All Forum Posts by: George Cummings

I use landlord studio and we have 24 doors an I think it works really well. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $25,000
Sale price: $132,000

This was a pretty extensive remodel. The house was only 725sqft and we pretty much did a full gut. It sold in les than 36 hours. Overall it was a good flip and a good learning curve.

What is a number that you use when doing your credit check on tenants on how much they make versus how much rent it? I usually use the 25% rule. I usually take whatever there income is and multiply it by 25% and that is what they roughly can afford. I am curious on what everyone else uses when screening a tenant.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $870,000
Cash invested: $174,000

I PURCHASED 4 DUPLEXES WITH GARAGES. THEY ARE 4 3 BEDROOMS AND 4 4 BEDROOMS, AND THEY ARE 7 YEARS OLD.

What made you interested in investing in this type of deal?

I HAVE BEEN INVESTING IN MULTI FAMILY FOR A FEW YEARS NOW.

How did you find this deal and how did you negotiate it?

THROUGH ANOTHER INVESTOR

How did you finance this deal?

1031 ON THE DOWN PAYMENT AND BANK LOAN ON THE REST

I purchased a property back in 2014 when the economy was still slower. I purchased it for $39,000. I had to do a little work to it and put a new roof on it and I was all in about $45,000. I have been renting it out for seven years and got rent up to $550 a month. I just took advantage of the market right now and I sold the house for $77,000 and I am doing a 1031 into some multi family. 

It really depends on what type of property it is. I have some multi family apartments and we allow two designated parking spots per unit and then there are is also some guest parking. There is also street parking if they need more.

I am in the process of purchasing 4 duplexes from an investor. I am doing a 1031 on two duplexes and a 1031 with another property on the other two duplexes. Right now I currently have the first Property under contract that I am 1031 for the first two duplexes. The question I have is on my second property when I purchased it I was just getting started seven years ago and the bank put it under my name and not my company name. I have been renting it out for the last seven years and filing everything under my company name. We turned the contracts into the title company and told them we were doing a 1031, the problem is they are saying since that second property is under my name and not the company name that I cannot 1031 it without transferring it to my company name and holding it for two years because of tax laws. I wanted to know if this is true because it’s all under my name essentially and we have been filing the taxes every year on the property as a rental under the company name it is just titled in deeded under my personal name. Any help would be greatly appreciated.

I agree with a lot of the others I am sad to see him go. He has been a great mentor over the years by listening to his podcasts and learning and growing from listening to him. I understand of his decision and I to hopefully Sunday can do the same thing and step back a little bit to be able to spend more time with my family.

I am in the middle of negotiations on a single family home from en estate sale. There is a tenant currently living there with there lease not ending until September with the current owner. They are way under renting for the market. The house needs some work and I want to brrrr it. I really want the tenants to get out as soon as I purchase it, but I don’t know if I have to keep the lease even though that is with the current owner. I don’t really want to wait until September and also then what if the tenants don’t want to leave?

Any advice would be appreciated.

We have 11 doors and decided not to talk to anyone unless they contacted us about rent. We did not want to open the door unless they got in a situation. We figured we would have a few people and we still might in the next few months,but this month we got 100% of our rent which I was not expecting. We did have one tenant reach out to us and ask if we were forgiving rent and we said we were not but if she lost her job we would definitely work with her. Good news is she is still employed as of this point. We’ll just have to see how the following months play out.