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All Forum Posts by: Nitin John Abraham

Nitin John Abraham has started 36 posts and replied 76 times.

Post: Raytown Cul-de-sac Duplex#2

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Raytown.

Purchase price: $145,000
Cash invested: $36,250

Identical to my first property and was also purchase at the same time as the first duplex from the same seller.

Post: Raytown Cul-de-Sac Duplex #1

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Raytown.

Purchase price: $145,000
Cash invested: $36,250

Duplex on a cul-de-sac.

What made you interested in investing in this type of deal?

Being my first property the fact that it was occupied and would immediately cash flow made it an easier for me to being my real estate journey

How did you find this deal and how did you negotiate it?

Found on the MLS through my Agent.

How did you finance this deal?

Conventional financing through my bank.

Post: Anyone using 2 Cell Phones?

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

@Michelle Belinfante

Most new phones have the ability to have 2 SIM cards. 1 physical sim and 1 esim, which can then host 2 phone numbers if you need.

This way you can carry 1 phone with 2 numbers if needed

Post: Refinance under an LLC?

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

@Kevin Murray

I have residentialproperties under an LLC but they were bought as Residential loans then put in a land trust and then moved into the land trust.

All of the banks I have talked to so far (close to 20), plus a few brokers have not been able to finance any residential loans directly into an LLC.

The issue with the land trust route is that everyone you want to refi you have to pull the property out of the land trust.

I also have consolidate Residential loans into a commercial portfolio loan which was in an LLC and was easy to do.

However it took see searching to find the right bank to partner with.

Hope this helps.

Post: Rehabbing a property without a GC

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

If this is your first one i would recommend a GC. watch how they do the work and then try to take on the project once you have an understanding of work flow.

for example here is a workflow -  electrical and plumbing - rough in of all walls, then inspections, then insulation, then drywall with screw inspections then tape and paint.

Inside the home work from top down meaning ceiling work first, flooring last. rough in ceilings, drywall, tape paint

Watch some videos on youtube as there are a ton of people who have done it by themselves.

If you hire the GC and you can go and visit the site daily (although being an out of town flip not sure if you can do this)and take notes and watch them it will teach you a lot. the 15 - 20% you pay the GC will be worth it.

If you want to self manage you have to be there everyday, i just don't see any other way to ensure quality work and schedule.

Please watch some videos about hiring and payment structure for the GC. do not pay in advance.....

hope this helps ! good luck

Post: Refinancing with cashout after 5 properties

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

@Carlotta Hall i have encountered the 4 home limit when i have tried to use the same bank for all of them. 

i have had no problem getting up to 9 homes with different lenders. i have now moved onto commercial loans. IMO i would stick with the residential loans till you get up to the 10 financed home Fannie/Freddie limit since the rates and terms are better than commercial loans.

Post: How to find projected property tax in Kansas City

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

joshua, i use firefox or internet explorer to open the site, everytime i use chrome it says the link is unsafe and does not let me open it.

i also use this parcel map, hopefully this will help as well

https://jcgis.jacksongov.org/a...

Post: Purchasing a home with current tenants? in KCMO

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

I have purchased multiple homes in KCMO with tenants. Most of them I have had good luck with the tenants. once purchased, I have had my PM reach out and see if there are any maintenance items that have not been addressed  by the previous LL and proactively attended to them.

Addressing these items have kept my tenant happy. Additionally with consultation from my PM i have waived late fees for rent payment due to COVID issues and such.

My goal is to do my best to take care of the tenants as i belive that will result in them taking care of the home and being responsible tenants.

I would suggest that prior to purchase you write up an agreement or agree with the seller to put some $'s in escrow to fix any big ticket items that they have neglected or deferred maintenance on. I would also go a step further and ask that they provide a letter from the current tenant that there are no maintenance items that they have requested that have not been attended to date.

Hopefully this would ensure that you do get hit with a dozen items to fix as soon as you buy the place. this has happened to me 2 or 3 times. 

 On the negative side i also bought a place 8 months ago and have not received any rent so that is possibe as well... 

good luck!

Post: Real Estate Meet Ups in Kansas City, MO

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

@Nathan Roberts thank you! I will definitely look into it!

Post: Real Estate Meet Ups in Kansas City, MO

Nitin John Abraham
Pro Member
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 80
  • Votes 22

Hi All, I am an investor in the Kansas City, MO area and live out of state. I would love to connect with people that are in the KCMO market and was wondering if there are any virtual meets up that are currently happening?

Would love to Network!