All Forum Posts by: Etim Fisk

@Steve DellaPelle, I have never done a cash out refinance before, but I’m curious to know if a person is required come up with the 15% down payment? Thank you!

@Jay Y. I would do no such thing if I were you. It is a legal and financial disaster, however, if you don’t want the responsibility of managing your investment properties you need to hire a property manager or sell it to someone who lives and breathes this life. Also, let’s say in the future you want to sell the property are you going to give the tenant 10% of the sale? There’s really no financial or legal upside to your idea for you as a landlord, but tremendous upside for the tenant. I would not do it. You will be stuck with this 10 percent partner for ever. Don’t do it!

@Yvette Chung I think you are doing well. You are cash flowing at around $891 minus 5% set aside for vacancies. You could always use the 1% rule to evaluate if a property is worth purchasing. However, I usually use 1.5% in order to provide myself a little margin of safety.

@Stephen Spearman I would provide potential tenants a tour of the apartment by doing a video tour of the place. You should shoot a video using your phone and upload the video to Instagram or YouTube and send the video link them.

@Bobby Lee, thank you for your answer and those are very valid insights. I will look into those points you are bringing up. Thank you!

Hello I am still new to this real estate business and I am wondering if it is prudent for a newbie to buy their first multi-unit apartment building on a block full of competing apartment buildings or should the approach be to buy an apartment on a different area of town where there are little to no competitions?

@Pauline Ann Colle thank you for answering my question.

I am getting really close to putting money down for my first Realestate property. However, I am curious to know know if I should use my total 20% down to buy a property or should I keep looking to find a less expensive property in order to avoid using all the cash I have on hand?

My current state of mind is telling me to find a property that’s less costly, so I could have a cushion of cash just in case an unforeseen externalities arises after the purchase.

@Ivan Loza you are a very resourceful fella. I might need to use it as part of my marketing strategy. Thank you!

@Dennis M. thank you for answering my question and giving me a much needed advice and reality check. Over all, I am still worried about my financial margin of safety, but I would still have that issue with or without tenants. Anyway, thank you again for your perspective on this matter.