All Forum Posts by: Marco G.

@Jay Mersfelder

Hi Jay. It’s hard to give you advice without more information. I’d use the calculators on this site and play around with some properties you’re considering to see how they pencil out under various assumptions.

Best of luck.

@Nic S. HVAC seems ripe for rip-off from management. Big ticket item with urgency. I saved $2k the last time I had a manager tell me something had to be replaced ASAP. I sent a vendor I know and the same work was done for $2k less from a smaller shop.

@Mark Cruse is right. Sometimes it comes in batches but over the longer timeframe it smooths out.

Two out of the last three years I had NO vacancy and minimal repairs/maintenance. Great years. The year in the middle is where I had three years’ worth of turnover, two AC’s go out and replaced a roof. That year was a really tight year.

@Nic S.

I think you’ll be ok. You learn from this and can plan better going forward. Six months would fine for me. If you dipped into your RE budget that’s ok because this is RE! You probably mean for acquisition, but it’s not like you’re dipping into your food budget or borrowing.

@Nic S.

Is the problem that you’re in a temporary cash crunch because you have too much to do and not getting money because properties are vacant while you do the rehab?

If you bit more than you can chew that’s a lesson to be learned but the answer isn’t to give up if you can get through it.

What will it look like once the work is done and you are generating revenue? How long will that take and what will your cash position be at that point?

Even if the numbers look good when you’re done, but your cash position will be bad, you can sell one and replenish your reserves.

You might have just put yourself in a bind, but you have to see what it looks like at the end, determine whether you can get there, and what you will do once you’ve reached that point.

On the other hand, if you paid too much and you’re going to be upside down after you’ve finished everything and spent a lot of money with negative cash flow, that’s a different story and maybe you need to cut your losses.

Good luck.

@Raj Kaushal

Bought multiple sight unseen. Gotta have boots on the ground and eyeballs you can trust. Agent takes hundreds of photos, gets me detailed inspections and I consult with multiple PM about area etc. if unfamiliar. Getting started (and not burned) is the hardest part.

@Jeff M.

I think around 60 days is pretty standard for refi these days. They prioritize purchases given escrow deadlines. It is a busy time.

@Mahmuda L.

Can you rent it by the room? Or to a group of roommates? Or airbnb it yourself?

I’d be very weary of the tenant run airbnb liability.

@James Mcsweeney

I did this for years in the $1150 to $1250 range. The rest of the house was furnished since I was living there, just the room was vacant. And I included utilities and wifi access. That was early 2010’s in Los Angeles. I priced it based on my area and “room for rent” ads on Craigslist. Not sure if that’s still the place to look. Look for roommate advertisements in your area where people want to split a multi bedroom apartment.

@Tauna Eranio

Charges are easy. Someone from the prosecutor’s office puts your name on a criminal complaint and files it.

If your tenant is out of custody, then rent should be paid all the same unless there is a resulting work/income interruption. If your tenants are in custody, you have a different problem. Someone will reach out to you, or you will use emergency contacts from application. If the rent is paid, great.

Either way, nothing substantive will happen at this coming court date.

I highly doubt any lease allows for termination ups accusing. Could you imagine that world?

How did you find out about all this?