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All Forum Posts by: Jason Yablinsky

Jason Yablinsky has started 4 posts and replied 21 times.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6
Originally posted by mdlandlord:
Jason,
How did you determine $700/mnth? If it is a 3 bedroom, you should definitely be able to rent it for a lot more. If I was you, I would call the local section 8 office and ask what they pay for a 3 bdrm home and/or scan craigslist for similar type homes in your area. A lot of times new landlords underprice their rental properties. The house looks awesome and should yield you a good market tenant or if you want some drama in your life, a decent government funded tenant. Make sure to go to postlets and put pictures in there and also post on criaigslist with pictures. From my experience, my properties will rent for what I ask as my prices are always in line with what government will pay for such properties.

Thanks for the reply! It is actually a two bedroom but everything is brand new. I will take your advice and look at those options. I've yet to close the deal so I'm learning as much as I can in the meantime; I could turn back but where is the fun in that? Thanks for your advice though. I do appreciate it.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

I tried rentometer.com... It says my rent is reasonable. Are you referring to MLS.com? If so, it can't find my property.

In my case, and I'm sure in most other's cases, people are generally here to learn and read what other, more experienced investors have to say. I read quite a bit on BP before purchasing my first property but didn't post anything because I was so new to the business. Having actually made the move, I will be spending more and more time here, trying to add what I can while learning in the process. I want to do this right and I feel this is a great reasource for that. I think many of the people signing on (including me about a week ago) are only considering making the move and have not done so. As a result, they don't have much to add.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Josh/Bryan -

I see I have a lot to learn. I would much rather take a loss from this property and begin to learn from my mistakes than never get in this business. I felt there was no better time to with the prices of homes and the rates of lending. Thanks for the advice. You've got me really wanted to learn now.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Bryan - Thanks for the quick reply. I have a good bit of disposable income and just wanted to start building some equity in real estate. I liked this place and feel I can rent it very easily.

Let me make sure I understand this analysis...

The 700 / 2 is you assuming that operating expenses will be 50% of my rent... given that all utilities will be passed to the tenant, my only expense would be taxes which are $860/year. That would put me just over 10% operating expenses. Worst case including any necessary repairs and upkeep, say 25%.

$700 * 75% = $525 = NOI monthly
=> $6300 = Annual NOI
=> MAO = $6300 / .10 = $63k

I may have still overpaid if that is accurate.

When you say capitalize income, are you referring to how much rental income will be applied to the mortgage? Not sure what the 10% represents. Sorry for the newbie questions; can't tell you how much I appreciate the help and clarification, though.




Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Thanks for the replies everyone. I look forward to getting a tenant in there. One of the reasons I bought it is because I work literally across the street. I can keep an eye on it and hopefully get a professional from there to rent.

Bryan - I am new to this... what would you expect this to rent for? Do you think $650 is more reasonable? I couldnt' go much lower than that.

Jeff - How do you come up with a loss of $73/mo? Taxes are only $860/year. My mortgage is $550/mo but I plan on paying it off in 2 years at about $3,000/mo.

Diane - Great point, and thank you for bringing that up. I will absolutely put one on the other side.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Thanks!! I look forward to purchasing more and more. I paid $76,500 for it. It was already completely remodeled. I am in grad school and work full-time so it is difficult to find time to do it myself.

Post: My First Rental Property (Pics)

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Just purchased my first rental property... Just wanted to get some opinions on it. I think I'll be able to get about $700/mo no utilities included. I went with the single family unit in hopes of less hassle. It is fully remodeled. The entire inside is new, new furnace, AC unit, hot water tank, windows, hardwood, carpet, siding, shingles, plumbing, fuse box... just about everything is new. Please let me know what you think. I'm meeting with two rental property owners this week to help me with leasing agreements and general advice. I'll be looking for my next property within a few months.

Pics:
http://www.biggerpockets.com/photos/show/118271

Post: My First Investment - Need Advice

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Thanks to everyone for the replies. I've decided to start with a single-family home. I've been approved for an investment mortgage with 20% down and will begin my search very soon. I have a few properties in mind. If I want to purchase more properties after this one, what of the following would make more sense? Pay off my first property aggressively (3 years) with my own capital and use that as collateral for lines of credit? Pay off agressively and refinance to pull out the equity and purchase more property with cash? Or should I try to lock in several loans at today's low rates? I've been doing my due diligence on the whole process but I can't seem to find much on the second and third properties. Thanks in advance!

Post: My First Investment - Need Advice

Jason YablinskyPosted
  • Real Estate Investor
  • Irwin, PA
  • Posts 23
  • Votes 6

Wow... love the site already. Thanks for the advice. I've been reading a lot and I think I'm going to start with the single family home.

I am actually from Pittsburgh. I appreciate the offer; I'm going to put a post up for a mentor in the area. I have my LLC set up, back accounts, etc and will be purchasing my first property very soon. Thanks again! Your responses are greatly appreciated.