All Forum Posts by: Martin Neal

@Kaitlyn Pratt Depends on the scope of work. Where is the half bath?? 1st Floor?? Also depends on the plumbing. Adding a drain for the tub or shower can cost $5K-8K retail.

@Jeremy Lee I agree with @Daulton H. Keep in mind, you’re doing the buyer a favor and you set the price on the value of your money. If they don’t like it, go get traditional financing then.

@Evan McCourt One thing I was told "unofficially" by a experienced lender is to refi in your personal name for now but switch it back to the LLC afterwards. You get a better interest rate and the protection of the LLC. Just keep in mind about the ramifications of triggering the Due on Sale Clause. Otherwise, you are stuck with the higher interest rate because businesses (LLC's) have to pay the higher rate.

@Christopher Wasowicz Welcome Chris!

@Christopher Wasowicz Welcome Chris!

@Denis Davidyuk try using the rental property calculator and share it with us. I don’t know the Cleveland market so I not 100% sure on the cost. Insurance is high, $100 per month is too much. I pay $35-65 a month. Keep in mind, most investors don’t want to insure at the replacement cost but your all-in cost (65K). Traditional insurance companies like a State Farm will force the replacement cost which could be $220K or more.

@Joseph Doucet define your buying criteria. Are you looking for condos, townhouses or single family homes?? A, B, C or D neighborhoods?? What is your target return on investment 12%?? 15%?? Infinite?? How much are you willing to invest into the first deal?? What class of clientele are you looking for?? All important questions to answer to help you make an educated decision.

@Denis Davidyuk and your repairs are high, water too

@Denis David your numbers are very wrong. Start by calculating a per month basis. It looks like you’re mixing annual cost and month cost.

@Wayne Connell I would say both to cover yourself. I’ve seen it where the landlord and tenant come to a mutual agreeable amount also but again, I advocate for doing it the former way.