All Forum Posts by: Matt B.

@John Spina jr I wouldn't mind meeting up with everyone. I don't invest in NY anymore but I'm more than happy to meet up and share any knowledge I may have.

@John Gilliam you should have gotten a detailed report with pictures and receipts for the damages and repairs from the management company. I would ask for this info before sending over any money. I would also be expecting the management company (depending on your contract) to go after the tenant that caused the damages and skipped town. To me that falles under managing the property.

@Jeshua Patrick beat me to it!

@Nicole Wood I have never "house hacked" per se but I wouldn't house hack with a stranger and my children in the same unit. I would be to concerned with their safety. If you are getting a duplex or something like that then that's different but if your talking about renting a room or two in your house I wouldn't. I'm sure everything would work out fine but that's two much risk for me personally.      

I use lowes CC. they give me 5% back on all purchases. I haven't used their contracting but I buy all my stuff from them.

@Jay Hinrichs I understand what your saying. I guess I just didn't expect that some TK providers would remove the unknowns and show an incomplete picture.

@Jay Hinrichs So I'm going to chalk this one up to my inexperience with TK properties but how can a company pride themselves on honesty then present $333.75 monthly cash flow when it reality its more like $139 (+/- 50) monthly cash flow? To me that's like closing with a rate of 4% and getting the first mortgage statement showing 6% because the lender didn't include the pen fee of 1% and the paper fee of 1%.

@Jay Hinrichs I get what your saying but even if you assume zero for vacancy, capex and maintenance, I still don't get to his number.

Also, I get that capex, vacancy and maintenance are not static/known but shouldn't any investor factor something in for those regardless of how small they may be? assume $1,150 rent as indicated above, a 1 month vacancy due to turn over has an impact of -$96 per month spread out over the year. I think its unreasonable to forecast zero vacancy for any property since we know its a matter of when not if there will be a vacancy. even maintenance as another example, do we know what will break, no, but we know something will break or need to be replaced/updated. so we should put something in to account for it.

I'm a firm believer that anyone presenting financials should account for the unknown. As far as I'm concerned if I purchased a TK property and there was no forecast in the financials for vacancy and a vacancy occurs, the TK provider should be reimbursing me for my loss due to their failure to adequately account for it.     

@Account Closed My rental isn't owner occupied so I cant really help you there but one piece if advice I see going around a lot was 1) wish they started sooner and 2) made sure they had large cash reserves for the unexpected and/or economic downturns. 

@Aubrey P. what about this: https://www.electronichouse.com/home-security/ces-2017-brinks-smart-lock-powered-built-solar-panel/

also, this is the kwikset key I was talking about: https://www.kwikset.com/smart-security.aspx