All Forum Posts by: Kelly Skeval

I think Nick G. Is spot on! Keep your debt low, write your goals down and stay focused. The wealth doesn't come overnight. I started investing at age 25 and now 8 years later we are really seeing a difference in our financial picture. We were as frugal as possible for the first few years. If I had to do it again, I would, but even younger! Sounds to me like you're going to do extremely well!

I am in the middle of purchasing a 4-unit from an acquaintance/friend and it's been a great process; friendly and easy for both of us.  All four of the leases will end shortly before we're able to close and the seller is asking how I would like him to proceed.  I have not had an in depth conversation to learn if anyone is interested in resigning.  My understanding is that this is a good group of tenants who pay their rent and behave.  I've been in their apartments and they're clean.  I know that one apartment is very under rented with a tenant who has been there about 5 years and this landlord has not had the heart to raise the rent. He also told me another one is slightly under rented as well.  All of the apartments can use some TLC and I'll renovate and upgrade as tenants leave so I am able to increase rent.  Although this seller reports all of the tenants pay their rents on time ( and I do believe him) we screen our tenants differently and I tend to be more select so I'm not sure I'd like him to be the one screening and replacing tenants.  

I'm looking for advise on the under rented, long term tenant situation and how to handle the fact that all of the leases are ending.  The seller is easy to work with so I'm sure anything I request he will go along with. Do I allow everyone who is interested in resigning to do so? Should I up their rents slightly? 

@Ali Boone  @Larry Fried Thank you both for the informative responses!

Hello! I've been a member of bigger pockets for a few months but have not introduced myself yet. My name is Kelly and I am from Central New York. I've acquired 3 duplexes in the past 5 years. I'm a part time veterinary technician and stay home with my 2 small children (thanks to our real estate income)! My husband is very involved with our rental properties too.

We are interested in expanding our real estate portfolio. I like buy and hold multi units and have a serious interest in mobile home parks but ultimately just want to invest in whatever makes sense and will work for us. My husband is more interested in flips. 

Most recently we have been discussing investing out of state since the taxes in NYS are outrages. I'm interested to hear where the best places to invest in buy and hold real estate are? Our current properties are in a college town. I've just begun research on the Richmond, VA area where we have family but would like to hear the opinions of some seasoned investors.

Thank you to those who take the time to offer your expertise on this site. I have learned so much in the short time I've been a member.

Thank you Howard and Curt. I appreciate your feedback.

Thank you Curt.  What do you think about the market area?

Hello. I’ve been researching MHP investing for awhile now. I’d like to acquire the right park and plan to attend the Mobile Home University bootcamp in May. Until then, I have a park that has sparked my interest and I was hoping to get some feedback from the experts.

23 lots built in mid 70’s Asking price: $475,000

11 tenant owned $315/mo. Last increase Nov 2014

11 rent to own $665/mo

Municipal water and sewer-Tenants pays water

Roads are not paved

Reported expenses $41,556

Seller would like buyer to assume $180,000 loan. If anyone could elaborate on assumptions and wrap loans I’d appreciate that too.

They’ve attached some paperwork that is a bit confusing, assessed value $97,800 in 2009, 2010, and 2011 according to one paper. This same paper reports market value as 111,000 in ’09, $116,000 in ’10 and $97,000 in 2011.

A similar looking paper provided lists assessed value as $190,000 in ’09,’10 and ’11. Market value as $218,000 in ’09, $227,000 in ’10, and $190,000 in ’11.

Why would the market value decrease?

Population is about 6,000

45 miles to closest city of 200,000

45 miles to closest city of 50,000

Median annual income $55,000

Average cost of home around $100,000

Couldn’t find much on rentals found a 1BR for $550 and 3 bedroom townhouse for $750

6 colleges within 30 miles

A casino is being built in a town 15 miles away

Listing agent said to make an offer. Based on what I’ve learned (if I’ve got it right) 11*315*70= 242,550 and value the rent to own homes as about $5,000 each for a total of $55,000 for a total value of $297,550. Did I get this right?

Thoughts and suggestions are very much appreciated. If I’ve left off any important information please let me know and I’ll do my best to provide it.

Hello,

I am hoping to get some advice on an opportunity I have to purchase a triplex.  I currently own 3 duplexes and have been a landlord for 5 years now but this would be my first triplex and largest purchase.

I live in Central NY area and a college town where we have a strong rental market and this property is right downtown in a desirable area.  The asking price is $300,000.  It has a 3 bedroom ($1300/mo, seller reports same tenants for 3 years and rent could be higher but chose to keep it at original lease rent), 2 bedroom( $1150/mo)  and 1 bedroom apartment (850/mo).  The 3 bed unit pays it's own utilities while the 1 and 2 bed apartments pay their own electric and cooking gas but owner pays the heat.  Unfortunately I'm not sure what that number is.  Annual taxes look to be $6500. I estimate insurance to be $950.  I plan to self manage and I'm having trouble determining vacancy rate and maintenance.  In the 5 years I've owned my duplexes I've never had a complete vacancy, as I said we have a strong rental market here.  I feel as though 10% is too high.  As for maintenance 10% is high for my other properties but maybe this one requires more work.

For the purchase I will use a commercial loan at 5% interest and 25 year term(assumed interest rate, may be lower) for 80% and the seller is willing to finance the other 20% at a 1/2 point higher than the bank with same term. 

I've run the numbers and they look ok especially considering I will be financing the entire purchase but this triplex is a little out of my comfort zone so I'm hoping to get some feedback from experienced number crunchers! Thank you advance!