All Forum Posts by: Jessie Niu

1. "However, the tenant (the customer) doesn't seem to get much out of the RE business." I don' agree. The tenants need a place to live and I provide quality living for them.

2. I buy distressed properties, rehab, then rent out or sell. It's good for the community. Nobody wants a vacant run-down property on their street.

3. Everyone in my team benefits financially: realtor, CPA, atty, contractors...

4. And more...

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Originally posted by @Cal Rohrman:

Actually I am just asking them to leave and they are being responsive. Their are reasons behind this but to long to type out. Everythig is going smoothly and I have their security deposit but I just wanted to ask if I can negotiate with them to see if we can meet somewhere in the middle because I have no proof of them ruining things.

Do you guys think I should ask her to clean all the carpets, fill in all drywall, and make sure all appliances are properly working? Is there anything else I should add?

Thanks for your guys feedback I really apperciate it.

yes I would ask them to clean as much as they can, and I wouldn't worry about dry wall, I'd rather have my own guys do it.

1 Vote

I would sell.

1. Appreciation is speculation, that $270k equity is DEAD unless you sell it and cash out. You could use the $270k to reinvest.

2. $400 cashflow on a $500k property?? Way too low.

3. Not a fan of condo, I personally will never buy a condo, don't like the idea that my property is controlled by HOA.

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Originally posted by @Sunny Burns:

@Hardik Patel the quadplex we currently live in was listed on the MLS for $475,000. It was a REO property under a first time home buyer program, so for the first 12 days only non-investors, people who would live on the property could bid on it.

Listing Price: $475,000
Offer Price: $480,000 [offer sent on 6/22/15]
Purchase Price: $430,000[closed on 10/7/15]
Down Payment: $43,000 [10% down, No PMI]
Closing Costs: $9,842
Mortgage Loan Amount: $387,000
Interest Rate: 3.99%

The second property was a for sale by owner we just found off Craigslist.

How did you get purchase price to $430k from $480k offer price ??

1 Vote

Originally posted by @Macintyre Gallagher:

What exactly do you do when you "trade up" from multifamily homes to and apartment complex? I've read a bunch where people said they traded up and used the equity they had, does that mean they sell the multifamily homes and buy the apartment complex??

What are the actions of trading up?

You can 1031 it.

1 Vote

Originally posted by @Sean Gummer:

Here are the numbers I am using. Purchase price of $699,000, 25% down ($174,750), 5.25% on a 30 year note (found a bank that will jump up to 30 years). Annual taxes are $5502 and I have an insurance quote of about $2000. P/I + Escrow comes to $3500. Gross rental income is $6818 as posted by the current management company.

$6818 - $3500 = $3318. I put in a 5% vacancy rate, bringing my estimated monthly net income to $2978. My partner and I will have $20k in an account for repairs, therefor there will be no additional expenses. My model has a cap rate of 9.14% at this point.

I can't see anywhere that I am too far off, but judging by what folks are saying here I am missing something. So, what am I missing? Thanks again for all the input.

The operating expenses & vacancy cost need to be at least around 50%, then plus PTI, you don't have much cashflow left.

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Did the seller ask for $700k? What's your deal analysis look like?

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Originally posted by @Kevin Vandenboss:

is 6,818 the monthly gross rent or the NOI? If that's the NOI then that's a great cap rate and probably a great buy.

Sounds like gross instead of NOI.

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That's great!!! What's your next move?

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I love cozy, very convenient! I use it to charge rent, never received online applications through it though. People still prefer paper applications.

My rentals are in C area, but my tenants have internet access and they are comfortable using it. For the ones who don't, just ask them to mail check, not that big of deal.

The cons is that it takes whole week for money to be transferred to my account.

0 Votes

All Forum Posts by: Jessie Niu

Jessie Niu has started 14 posts and replied 208 times.

Post: What Value do we Add?

Post: No Landlord-Tenant checklist

Post: What should I do? Sell or continue to own a cash flow condo?

Post: 27yo househacked 2 props in 2 years - Worth $1M and $100k/rent

Post: Trading Up: Multifamily homes to Apartment Complex

Post: Opportunity for a 12 unit complex - Requirements?

Post: Opportunity for a 12 unit complex - Requirements?

Post: Opportunity for a 12 unit complex - Requirements?

Post: How I Doubled the Value of my 8-Plex in 8 months!

Post: First time using Cozy