All Forum Posts by: Bryan L.

Well, the Highest per unit thread was so popular...got me thinking what the lowest might be.  

Mine is a unit that's under market with a tenant I inherited with the building who's been there for years, pays cash and keeps me updated on what's going on - even when I don't need to know!!

1BR apt 600 sqf - $535 (Includes heat)

$1400 2BR 1BA 980 sqf SFR - Brewer, ME (newly renovated).

@Ben Cochran That's great! I tend to start high too but recently under rented a SFR and keep kicking myself...but it's a quality tenant which is worth something in itself.

If you have 10 pre-screened people interested that haven't seen the property, you might want to look at the rent you're advertising! 

Yikes, sounds like you should downsize as the taxes on a million dollar property exceed your current income!  

We closed two within the last 8 months, first one took over 90 days and the second around 30 - I think it depends on the property and who you use. We used our attorney on the first and he didn't have experience dealing with HUD and probably wouldn't have done the closing if I had mentioned it was a HUD property in the beginning. He had a difficult time communicating with them, many unanswered emails, calls, etc. We used a title company on the second and they have a lot of experience with HUD and the process was much smoother - they had much better contacts.

Sounds like a good setup.  I'd just check with your lender, typically a commercial loan would be amortized at 20 year or less and you'd have a locked in rate for 5, 7, 10 years, whichever you can secure.  At the end of that term, you'd have to refinance at current rates.

I didn't see any utilities in your expenses and you'll be looking at a commercial loan probably 5-10 year amortized at 20.  Just my two cents...

I'm looking at purchasing a retail multi unit and like you, I'm hesitant to pay the retail price but the numbers are good (for me anyway).  I came across this post from a year ago and am curious...did you make the purchase?  If so, how did it turn out?  Thanks!

Trying to plan my rehab on a BRRRR property and not sure what to do with a couple mature fruit trees.  This single family home has a pear and an apple tree in the back yard that are probably 50 years old and loaded with fruit (very delicious).  I hate to remove them but if they're not cleaned up after once the fruit starts dropping they'll be a mess.  

As a rental, do you think this will cause more headaches than they're worth?