All Forum Posts by: Jay B.

 I’m thinking since the seller said he can’t remember when he raised the rent last. That could be a starting point instead of coming in and telling them they all have to pay the billls now. I can get some of it back that way. Aa far as the metering I’ll have to check.

Thank You for all the input. Jay

Hi, Bigger Pockets Folks. I'm looking for some input. We are working a pretty big deal. 25 Units in all , Small RV Park w Acreage and potential for more spaces for rent. What are some thoughts on Rent with all bills paid? They arent all set up this way, But most are. They are small 1-2 bd 1bth units 525-650 Sq Ft. Units? Its generating $120-$135K a Yr in Income. After Loan PMT, Taxes, Insurance , Bills Paid, Other Expenses Etc. There is money left.  Just not as much as i would like. With it being such a big expense thats alot of whats steering my decision. I've done the deal analysis and its showing an Ok return. Along with my existing rental  income its better.  Any thoughts Or some options?  It would be greatly appreciated. 

Thank You, Jay 

Great, I’ll give them a call, Thanks a lot. Jay

Seasoning is a time period of how long you have be paying on the loan before they will let you make changes to it . 

I’m doing mine with the commercial side, Not the conventional mortgage side. They are a little more flexible. And I can include the cost of rehabs into my loan. So if it’s a 50K house w 5k Rehab, as long as it appraises for more they will finance 55k  with 15% Down.  

I’m doing mine with the commercial side, Not the conventional mortgage side. They are a little more flexible. And I can include the cost of rehabs into my loan. So if it’s a 50K house w 5k Rehab, as long as it appraises for more they will finance 55k  with 15% Down. 

Yeah Raheem , you will take a small hit on your credit report, But it's small. Just talk to your Bank and explain exactly what you want to do. My experience has been great, I have 4 Sfr and did the BRRRR on the 1st two. My bank did require 6 months Seasoning in the loan @ 5.5 % . As far as money out of pocket, I'm usually including that rehab $ in my loan as long as it's not too much. My properties are appraising for 25-30% or more than I'm buying them for so It's working pretty well. Hope this helps.

Jay 

Hi , I'm looking for someone in my area whos up to date on the latest tax laws on rental properties. My wife and i both work and we now have 4 SFR and want to make sure we are maximizing everything we can. Any help is greatly appreciated.

Thank You,  Jay 

Ok, I’ve double checked my numbers again and after my loan payments, taxes, Ins and maintenance. I’m clearing right at $500 a month on each. Based on what I paid for each property w/a 15% Down PMT and my current appraisals. My equity is about 30K+ in each conservatively. I haven’t leveraged anything as of yet. 

Hi, I want to see if i'm going in the right direction. I have 3 SFR right now and so far has been going pretty well. They avg. $500 ea. in profit after loan pmt , taxes & Insurance and a small amount for maintenance fund are taken out. I'm buying my 4th SFR this month. What i'm looking at doing is refinancing 3 of the 4 into one pkg loan for 15yrs. Taking out the equity ( Not ALL, But a good amount) to put towards other properties and some rehab on the existing ones. Am i on the right track? Isn't that basically the same as just refinancing one at a time? it looks like it makes sense.

Thank You for any and all help.  Jay

Just a quick question. What's the time frame to not pay High Cap Gains Tax when selling. I'm working on a potential flip property. 2/2.5/2 Townhouse. ARV Of $110-115 I should get it for $55K. And put about $7500 to Repair. I don't really want to rent it, But can if needed.

Thank You, Jay