All Forum Posts by: Frank Ygarza

Jason - Curious to see if you've completed the reno and have started to take bookings. 

Currently I'm in the Dallas market but considering making the move into NC to get into an STR in LKN or possibly another lake in the area.

Any insight? 

Thank you

 Hi Matthew, I'd love to dive in more into your situation and see if we can come up with a solution. I work with IKON mortgage in Dallas. We do both QM and Non-QM loans. Either give me a call or shoot me a message on here and let's connect. 

Interesting read. I'd be interested to see how this turns out. 

Hi Itzel, I am lender in Dallas. I can definitely help you out with a one-time close construction loan for your mom. If you'd like to discuss more details, I'd love to set up a call with you. If you're interested, please message me and we can get that set up. 

 What is the software that you use?

Have any of you used cozy to collect rent for your warehouse or other type of commercial property not including apartments? 

If not, what other solutions have you used other than the standard check in the mail? 

I do feel that $320k is a bit of a low offer, but in light of the whole situation going on with the virus my thought is that market prices might drop a bit. That said some sellers might be panicking and it will open the door to negotiations. You are right about paying to live somewhere else and that if i'm saving money it makes sense. Thanks for the input Joseph!

Hi Guys, 

Looking for some insight and advice on my first deal here. Any help is greatly appreciated. So here are the details. 

List Price: $380k

Year built: 1972

2 are 2bed/2bath and the other 2 are 2bd/ 1.5 bath. currently the 4 units are leased out. 3 of them are month to month and the last one ends in feb. 2021

the three that are month to month are leased for a total of $1900 and the long term is leased at $645 

these are all below market rent. according to rentometer and a few different agents. with some TLC and great pictures i should be able to get between $950-1100/month

Property Tax: $675/month

Property Insurance: $175/month

Mortgage Insurance: $264/month

Capex Estimated: 8% $169.60

Vacancy Estimated: 5% $106.00

Repairs Estimated: 5% $106.00

Financing: 30 year FHA fixed loan at 4.125% closing cost estimated by lender paying list price would be $7590

Talking with my agent, there weren't many comparables to go off of. All we were able to come up with was one other 4 plex that was slightly bigger (4558 sqft compared to 3844 sqft) that sold 11/2019 for $372k

My plan is to offer $320k for the property. I would move into the unit that has the lowest paying month to month tenant, and immediately start to renovate it. Now the units are not in bad shape so it will be a light renovation that i believe i can tackle it myself. Such as new paint, polish hardwood floors and other minor touches. I plan to finish the 1st unit in the first month and then rent it out and repeat the process until i get to the third unit. After renovating the third unit i will have to remain there until February of next year when the last units lease is up. So during that waiting period i would airbnb one of the rooms in the unit im in for some extra income. Then after the year is up i would move into the final unit and do the same reno and eventually move out completely. 

Running these numbers in the rental calc i would be around negative $800 in cashflow the day i move in. After finishing the first unit and raising the rent i would then be close to breaking even. Then after the second unit i would be in the positive. So that is my dilemma what are your guys thoughts on this?  

Thanks again for any help/advice,

Frank 

Thanks @Lucas Machado will definitely try to make Decembers meeting!

Thanks @Howard Weiss