Those are excellent points I need to consider.

Thank you, Greg, for that insight. I have been wondering about appraisals and comps for 3-4 units because there seems to be so few in this area. What you said makes a lot of sense. It sounds like the best way to get through that would be to purchase it all cash, but the CoC return would be even lower.

Thank you Anthony, I will look into that!

Hi All,

I am looking to get creative for the next investment property. Owner financing seems to be a gold mine, but I want to learn more so I can offer more options if an owner is interested.

- I know the owner needs equity for this to work. But does the property need to be free and clear?

- Is it possible to do traditional financing for 70-80% of purchase price and do owner financing for the 20-30% down payment as long as the owner has enough equity?

- who draws up the papers for owner financing terms and invoices? Is that a RE attorney? Title company? I can't figure out who is the best fit for that.

Any additional tips, feedback, or thoughts are appreciated!

Hi All,

This is a 3 unit property separately metered. It consists of 3 different buildings for each unit - 3/2, 2/1, and 2/1. Per Rentometer, the market rent total if based on the average is $640/month higher than the rent amount in the attached report. What do you think? How are the variable expenses? I have no information regarding updates to HVAC, electrical,etc. The listing has the date built as 1956- not sure if that's one structure or all of them. From the pictures it looks to be in good shape. I appreciate your thoughts!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Excellent points. Thank you all very much for your insight. I'll be sure to turn down his offer.

Hi all, my husband and I just bought a duplex earlier this month with the plan to self manage and house hack. The tenant who is staying said the last landlord wouldn't let him fix the landscape. He wants to take out some dead bushes, put down mulch, and add some borders to the beds and driveway. He told me he is the foreman who runs the job sites, but not the owner. I asked him for references and looked up the company. The only info on the company is that the LLC is not in good standing. I can't find out why at this point.

Would it be wise to pay the tenant to do the work? Should I hire his company? I don't really want to hire his company at this point, but wanted to get your thoughts.

Yes those are great points @Basit Siddiqi. I got this list mainly from the book Real Estate Investing for Dummies. I appreciate your feedback about some items not being crucial to know prior to moving forward.

Hi all,

I am working to get my first property under contract (currently a SF, the other MF offer wasn't accepted). I want to make sure I am looking at all the right things once the property is under contract to ensure it is still a good deal and to prepare for necessary costs after closing should there be repairs/rehab needed. Here is my current list of things to check. Am I missing anything or looking too in depth at things that don't need to be assessed?

economic data regarding neighborhood - current rent rates for similar sq ft, bed/bath count, location
city certification for rental property
annual taxes
current leases- verified without any undisclosed verbal agreements, concessions, side agreements with any tenant regarding rent, renewal options, security deposits, payment of utilities, or any other aspects of financial terms of lease or rental agreement.
current rent role
expenses- for at least last 12 months - schedule E from federal income tax return.
copy of current insurance policy and loss history
Tenant security deposits on hand- seller verified
copies of entire tenant file for each current tenant
copies of every service agreement or contract
Copies of all required governmental licenses and permits.
list of all personal property included in purchase - equipment, supplies, appliances
copies of latest utility billing - does seller have any deposits on hand at the utility company and do I need to place a deposit for service?
liens for mortgage, income tax, property tax, judgement, other recorded encumbrances on property

property inspection

sewer/plumbing contractor inspection
pest control and property damage inspection
Rehab estimates from contractors
landlord insurance quote
PM quote
lawn/snow maintenance quote

Thanks for your help!

Regarding the house hacking suggestion, we have a big dog who is loud and rambunctions and needs a yard. To be honest, I probably would not rent a unit in a multiplex to ourselves. The house would have to be very specific for it to work for us, so it seems like single family is the best approach at this time.