All Forum Posts by: Michael Holmes

@Account Closed thanks for your perspective!  It’s 3 units in an established 96 unit development.

Thanks @Jaysen Medhurst!  I include floors, appliances, etc in my maintenance/repairs category so I think I'm good there but you make a good point about large expenses and potential special assessments.

How are folks adjusting their maintenance/repair and cap ex expense estimates when an HOA is present? My thought is that maintenance/repair would stay the same, but eliminate the cap ex since the HOA covers those types of expenses (roofs, sidewalks, exterior painting, etc). What do others do?

@Colton Howell currently fourplexes and smaller but the goal is to move toward larger properties.

@Koki Agata will do!  Looked at a few properties last Sunday and going to look at a few more tomorrow 🤞

Thanks @James Wong! I'm using conventional lending, either 75% or 80% LTV depending on the property.

Thanks @Mike D'Arrigo!  I'm using the rental property calculator on this site and it's just one of the inputs.  To your point however it doesn't seem to impact the monthly cash flow number and only impacts the "profit if sold" metric.

Hey All - I'm in the process of looking for "great deals" but having a hard time coming up with anything that meets my minimum cash flow and cash on cash ROI expectations. Ideally I'd like to see $200 cash flow and 12% or greater CoC ROI. I've run the analysis on just under 50 multi-family properties and none seem to meet this criteria. In my analysis I'm also using the following estimates for expenses:

- Vacancy 5%

- Maintenance and Repairs 5%

- Cap Ex 5%

- Property Management 10%

- Future Sale 8%

- Insurance $100

What are others finding in the Kansas City and surrounding market?

@Maurice Dydell - I'll see you there

Hey Maurice - 

I'm pretty new to this game as well other than the quick flip turned buy and hold that I reference in my profile.  I think we share similar interests from a niche perspective.  I'm looking for multi-unit properties that need a little work and am open to anywhere within about 2 hours of the Kansas City metro.  I'm still doing a lot of learning so not sure that I'm the best candidate to partner with but would be interested in connecting.