All Forum Posts by: Manuel Scott

Hey guys. I have about 400k in equity in my home and another rental property. I already own 30 doors, but I’m trying to get to 100. Would you pull out that equity to buy a 1.3-1.6m apartment building or would you leave that equity alone and continue to build up your savings to get a 25-30% down payment? I’m torn between paying off home and quad from work income ( I owe about 200k total) or pulling out money to invest for more cash flow. Any wisdom appreciated.

Thx!

 I am local, but there is a property manager in place who I would probably hire to maintain the property.  I drove through the area, and it looked quite nice during the day. However, I'll probably go this weekend to see what the area is like at night.  

Thank you for chiming in.

 You're correct. They invested over 30k on capex, but several of the units still need to be renovated.  I'll factor those in as well. Thank you.

 You are probably correct. I'll double-check with my broker to see if I I misheard her. Thank you.

Yes, 100k difference plus downpayment.

You're correct, the property manager is part time and odes not live on the premises.  However, he's done a good job of improving the property, the tenants, and the area.  

Hey guys,

I'm about to put a 20-unit property under contract, and would appreciate your insight.

The property consists of 20 units, fully rented in a C area. 15 people on waiting list. I viewed the property with the manager, and the units are nice. Most units bring in $400/mo; the few that have been renovated are pulling in $600/mo. So there appears to be a nice value-add opportunity here. 

Asking, $750k, but appraised at $650k.

Income: $9,500/mo

Expenses: $2,900/mo (insurance, taxes, maintenance, property manager, etc)

Debt service: $2800/mo (20% down, 4% interest-rate, 30 yr)

Cash Flow: $3,800/mo

It's been operated like a mom-n-pop property, so we don't have rent rolls yet, but from what I have listed above, the numbers seem to work, even at asking.  

This will have been our biggest investment so far (we have a quad and a couple SFR), but want to avoid any blunders. Please help.

Manny

@Michael Le Thank you. 

I owe 150k on my home, and the home is now worth 300k.  How can I take that 150k of equity in my home and pay off the 150k that I owe?  Is that possible? How can I pay off this home with the equity that is already in the home?  

Please give me some guidance here, because my wife and I would like to use the money we have saved to invest in multi-families.  

Hey.

Manny here. I own a few SFR, and one Quad. I'm looking to invest in apartment buildings now, and I'm looking for deals, brokers, agents, and advice.

Thanks,

Manny

Please send me more information: [email protected]