All Forum Posts by: Andy N.

I have a SFR with about an 800 sq ft basement. The basement is concrete block and concrete floor. It has a sump pump. My renters called and said they looked down the stairs and saw their Christmas tree floating past! Luckily, the tree was the only thing down there. 2 1/2 feet of water and a few hours of pumping later the water is gone. Someone" had unplugged the sump pump. I think it was down there around a week. Do I need to do anything to prevent mold or just let it dry out? I have not had to deal with an issue like this before.

Thanks in Advance.

@Adam Johnson

You are correct.  I have a ballon payment at the end of year 10.  I am just not sure if I want to start talking longer term loans to increase cash flows. I hear of people getting longer fixed terms but the longest I can get find is 10 years.

I am currently using a small local bank for financing my rentals.  I am able to get 5% fixed for 10 years with an am of up to 30 years.  I currently have them financed for 10 years.  I don't have much cash flow each month.  But, I do know they will be paid for in ten years.  I keep a good amount of reserves so the small cash flow does not bother me. 

I have started thinking about 15-25 year terms on my next purchases.  I am just curios if anyone is willing to share what they do and their thoughts?

Thanks

Andy

Would you mind sharing what the numbers look like on one of these properties?

How would you evaluate this property? I have looked at a 5 unit building. It consist of 4 one bedroom units and 1 two Bedroom unit. It's listed for $169,900 gross rent is $1920. It has a new roof. Each unit had been updated in the last 3 years. Rent-$1920 Tax/ins $200 Lawn $70 Utilities $600 Here is the kicker....rents are about $25-$50 per unit under market. The current owner is I paying all utilities but I have no idea why. Each unit is metered separately. So with new renters That $600 a month should be recaptured.

Welcome from Hopkinsville!

We have a container service in KY. We charge $155.00 for a local run plus $40 a ton for the contents. An 30 yd will cost about $350.

What financing terms and down pmt do you all use when targeting $100-$300 per door?

Would anyone care to share exactly what documentation you keep from the time you rent a property until the time it becomes vacant? For example, Rental application, lease, move in checklist, move out checklist. I know that documentation is important. Id like to make sure that I keep adequate documentation to protect myself as a property owner.

I am mostly a reader of the forum. I have read many post on here about the 50% rule. I have question that may have already been answered. If it has please forgive me and point me in the right direction.

Its my understanding that the 50% rule tells us that 50% of your rent will go to cover everything but debt service. With that being said how long of terms do you use when evaluating a property. Seems like many that I look at don't cash flow well on 15 years but do on 30.

Thanks in Advance.

Andy