All Forum Posts by: Matthew Byers

Greetings,

I am looking at a lease and it has a clause that says "If the amount of the security depost is in excess of $50 or one month's rent, whichever is greater, and the tenant remains in possession of the premises for at lease six months, Landlord shall pat interest in excess at the rate of 5% per year to be paid annually." My question is what is the point of this clause and how exactly does it work? IE: My tenant pays $300 deposit and the rent is $600. Does this clause still apply? Thanks for any replies. 

OK done thanks guys! So what i did was enter the SFR as a rent amount and entered the Loft as a rent amount. Now this is where it gets a little tricky. When i calculate the results i get a cash flow of 25$, yes thats $25 bucks and a NOI: of 9K. Now I am an extreme beginner here but a 9K NOI seems like an error occurred in the results. What am I missing here folks? Sorry for so many questions but this is a potential property while also the first so im a bit hesitant.

How can a cash flow be $25 but a NOI of 9k?

Thank you for the reply but I am not sure I get what you mean. The goal is to live in the single family and rent out the loft but every time i run the calculator I come up with negative cash flow which I am thinking is due to my living in the residence somehow but Im not sure. This is why i was wondering how to enter the monthly income for rent on the calculator.

Is the monthly income suppose to be what the rent would be if i wasnt living there or factored with me there and how?

Is me living in the residence going to create a negative cash flow per month?

Greetings all,

So looking at some property numbers with the niffty bigger pockets calculator and I'm having a bit of a time putting the numbers together. Here is the property situation:

Single family home with a separate loft. The loft is well built and i am sure it will bring good rental at about $800 a month. Now the single family on the other hand is in need of some serious work. Im thinking about 30K in repairs/upgrades. The plan is for me to live in the single with my family and rent the loft. The issue im running into is trying to put that into the calculator. When entering rental income do i only put the 800 from the loft or do i factor in the rent from the single family that i (hopefully) would be saving by not paying rent. So should the rental income be 800 or say 1300? 

Matthew

Thank you kyle for the reply. Your post helped but me at ease at least with the up keep of stucco. Still leaves the issue of the place not having central air which means I will be on the hook for it come sale time. 

Thanks again.

Still in the hunt for some decent property buying but my lack of understanding has me worried I may pass up some good deals. Here's the situation. House for sale that comes with a in-law suite (I'm looking for rental property I can also reside in). The house is an older model stucco but has had some updates. My question (s) revolve around not knowing much about stucco in general.

The house does not have central air/heating which to a noobie like me seems just crazy but I'm hearing that stucco really doesn't require central air/heating as conventional homes do, this accurate?

Second, how does the maintenance work on such homes? Meaning does painting work the same, roofing require special steps? 

Thanks for any replies as always folks. Links, search tips, etc are especially always welcome, learn to fish versus being given one and all...

Thank you guys for the replies. 

@Brandon Turner that is excellent and I greatly appreciate the fast response as I wasn't expecting that. I am looking at homes often and this helps alot. Hope others find and can use it. Definitely a bookmark for a extremely newcomer such as myself.

Greetings all,

I am looking now into MFR's within the Ohio area, a struggle might I add.

My question involves a checklist of sorts for what I should be looking for as I'm viewing property. At the moment I am pretty much winging it when I view a property. Looking for obvious damage, carpet, leaks etc. I feel this is not an adequate assessment and I know the property will be properly inspected down the line in the process but I was wanting to see if there were things I can notice before even reaching the point of the inspector.

I thought I saw one somewhere but I cant recall. Any help,links, etc would be of great value and appreciated.

Thanks

Honestly a quadplex was my first choice but loads of reading shows that a general census is that if you are new to real estate than consider a duplex first because its smaller and easier to manage. I figured a quadplex would provide more cashflow though. Still in debate on which to go for really. Thank you very much for the link also i will definitely be reading it.

 Ah ok noted greatly appreciative for the heads up.