All Forum Posts by: Michael Moskos

@Tony Gaultney

What is your current living situation? I know I was originally in the same position as you with the 25% requirement. I'm not willing to pull a home equity line of credit on any of my homes either because I'm still building equity on the homes. Based on this, I realized a different strategy may work. If you purchase a property as your primary residence, you could consider the BRRRR strategy while living in the property and fixing it up? This could get yourself into a deal with a lower down payment using conventional loan, and work to fix it up in a year (or even less), then chose to refinance and rent purchase or flip if it the numbers make sense! I'd be interested to hear your thoughts on this!

Thanks for sharing finance break down and pictures. It is so helpful for someonee who is looking to do the same exact thing as you!

@Sue K., this is really helpful and your advice is probably the most realistic. It’s telling when I think about the other good tenants moving out because of his noise level. I have videos from other tenants of the screaming and yelling. Thank you!

@Isaac S., thanks for al the advice! 3-flat is in an urban area, and I never knew about the priority of police calls. Thanks!

@Trent Stone, thanks for this response! What I’m taking from this is spend time, build a relationship, and possibly help them. I love the advice. I will take your advice on the noise complaint, but after I first try the 12-pack creative solution!

Hello BP community! I own 3 rentals, and manage one of the 3! Wondering, if I have a tenant that gets intoxicated and just yells a lot, how do I handle that? There is only so much I can do on Friday night when other tenants are texting me saying the upstairs guy is screaming, and the person they are living with can’t do much about it because they have temper. I usually offer a phone call the next day, but if behavior doesn’t change I’m not sure what to do? I feel bad for the bothered tenants because they are good people, but I think something needs to be done. Does anyone have any advice?

Thank you!

-Mike M.

@Jonathan Klemm thanks for the advice!!

@Michael Plaks thanks for the advice!! This is extremely helpful!

Hello!! I own three rentals and am looking to hire an experienced accountant to support taxes for my rental properties! Anyone have referrals in Illinois? I’m from Chicago-land area.

Thanks!

@Justing Pease, thank you for sharing your flip information! I own 3 rental properties in the Midwest (18-units), and am now attempting to leap into the rehab market (BRRRR or Flip, whichever makes sense). I work in Northbrook, IL and am looking to target condo's or SFH's in the northwest suburbs. I very much appreciate the photo's in reference to the figures you provided! Extremely helpful for someone new to understand how this works! I had a couple of questions about your flip that I was hoping you could assist with! See questions listed below.

1. Are "Holding Costs" costs associated with the property sitting on the market through the rehab and sell process (i.e. any utilities, taxes, Insurance, etc.)?  

2. What is your best advice for "finding deals" in this area? I have learned the "buy" stage of the process is this most critical in terms of ensuring profitable opportunities. I know that you found this house from a referral, but wondering if you would recommend mailers, driving for dollars, etc. in this area? 

3. How do you conduct your comparable analysis? Aside from comparing to like-kind criteria (sq ft, house age, bed/bath count, garage, etc.), do you compare to the quality of homes sold to understand how much updating/remodeling is required to complete? 

4. Would you by any chance have an external document with detailed rehab information and pricing? For example, something outlining each job and the associated cost? I am looking to understand the cost of different jobs, and this is a great example where I can visualize the changes through your photo's, and map them back to a spreadsheet. If not no worries, but figured I would ask! 

Thank you so much for sharing your flip with the community! 

-Mike