All Forum Posts by: John Smith

any ideas on what I can do? I am guessing they'll attribute it to some clerical error if I ask them directly. What options do I have to verify something like this?

My property management owner portal shows all work orders and repairs submitted. In a recent repair, the work order file uploaded had a filename with a different address in it. It went something like "workorder# 11232 - Work completed - <address of the property>.pdf". the address listed in the filename was completely different and in a different state than my rental property.

This made me suspicious and it feels like the same work order is being used for multiple properties and they forgot to update the address in the filename before uploading it to my portal.

How can I verify this? If it's indeed true, what options do I have?

It started off great and first 6 months there were no issues, but lately for the last few months, there have been some sort of repairs every month. And since it's below the reserve threshold, I don't get notified either for approval. 

Thanks Jennifer! 12 month rental history seems fine - all units were occupied and one became vacant towards the end of the year. I don't think they give rent rolls beyond 12 months?

There's hardly any rental inventory in Mt. Vernon. Currently, only three studio apartments are available. Not sure what the demand is like in Mt.Vernon, but such a low inventory can be a good thing right if demand is high enough?

I am looking to buy a MF property in Mount Vernon. The building has all studio units. What's the rental market like in Mount Vernon for studio apartments? Will there be enough renters or will the units be vacant for a long time?

Thanks in advance!

I am in a dilemma and need help. I am under contract for a SFR in Ferguson, MO that I found through roofstock. The property has good cashflow with a section 8 tenant and all numbers are looking good. Only problem is I got to know about the really bad neighborhoods in the Ferguson area from a local insurance agent and am getting second thoughts if I should even go with this.
The home was appraised for about the same value but am not sure if the appraisal can be trusted completely as lot can change in even a half mile distance in this area.

The home is near the forestwood park area in the 63135 zip code. It’s 3 bd 1 ba, 1320 sqft and the purchase price is $107k

Would I be able to sell this property later? Is the area really bad for resale? I am ok investing in class c properties as long as I get good cashflow and don’t have issues selling the home later. Or should I forego my earnest money and back out now?

Thanks for the responses everyone. I will update here on what I end up doing! I'll look in loopnet and other places to find the markets with the cashflow I am looking for. 

I own a SF investment home that appreciated in value quite a bit. My current return on equity is quite low so I want to cash out and invest into a bigger property with much better ROE using 1031 exchange. The problem is I am not able to find decent MF properties in WA state that can give me a decent cash flow - my main goal is cash flow and not appreciation so I am looking at something that can fetch me close to 10% cash-on-cash return.

So, I am thinking of looking at properties out of state, but I don't know any out of state agents that can help me with finding good deals.

Any pointers on how to find good out of state agents that can help me with MF properties? Also, is 10% cash-on-cash return a reasonable expectation?

My equity is about 350K and I am looking at MFs in the range 1.2-1.3M so a 10% return would mean a cash flow of 30-35K