All Forum Posts by: Josh Mitchell

@Juanita BrazzielCould include into rent, however, you can't really add those costs on top of the rent cause that would make the condo extremely expensive, atleast in my market it would. Sometimes those HOA fees include some utilities, but you can't really raise the rent "because the tenant pays utilities" if they never even see the portion of that HOA fee going towards the specific utility. Parking was not an issue with my units, as they are both in the same building and each unit comes with 2 parking spots/storage unit.

@Juanita Brazziel

Condo's can cash flow pretty well in some areas, HOWEVER, did you include your HOA monthly fees into this calculation? Keep in mind that the HOA can vote on things and raise up HOA dues, which would eat into your profits. I own 2 condo's and although they do cash flow nicely, both of the HOA fees hurt to pay each month, not to mention they have gone up each year......

@Jeff KehlI know a couple of people who cash flow positive with their vacation rentals. If you buy in the right place, it seems to work quite well. Example: Arizona = Chicago in the winter. I think everyone I know goes there for 3-4 months of the year. Also, in those "prime" months, you can rent out the place by day/week/month for much more than you can the rest of the year. I know a couple of places that rent for $3,500/mo during Cubs training camp for example. If you can budget that and get people in the unit during the offseason, you could very easily cash flow.

Welcome to BP! You have come to the right place @Tyler Racher

@Brent Clark

Welcome! You are in the right place to learn! You should look at the webinar replays because @Brandon Turner just did one on "apartment complex investing" and has also done one on "how to attract private money". You would need to upgrade your account to watch the replay I believe, but it's well worth the small monthly charge!

@Robert Hidrogo

Before getting into any details, I am already hesitant for you. If they cannot prove to lender that they can make payments, then what makes you think they will pay you? Because they are "friends"? Do not know your friends at all, but it's funny what money can/will do to relationships. This may work for you, but I would be very cautious.

Good luck!

@Mario Cruz

Easy......put it on "red"!! Ha!

I think your best bet would be to do a flip or two as @Colin Smithmentioned above, however, if you have never done a flip before, you likely will not make that kind of money. Not saying you can't, but would be tough! Good luck!

@David Hodge @David Hutson @James Wise

As David and James both said, yes banks will consider your rental income. I have dealt with banks who will consider up to 75% of your rents. (Ex: $1,200*.75= $900, then you deduct PITI from that number) If you are wanting to continue to invest, you will need to show 2 years of landlording experience on your taxes for conventional financing with banks.

@Justin Pease

Welcome to BP! Good to have some more of us from the burbs!

@Gia Tomaszewski

Welcome to the BP community Gia!