All Forum Posts by: Frank A.

Looking for anyone that has recent experience pursuing an eviction for repetitive lease violations (noise, disorderly conduct, etc.)?
I'm trying to get rid of a problem tenant but I'm hearing it's almost impossible for minor lease violations that I've stated above.

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Tacoma, Washington

Originally posted by @Jacob Whitbeck:

Hey Everyone! Meetup is scheduled October 1st at 7 pm-location is cheers bar and grill as usual-upstairs is reserved for us.

Last meetup was a great turn out and a lot of fun connecting with other investors! hope to see you there!

Beer and food available:)

Hey I missed this month's. Is this meetup going to be monthly?

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Don't have a recommendation but just wanted to say congrats on your first deal!

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Tacoma, Washington

That's actually not a bad lease-up fee either. Some charge 1mo rent or 75%. That is the first time I've seen an additional charge for tax season tho.

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Tacoma, Washington

Originally posted by @Greg Parker:

You can still be all in for 85-90 and rent for 850-900. I am looking at one right now that fits that description.

Hey Greg, what would the demographics be of that area with those numbers?

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Montgomery, Alabama

Originally posted by @Rick Estacio:

Also, is the tenant under a lease?

There's a border line horder tenant that has a lease till June. Thanks for the advice everyone! Keep it coming haha!

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Happy holidays NJ BP!

I've convinced my sister to start her investing future with a multifamily house hack. We're currently under contract, attorney review on a duplex but after visiting with the tenants we know that we don't want to inherit any of them!

Does anyone have any advice on how we can get the property completely vacant with current COVID restrictions? So far we're only aware of being able to vacate the single unit that my sister would live in.

Thanks much!

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Instead of remote work screening at this point I think it would be legal to require current pay stubs to show current proof of employment.

Would it be legal to call the employer as a reference and confirm they are and will be still employed?

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Originally posted by @Paul Chae:

Originally posted by @Joe P.:

What was your CF goal with this property? I mean, I get it, we want the capital back, but either you're an aggressive cash-out refinancee at not so great terms to turn-and-burn into other properties with little seasoning, or you are a conservative cash-flow-above-all-else with 6-12 months seasoning to get onto the next property in the same timeframe. There may be examples of both types of investors, but it would require an extremely favorable set of requirements of high cash flow, high difference between purchase/rehab and ARV, a ready-to-go money lender, etc.

My short term goal is owning 4-10 properties, gaining experiences in the game, but at the end of the day I hope to grow fast. In other words, I would like to buy 4 to 6 SFR every year other than 2. And I did not expect this first deal to bring money in my pocket anyway. Initial analysis was that cashflow would be around $280 , conservatively

Sounds like you may have to readjust your plan until you can grow more capital to scale. $60k all in for $1200/mo rent is pretty good, especially for your first deal. I'd take the lessons learned, let the house season for 3-6mos while building some relationships with local bankers that can cash you out later this year.

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Originally posted by @Paul Chae:

Originally posted by @Joe P.:

Most banks required six months seasoning before a cash out refinance and 75% was the upper limit of ARV -- that was before coronavirus.

That market has dried up considerably, so you either need to go with a less reputable bank or HML who will refinance you at not so great terms, or hold until the market goes up.

If the unit is rented and making money, hopefully your need to refinance isn't so strong. I go in thinking that I will need to hold onto the property for six months at least, and factor in the costs. BRRRR is a fantastic option but the numbers going in need to be realistic for time and maybe a good refinance option, not the best one you can conceive in your mind.

Push comes to shove, if you need your money back or out of the deal immediately, start the wheels on an exit strategy, either selling it to someone, maybe doing seller financing, rent-to-own, etc. Doesn't sound like you are there, but have your ducks in a row before push becomes shove.

The need to pull cash back out is not too urgent, rather it is just I wouldn't be able to go on searching deals without access to the initial capital I invested to this first house. And with all those points and fees coming along, it may be incorrect, but let's say 5k with 7.5% interest, no seasoning period with 70-75% ARV, I might still do it because ROI would still be great. Cashflow on this house would be not so great($200-300, all other expenses considered). Or would I need to just sell it and move on?

I appreciate your comment!

How much would the place rent for if you rented it right now?

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All Forum Posts by: Frank A.

Frank A. has started 4 posts and replied 36 times.

Post: Anyone w/Recent Eviction Exp?

Post: Renton mastermind meetup

Post: New 200 Amp Service In Tacoma

Post: Property Manager "Re-rental" fee

Post: Brrrr-ing in greater Montgomery area

Post: Eviction help while Under contract in Rahway?

Post: Eviction help while Under contract in Rahway?

Post: Is it legal to screen tenants by THIS?

Post: Cash out refi queston

Post: Cash out refi queston