All Forum Posts by: Ken Vogel

Im buying my first duplex. It has washer and dryer hook ups. Would it be customary to provide machines or have the tenant bring their own? I suppose it could go either way with the machines being provided adding value thus adding rental income.

Thoughts, concerns?

I have a duplex undercontract, still in the inspection period. I have the tenants signed lease that doesn't allow the to have pitbulls (along with other breeds) on the property. It turns out the tenants in fact have a pitpull. This is a sign of how poor the current out of state owner managed his property but I digress.

What would you do? I've brainstormed the possibilities as simple as asking the seller to correct problem dog prior to closing to Concessions greater than the amount of eviction process and loss rent.

I'd like to hear other potentially great ideas for this situation.

Have you tried using a platform like Homeadvisor.com?  I haven't used it for any investment property but with my own home contractors pursue me...which is great.  In the past I've called a handful and very few return my calls. 

Might be worth a shot?  

Originally posted by @Ken Vogel:

@Jack Thanks for the reply.  Can you clarify what you mean when you say, "Once you get the new property, get a note on it"  

Are you saying re-finance it with a traditional fixed rate loan or are you illuding to something else?

Thanks again  

@Jack Bobeck Thanks for the reply.  Can you clarify what you mean when you say, "Once you get the new property, get a note on it"  

Are you saying re-finance it?

Thanks again  

Ive got shallow pockets currently, looking to make my first deal in the next six months.  I own my primary residence and have $200k of equity, maybe a little more.  I also have a $70k in liquid savings and the ability to obtain a conventional loan.  What strategy would you use to finance your deal.  Cash out re-fi on the primary residence + savings or just take a loan and put 20-25% down to make the deal. 

Pros and Cons of each method please.  

Thanks for your insight!

Im new to multifamily and looking for one on the west coast. Found this is Boise and ran some numbers. Please help me confirm that this is a bad deal. My logic says that its inexpensive for local duplexes on the RMLS for a duplex and there are multiple offers already, but why? it doesnt seem to pencil out for me. Are my reserves too high? rents cant go up too much more currently. it appears to be turn key. with some outdated appliances but functional. asking/offer price 245k/250k actual mo income 1550. (775 per side, 850 might be possible) EXPENSES mortgage 1100 taxes 258.3333333 ALLOWANCES/Reserves vacancy 110 maintence 110 managment 110 capex 110 annual expense 20260 annual income 18600 cap rate -0.00664 noi 18600 why is someone even making an offer on this? or am I way off in my evaluation thanks for you insight

Hi ya'll, 

I have yet to purchase a multi-family property for the first time, but Im looking.  Im live in the Portland metro area but wouldnt be absolutely opposed to buying out of state but lean toward buying nearby so I could potentially manage the property for a few years.  Ive looked in Portland, Eugene, Medford, Boise mostly due to their proximity and accessibility to PDX.  That said, the west coast is expensive and everything on the RMLS doesnt seem to fetch current rents that make the return very lucrative.  My strategy will be to buy and hold, whereas in my mind, rents would increase and eventually make a better cash flowing vessel but margins would be thin until that time.  In a market of rapidly rising values, is getting in to a property that "would work" a dangerous proposition or Is patience a trait most BP/experienced investors dont tolerate because geographicly there are better deals to accelerate wealth faster?  what am I missing?  Is the midwest the only area where double digit return exsists with a 20% down payment.  

School me people!

Thanks, 

Ken

@Jason G., do you have suggestions?

Hello folks,

I'm looking for my first property. I have some reservations of doing major rehabs but could do minor rehab without hesitancy. Ive basically only been shown or looked into turnkey or very close to turn-key homes. I have 20-25% down for a conventional loan up to a purchase price of 400k. I live in the Portland OR market and the numbers, with all reserves (taxes, vacancies, Capex, etc) seem to consistently come up very thin or negative. Ive shopped different pricepoints in the Boise ID market too with the same results. My thinking is a Boise median home at least leaves plenty of money in the bank for reserves, but still the fact is cash flow and ROI is not appealing.

I seem to heave a couple options: start inquiring on seller financing with 10-20% down on these properties or buy a lower priced home and be willing to be satisfied with market appreciation, loan paydown, and rising rental prices (potentially) as my reward.  This, nevertheless, seems to limit adding three to five properties over the next five years a feat with a tight personal budget.  

What other options do you see in this mix? Arm loans? Would you tie up 100k on a 200k home(thid doesn't seem like a good idea to me)? Get off the MLS and peruse other methods(my radar is up but not close to fine tuned).

Doing lots of reading and will gladly accept practical advice and input

Ken