All Forum Posts by: Kim Forgione

I'm looking to buy a turnkey property soon. I've looked into a couple so far and see that their property management charges a lot for lease renewals ($175-250). They also keep the late fees if a tenant is late on rent. Is this pretty standard? Is it inflated because it's turnkey? A colleague told me renewals shouldn't cost that much and that the owner should keep late fees. Thoughts?

I'm thinking of buying a 4 bedroom SFH in Atlantic County for my brother to live in and let him rent out the other three bedrooms. But I came across some conflicting information about what constitutes a boarding/rooming in NJ and it seems our plan my be considered illegal to do in a SFH. Does anyone have any info on this? Thanks!

Do banks have a set formula insofar as accepting offers on REOs so that lowballing is a bad idea? Was dropped from about $92K to $79K and I’d like to offer $50K. Is that too low? Would they counter or just not respond? How long does it usually take to hear back on REOs? Thanks!

I haven't done my first deal yet. I'd like to BRRRR. Also considering turnkey but don't like that I can't get my money back out. I have been analyzing a lot of properties but can't seem to find a deal that makes sense using 10% vacancy, 7% maintenance, and 7% CapEx. Am I overestimating these costs? I like to play on the safe side but when I use these %'s, cash flow looks pretty poor on the properties I've looked at so far.

I stumbled across a house I'd like to buy and live in but it is not listed for sale; it hasn't been on the market for years. On the county assessors records, it says Bank of America, Plano TX owns it 100%. It appears it may have been foreclosed years ago and the bank still owns it and is not doing anything with it. Any advice on how to inquire on such a property? TIA

Newbie here still practicing deal analysis before making the plunge. Any number junkies care to see how well I'm doing with the below analysis? It's for buying land and building a triplex on it. Tenant pays all utilities. (These are researched costs; I didn't just pull the numbers out of thin air.) Would really appreciate constructive feedback to improve my skills :)

Side question: does the number in an R-zoning refer to the number of dwellings allowed per acre? I've found conflicting info on this and would like clarification. TIA!

...would you mind explaining the process? I'm a newbie interested in a property out of state. Can you do it all from afar or do you need to make at least one trip out in person to generate a SOW and/or to be there for the rehab? I plan on hiring out all work. I would love to not have to travel there in person but am not sure how I could get the estimation of rehab costs and the actual rehab part of it done from afar. TIA :)

This post led me to look up laws regarding this. I found: "training requirement often eliminates emotional support animals, therapy dogs, and comfort animals from the definition of service animal." BUT when it comes to housing laws, "HUD does not have a training requirement for service animals....Emotional support animals and comfort animals would be included as a reasonable accommodation under HUD rules." 

Seeing how easy it is to get registered for an ESA and how many people abuse this, I feel there should be more strict guidelines. Landlords should be allowed to get a pet deposit. There should be a limit to which species. I am thinking of writing a letter to HUD about this. Can't hurt. Maybe I could start a petition?

Great, thanx for the advice. I assumed that to start, but everything I read suggested otherwise

Hi. I know you don't include debt service in cap rate, but do you guys include repair costs when calculating cap rate or only the purchase price regardless of what shape the property is in? And I assume you do not include closing costs?