All Forum Posts by: Franklin Romine

It is not really a non refundable deposit. It is rent. Small animal $10 per month. Large animal $20 per month.

Pet deposits can be hard to come up eith also. In the past I have let tenants split a $200 pet deposit into two monthly payments. Now instead of a pet deposit I charge pet rent.

Rotating locks can save you some money. Managing keys and locks is a science. If you can keep a few good sets to rotate as tenants move out you can save a few bucks. My locksmith price is $55 trip charge and $10 per lock.

It shouldnt be a problem if it is a gallery kitchen. Most of the kitchens in my smaller units are a few base cabinets including the sink base and a few upper cabinets. Take the measurements and order the cabinets, I usually use cabinets to go .com. Decent prices with decent cabinets that are easy to assemble. Relocating the gas line should be simple if you have a good plumber and access. Most of the the demo will be behind the cabinets. Tiling the top or backsplash will probably cause you an extra day but shouldnt be a problem with the tenant... they are getting a new kitchen.

Your pre planning, team and common sense will definitly determine if you can complete in a weekend.

Frank

Brandon the seller financed deals I have done and look for are free and clear properties.

My metric I use is cash on cash return. The last deal I did last month has a monthly cashflow of $400 per month and I put $20K down. 10 year note ammortized over 30 years at 5% interest. $400 x 12 = $4,800 year cashflow / $20,000 = 24% cash on cash return.

Newer property. The deal isn't horrible. What is the total sqft if the property? Is the water and trash paid by the tenant?

Sounds interesting. I live in Visalia own properties in Visalia and Fresno if you go forward with the deal and visit let me know if you want a free cup of coffee.

Frank

Mike is this a deal someone presented to you? Or is this your portfolio forsale?

I meant to say that depending on the type of loan your looking for I think there will always be a product and service if you find an opportunity.

Fulltimer

I have about 5 years of good tax returns with rental income. Each year showing a growth in rental income. It is kind of interesting see my W2 income decrease and the rental income increase. 2013 is my last year for a w2. I'm not expecting or wanting a w2 ever again.

I'm in the process of refinancing some portfolio loans into a commercial loan. Not once have they asked me for a w2 or why I left my J O B last year. A year ago things might be different. The timing of leaving your job has to be right.

Don't expect to leave a job and think the lenders will hand you loans unless you have some sources of consistant cashflow, not cash sitting in a banks.

Do you have a portfolio already started or?