All Forum Posts by: Jake S.

Hey Kevin!

Contact Ridge Lending (google them) they are a nationwide turnkey lender

To hire a VA, use upwork.com

There are software services that you can use to help automate the mailing process for this. Propstream actually does this as well!

Hey All,

Our investment group has an 87 unit apt building under contract in WI. The building was built in the 60's and has an original Boiler. The thing is an absolute beast.

I was looking to see if anyone knew a rough estimate of what a new boiler system would cost, and what type of system they would recommend.

Thanks!!

Hey Adam!

You are on the right track and it's great to see you starting early.

I think one of the best ways for you to get started would be to House Hack.

If you aren't sure what that is, picture a Duplex. You live in one side and rent out the other, making your cost of living there, basically free. Plus you would benefit from them paying down the home loan and from potential appreciation. You would be able to save up money A LOT faster as well.

It doesn't have to be a duplex either. It could be renting out the extra bedroom to a friend, etc.

If you can't yet qualify for a loan, and let's say you are renting a home/apartment from someone, and you had an extra bedroom, you could ask your landlord if it'd be OKAY to rent out the extra bedroom to someone, while you live there as well.

But if you could get someone to help you get a loan to begin with, I think living in a duplex or a home and renting out the other sides or bedrooms, would be a GREAT way to get started.

For now, dig into all the awesome resources on this side and LEARN as much as possible!

Steven! CONGRATS!! Always such exciting times :)

Hey Phil!

I think it all depends on the investor. On my apartment syndications, some of my investors expect a 10-12% preferred return, while others are a lot more relaxed about the process and comfortable with the figures I show them.

Now, going to someone who has $400k to invest, they probably would be a higher net worth individual who would want a 8-15% return on their money. Not necessarily just from cash flow, but from appreciation, loan paydown, etc. So in X amount of years when you can refinance, you can cash them out and provide them with a solid return

Hey Colleen!

How positive are you guys on that rent amount for the area, for each unit?

How comfortable are you with the area it is in? Do you forecast rents increasing in coming years, decent appreciation, etc.?

By being very conservative, how conservative are you being?

$250 seems low for a $300k, since itd need about $75k down, it would end up being around a 4% cash on cash return. But if you are being super conservative with that amount and you are confident about the rent amount it can collect and feel comfortable with all aspects of the investment, go for it!

Otherwise, I think I'd hold off

It all really depends on your qualifications and several other variables, but for a rental, its usually a point higher than standard rates

Hey Karla!

It's all based on a percentage of rent. So since you will be collecting more rent income, the amount of money set aside for maintenance and repairs will be greater as well.

It never hurts to set aside more though, build up a bit of a cushion!

Hey Vamsi

Just a very quick glance...

Did you budget a % aside for future maintenance and cap ex?

Also are you positive on the ARV?