All Forum Posts by: Kevin Vasquez

Anything to consider buying an apartment building in MI?

I would have a pm in place of course. 

I live in Fl and hoping to get input from anyone in a similar position or general thoughts or concerns.

Looking for a new primary home and any information to off market deals would be helpful. I’ve been out the real estate game a few years now and lost contacts lol

Hey guys!

I’m showing a lot of rental opportunities in the chi market especially for multi families.I live in Florida and only know of my market, taxes, opportunities, etc 

My questions are:

Would it be a good investment to move forward?

I’d have a property manager in place. Anything I should look for?

Are the taxes considerably higher?

Anything to take into account with the seasons?

Would you invest?

Hey guys

I checked out some new construction model homes in the central fl area. Found a development that's finishing up phase 1/5. I'm able to get a new sfh 3/2 just under 1700 sqft for $246k with 9k down, hoa $160 and 9k in closing costs covered by builder. My math shows my total being just under $1560. Rent rates are $1700 but that for older and bigger homes outside the development. The agentsays some of the larger homes in there are renting in the $1700 mark also.

I figured after management fees my total will be in the $1700 ball park area. Phase 2 of the development the same home is already priced higher. I figure I can either wait till all 5 phases are complete and sell and bank off equity as worse case scenario.

Thoughts?

Hey guys

I checked out some new construction model homes in the central fl area. Found a development that’s finishing up phase 1/5. I’m able to get a new sfh 3/2 just under 1700 sqft for $246k with 9k down, hoa $160 and 9k in closing costs covered by builder. My math shows my total being just under $1560. Rent rates are $1700 but that for older and bigger homes outside the development. The agent says some of the larger homes in there are renting in the $1700 mark also. 

I figured after management fees my total will be in the $1700 ball park area. Phase 2 of the development the same home is already priced higher. I figure I can either wait till all 5 phases are complete and sell and bank off equity as worse case scenario. 

Thoughts?

Great read. Thanks for sharing man. Love the rags to riches stories. 

But I do wonder, are these mainly off market purchases?

 Thanks man. I figured getting out was the best case also. Just needed another perspective. 

So I need some advice. I bought my townhome in dec 2016. Built in 1991. The bathrooms and kitchens need an upgrade as they have the original beige cabinets. Rented the home for 2 years at $1850.

Come to find out my mortgage broker didn’t get the correct info on the taxes and my total mortgage payment went from 1800 to 2100 (for underpaying taxes originally) including the $180 hoa. Rent rates go for closer to 2k for an updated version of my home. So I’m losing money from the get but hoping for the home to appreciate to make profit on the back end

Let’s fast forward this. My tenants ended up destroying the home, had flood damage and mold. I’ve had to pay $10,500 worth of repairs. To make matters worst the property is manly stucco and wood and the subdivision is prone to termites.

I’ve had the home on the market for nearly 5 months paying the $2100. All of the potential buyers seem to flake or not qualify. Home is listed for $250k with anticipation to negotiate price.

My question is since I have a descent amount of equity is it worth keeping the home and using the equity to buy something else or should I wash my hands from this situation ?

Hey guys 

So I need some advice. I bought my townhome in dec 2016. Built in 1991. The bathrooms and kitchens need an upgrade as they have the original beige cabinets. Rented the home for 2 years at $1850.

Come to find out my mortgage broker didn’t get the correct info on the taxes and my total mortgage payment went from 1800 to 2100  (for underpaying taxes originally) including the $180 hoa. Rent rates go for closer to 2k for an updated version of my home. So I’m losing money from the get but hoping for the home to appreciate to make profit on the back end  

Let’s fast forward this. My tenants ended up destroying the home, had flood damage and mold. I’ve had to pay $10,500 worth of repairs. To make matters worst the property is manly stucco and wood and the subdivision is prone to termites. 

I’ve had the home on the market for nearly 5 months paying the $2100. All of the potential buyers seem to flake or not qualify. Home is listed for $250k with anticipation to negotiate price. 

My question is since I have a descent amount of equity is it worth keeping the home and using the equity to buy something else or should I wash my hands from this situation ?

So i found a property im interested in renting. The cost is $135k. I have a hard money lender for 80% of it so that leaves me in charge of $27k to put down. If I have an investor(s) for the $27k, how will their payment plan work including interest? 

I was thinking on offering 10% on the $27k for 60 months. 

So would it just be simple math ($27k + 10% = $29,700 divide by 60months = $495?)

Thanks!