All Forum Posts by: Account Closed

@Justin, If away you can reduce Property Taxes and Insurance. This might also increase your cash flow and get you where you want to be. I filed a complaint to my county for my taxes and received around $1200 off my following year. I've also shopped around on my insurance to get that lowered a bit. It might not be much but it can definitely help you cash flow it more efficiently.

Valerie - Just find an inspector you has knowledge with multifamily and let him do all the heavy lifting.  Aside from the obvious things, they tend to look for specifics that the everyday purchaser will miss. If you can, I would advise going to the inspection as well just in case he misses anything.  If I cant see all the units, I at least try to find out some info on them such as last renovation, any major repairs, and pics if possible.

@Andrew if you cant cashflow it, look for appreciation. I hear the CA market is just hot and I'm sure SD will have some appreciation to justify the purchase.  Are you currently working with a Realtor? If so, check for recent listings and comps in your desired area.  Even if you dont cash flow, I'm sure the appreciation will be well worth it.   Another option would be to get something smaller or farther away from the city - maybe this will even allow you to find a MF where tenant can pay part of your expenses. Good luck!

@Michael Sierkerka, Heres what the numbers look like:

Welcome @Carlos Castellanos! I have two properties and I created separate accounts for my houses and an checking account for my personal income.  This way if I ever need to go back to verify a payment with a tenant or an expense - I can just run a report online via my banking provider. I found this to be the most efficient but you can do whatever makes you comfortable.  

Somethings to keep in mind, if a rent or security deposit dispute does come up - Do you want to track it down or will you have an alternative system such as a spreadsheet to manage everything coming in? I also like separate accounts because when a maintenance issue comes up, I know exactly how much is in my account and it sets me at ease. 

Also, regarding a PO Box. My current tenants have my personal address and I dont have a problem with that since I do the repairs myself and Ive formed a relationship with them. If you decide LLC or something like that, I would suggest a PO Box. It just adds another level of security. If you decide to keep them long I would suggest creating a USPS account and just autodebiting your PO Box dues so they dont expire.

Hi Guys - 

I'm looking into my next investment and I came across a car wash. I like the location and the price point. I've never dealt in anything like this so I'm not sure what type of expenses to expect but there are no moving parts as the bays are self service. I know its got a metal roof, concrete floor(which are heated), and has 6 bays with separate vacuum station. I have experience in multi-family which I currently live in and manage but this seems intriguing. Any advice?

The loan is directed towards owner-occupants and investors, I would check with a HomePath lender. https://www.homepath.com/financing.html. Also, look at the homepath renovation mortgage, they give you up to 35% of value of home or $35,000 for repairs.  This would be great for an investment with little money down.

I've tried having my tenants doing monthly transfers into my account but you will have to be vigilante to make sure transfers are going every month. We've had a few mishaps and if not followed could lead to fees or worse.  With that said, I like personal checks, money orders, or cold hard cash. I've heard of PayNearMe but havent used it. Also look into https://www.dwolla.com/. Pay anyone online for a minimal fee.

I've seen a few auctions posted and curious if anyone has had any luck with these.  I know typically you have to call the listing agent for additional details or meet at a specific location.  Are these really worth it and are there any pitfalls to look for?

Has anyone ventured in the area of senior housing? I've seen a few deals but I noticed the rents are restricted and most of the mortgages are assumable. Has anyone done any of these deals? Anything to look out for?