All Forum Posts by: Matt B.

I think its kwikset (but not sure) that make landlord friendly door locks. you can have it set that 1 key can open all the doors and you can easily change out the lock tumblers to rekey it. basically you have a master key, while all your doors have a different key that only opens that specific one.

I think they also make solar powered w/ back up battery electric locks that you can use if your leaning in that direction.  

@Account Closed.

I can't see how you could even consider this tenant?

@Clayton Mobley I took a look at your site and I may be wrong but I don't think your numbers work out as they are presented. Example property: http://www.spartaninvest.com/properties/800-rockingham-road/

"Purchase Price: $115K"

"Estimated Rent: $1,150"

"Annual Taxes: $1,847"

"Annual Insurance: $880"

"Property Management Fee: $1,242" (9% of rent)

"Annual Net Income: $4,004 - 20% down @ 6% APR for the First 30 Years"

I put all these assumptions in my model and I don't get "$333.75 cash flow per month". The mortgage payment on a $115K house after putting 20% down with a rate of 6% over 30 years is $551.59. Monthly tax is $153.92 ($1,847/12). Monthly Insurance is $88 ($880/12). Monthly property management $103.5 ($1,242/12).

+1,150 Rent

-551.59 Mortgage

-153.92 RE tax

-88 Insurance

-103.5 Prop Mgmt

= $252.99 Monthly Cash Flow

All these figures came directly from your site with the exception of the mortgage payment amount, that was derived from the assumptions presented on your site. Also, these figures don't include any vacancy, CapEx, closing costs or maintenance & repairs.

I'm not trying to call you out. I'm just a new guy who is interested in OOS turnkey properties but the above property doesn't get the same result as the calculators on BP or my excel model. Am I missing something?  

@Matt Crawley age is just a number. if you fail or succeed in this business it wont be because of your age. yes time is a factor i.e. compounding, loan pay downs etc but you can circumvent those easily, just adjust your strategy. you can do this and make it work so long as you invest the time and effort into doing the best you can.  

I hear you. Nope, I'm not a licensed agent. i can only help you with good/bad areas from an investors point of view and anything else that only requires knowledge of the island. My rental wasn't a rental at first. So when I bought that place I was intending to live in it. Most of the island starts in the low 400k range. You can find lower but depending on your financing you may not get bank approval, and in some cases they can be war zones. 

Ok. That's very possible here. Did you have a price range? Multifamily here are few and far between. you might be able to secure a SFH and then rent out a room or two.

@Ronny Tiburcio I can tell you anything you want to know about SI. I was born here and lived here most of my life. I also have a rental on the island as well. what type of investing are you looking to do i.e. flips, buy and hold etc.?

@Ronny Tiburcio I wasn't aware SI had any meet-ups. I mostly see them in Manhattan.  

As long as the numbers still work with 600 a month, I would find the best possible tenant out of that pool of applicants and run with them. You could always increase rent to market rates over time. I'm not sure of the laws surrounding you changing the price after its been published.