All Forum Posts by: Miguel Rubio

I agree, small claim court is your best bet to recover your money. It is emotional draining even if you win though. Sometimes is better to find a way to settle outside the court . I don’t see any possible problems if you loose. Except court cost and time waisted. Good luck.

Hello Roberto, Are you interested in a vacant lot? I have a interested seller. It is clear ready to build. Houses in same street are selling for $1.1 millions. He is asking 450k. Falls Church (not city) Let me know Thanks Miguel.

Hi Mike, What kind of advice are you looking for? If any. Let's us know so we can help.

Hi Justin, Pro forma is typically the #'s that the listing agent or owner will use to show how well the building is cash flowing. But cense is in there best interest to show a higher cash flow, they will omit some expenses to make it looks better. The real cap rate is after you do your own do diligence and analysis to determining the real value of the property. I hope that helps.

Have you inspected the unit yet? And the overall condition of the building?. Make a list of deferred maintenance and improvement that you might have to do and use that to negotiate a Lower price. If you can find a contractor that works on apartments units(they are more reasonably)to go with you to walk the property inside and out, he can give you an idea of the cost. Your numbers don't look bad. Although I did not see any capital improvement reserved. Run the numbers on the Rental Calculator to see what else should be added. Let's us know how it goes.

Hi Jeff, For a contracting company, depends if you are going to have multiple investors. If is a Sole priorship, a S corporation might be ideally for tax purposes. For Real state, I suggest to check out "The LLC Master Machine Asset Protection System". I went to a seminar recently and I was very pleased with their system. We already implemented it. Also, they have good tax strategies, that for a newbie like my self, is an eye opener. I hope that helps. Good luck

Hi Marty, All those options are good, specially the buy and hold. I would suggest to buy turkey properties due to the lack of time for you to renovate them. Unless you can find a good reasonable contractor that can do that for you with with minimum supervisors from you. Order option could be to partner up with a rehaber , buy him out and you keep the property for rental. There are a few local REIA's and meet up groups, were you could meet many local investors and potential business partners, or to get more ideas. Good luck.

Daniel and Patrick, Thank you so much for your response. As always, there is so much knowledge in this site.

Hi Emily, I has been a member for over a year, and it is a good place to learn and meet local investors. They bring a speaker every month to teach different strategies: flipping, buy and hold, multi family investment, legal and tax strategies, etc. You can take classes with any of them if you are interested in what they teach. Good luck

Hi fellow BP members, 

We recently purchase two multifamily buildings, and we need to renovate the kitchens and baths, and some others upgrades on almost half of all the units.

we are using a property management for both buildings, but the renovations will be done by us.

My question is how do you normally track all those expenses: per apartment or per building?

we are going to be using Quick Books   to keep track of rents and expenses.

Any advice and suggestions will be greatly appreciated