All Forum Posts by: Justin S.
Justin S. has started 4 posts and replied 61 times.
Post: A lot of people are being misled
- Investor
- Jackson, OH
- Posts 64
- Votes 20
Originally posted by @Scott Schultz:
Originally posted by @Brice Hall:
still cherry picking. Whats your angle anyways? Trying to get people to buy your losers? or just haven't been doing this long enough to understand the long term irr?
So Brice, What properties do you suggest? if you are basing it on the CapEx chart, it doesnt matter if its a $30K PIG, or $750K McMansion, the CapEx will still be there, and as the values go up so soes the quality requirements of materials and workmanship, a Roof on a 1000 sq foot ranch may be $4K, but on a 4000 sq ft multi angle 2+ story, that roof may be $30-$40K. and if you look to multi family, the expenses may be disbursed over more units, but the rents tend to be lower in a complex than SFRs, and the maintenance required is more, everything is bigger, you have fire sprinklers, tht have to be inspected annually, common areas you must upkeep, and you probably wont have the tenant cutting the grass or removing the snow either.
I would really like to know where you think the sweet spot is?
I think that's what @Brice Hall is truly searching for- someone to convince him where that sweet spot is. He has no problem casting shadows but it's truly with the hope of seeing the light. Good Luck, Brice! You can do it!
Post: How To Get Rid of Tenant After The House Tested Positive for Meth
- Investor
- Jackson, OH
- Posts 64
- Votes 20
So, in Ohio, a positive test within the home will result in a condemnation pending remediation. I would check with whatever your equivalent to our Health Department is. If it's the same in Co, that would obviate the need for an eviction. Good luck.
Post: (15 DD Period) Termites, Theft, and Structural Damage!
- Investor
- Jackson, OH
- Posts 64
- Votes 20
Originally posted by @Justin S.:
@Rosston Smith Could you provide the expected gross rents and expenses? Sounds like I would be looking for another deal unless the numbers are fantastic.
Gross rents with both units rented will be $500/mo for the 1/1, and $700mo for the 4/2, those are my low estimates. Regarding expenses, I don't know too much of those yet. I know my mortgage payment will be between $750mo-$850mo. Have not yet officially got an estimate on repairs.
@ 1,200 in Gross Rents with an $850.00 mortgage payment, after maintenance, CapEx and vacancy, where do you expect cash flow? Is the $850 with the full rehab budget?
To me, the numbers don't make sense especially in light of the added expense of the necessary repairs.
Just my opinion, but I would walk away.
I recently bought a small Duplex @ $22,500 with a $35K rehab. I'm all in @ $57,500. It has an ARV of $90K and I am doing a Cash Out Refi with PITI @ $550. Gross Rents @$1200. My margins are still tighter than what I want but it gets me to my next project and a sale within 3-4 years utilizing a 1031 exchange. It still cash flows and a sale in the 3-4 year window allows a quality duplex that should bring 85-95k sale price without any immediately foreseeable CapEx which makes it more attractive for a buyer.
Post: (15 DD Period) Termites, Theft, and Structural Damage!
- Investor
- Jackson, OH
- Posts 64
- Votes 20
@Rosston Smith Could you provide the expected gross rents and expenses? Sounds like I would be looking for another deal unless the numbers are fantastic.
Post: A lot of people are being misled
- Investor
- Jackson, OH
- Posts 64
- Votes 20
I suggest a webinar for more in depth discussion on this topic. If nothing else, this thread has caused me pause to reanalyze some of my previous thoughts. I appreciate the discussion but am now second guessing some of my decision making.
Post: Purchased my first property!
- Investor
- Jackson, OH
- Posts 64
- Votes 20
Congratulations @Gabriel H.! Sounds like a fantastic setup for a first property!
Post: Do you know any tricks to make a leaning house look like it's not
- Investor
- Jackson, OH
- Posts 64
- Votes 20
Great suggestion @Dawn Anastasi. (-: I am a firm believer in doing it right. If there is no profit available after budgeting for necessary and appropriate repairs, the deal is not the right deal.
Post: Do you know any tricks to make a leaning house look like it's not
- Investor
- Jackson, OH
- Posts 64
- Votes 20
We are "fixing the lean."
Post: Landlord Won't Return Deposit San Diego, CA
- Investor
- Jackson, OH
- Posts 64
- Votes 20
@Account Closed will be limited to the $10,000.00. It just depends on Chase's goals. Just get the 2,500? Small claims should be fine. Attempt to teach a lesson? Small Claims may limit his ability. Again, a consult with an attorney is definitely worth the time.
Post: Waving goodbye to flipping and hello to apartments.
- Investor
- Jackson, OH
- Posts 64
- Votes 20
This is the type of story I could read all day long. Congratulations on your successes!