All Forum Posts by: Account Closed

@Joshua J Cawthorn - I will try to update the link to the report as I continue to make updates! It looks like the original link will show the original report and not the updated one. Also I completely agree, there is a lot of competition for multiunit properties! 

@Sam Shueh

Thanks for the feedback! I have updated the #s to account for higher property management fees. 

Regarding the water and trash, it was an estimate but I am currently working on getting actual expenses so I hope to be updating that soon as well. 

Regarding the insurance, I have received an update from Farmers Insurance (recommended to me by my lender) and they gave me a quote of an annual premium of 1432.76. The residential property coverages this price includes is dwelling, separate structures, personal property, loss of use, personal liability and medical payments to others. I have gone ahead and updated my #s with that. 

About the 4% interest, my lender was able to lock me at this rate but I also am paying 2 points to buy down the interest. I originally lumped it into my closing costs but I have separated that in my report for better visibility. 

Thanks for the tip on the covered carport! I will definitely be checking in on that!

@Dan H. Thanks for the feedback!

I increased the maintenance (4%) and capex (8%), I am still relatively new to REI so I wasn't really sure how much to account for there.

I do plan on occupying the property, so the interest rate I plugged in is what I got from the the lender that I am currently working with. However, I would like to add that I was plannin on buying 2 points to lower the interest rate to 4%. I originally lumped it into closing costs, but have separated it in the report now.

I increased the PM fee, I will have to self manage in the beginning since it will be owner occupied. However, I increased the PM fee anyway to account for it as in the future I may not want to self manage.

Regarding how much more rent I can get for an extra BR, I have also did some research on this and if I am being conservative I think I can get around ~300-400 more in rent. I spoke to a couple of property management companies and they mentioned the same. 

Given the fact that we are at the top of the market cycle and a recession is looming over us, I don't expect this property to appreciate soon. I am not too sure about rent appreciation, I am still pretty new to real estate investing, so this is not an area that I am too familiar with. I do expect that we would be able to raise rent over the years with the renewal of leases. 

Currently I do think the only value adds are adding a BR and converting the garage in the future. There is a small storage shed on the property that is air conditioned, I haven't really looked too into yet but I think this could also be rented out at an extra charge possibly?

Thanks for the feedback!

@Jake S. Thanks for the feedback!

To answer your question, I am relatively comfortable with that rent amount. I have talked to a few property management companies, checked on rentometer and also few apps that have current rental listings in that area. In addition the smaller unit is already being rented out for ~1750.

I completely agree on the fact that the property management should be higher. I initially put down 5% as I am planning on moving in to one of the rooms and self-managing, but I should think about the costs of having it completely managed by a property management company. I will update that!

Regarding the interest rate, I plan on moving in to one of the rooms for at least a year, I am currently working with a lender who send me the closing costs worksheet which is where I got the 4% from. 

Regarding the home insurance, to be honest I got this estimate from my lender, but I have reached out to an insurance company for quotes on this. Hoping to receive those tomorrow so I plan on updating it then. 

Thanks for the input on capex/repairs! I will rerun the #s with a higher %. 
 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Help me analyze this duplex property located in San Diego. The rental income is based on how much it could rent for AS IS. However, one of the units has a lot of sq ft to be able to add another room. In addition, the garage already has dry wall and I think in the future there could be a possibility of converting it into a studio. 

Any feedback is greatly appreciated!

Thanks for the recommendation! 

Thanks for the recommendations! 

Hi all, 

Looking for recommendations on Home Inspector Companies in San Diego, CA. I would really appreciate any recommendations I can get.

Thanks,

Jessica

Thanks for the insight Robert! This is super helpful!