All Forum Posts by: Mike B.

Hello,

I'm looking for a trustworthy and reasonable company for elevator maintenance/repair in the Cleveland, OH area. Thanks in advance!

Thank you.

I agree, with the $50/door is low (is it really possible to get $100/door?).

This is a stabilized building, well built, and young at 1971. Fully occupied. It appears to be relatively low headache, though I agree not a reposition, per se. Though there is a little room for rent increase

My banker has me at 20%, he's familiar with this project

My NOI is 27,700. I used the seller's actual numbers. How did you come to 10,400?

Thanks again!

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*This link comes directly from our calculators, based on information input by the member who posted.

Thank you! 

I know you're saying to "get rid" of the HELOC balance. So, are you saying to refinance to conventional loans now?

Hello, 

I started on my real estate path this year. Since June, I have purchased 5 buildings (7 units), all purchased with a HELOC that I have on my own residence. Today that rate is at 5% (up from 4.5% when I opened it in April). All properties are 58k or less.

I am able to consistently pay down the HELOC using my personal paychecks and some early rental income, and I am making progress, though there is a good balance currently.

I'm thinking about changing these all to fixed 30 year mortgages. Shopping rates seem to be around 5.3-5.6%, closing costs/points around 3-4k. As for appraisals, it's early, so I realize I won't  be able to pull out a ton right now. For example, the preliminary appraisal for one property for which I paid 54k, , is around 67k, according to one lender running comps. (I feel like it could be around 70-75k but we'll see). 

Cash flow can handle the mortgages.

I have no problem paying down the HELOC as I go, but based on suspected rising rates I don't know if it would be worth to fix it to a higher rate mortgage now and free up cash to buy more properties (My plan is to just keep growing and scaling). Or just keep on the current path of paying down the HELOC on these properties and use mortgages to buy new properties in the future.

Thanks in advance!

Thanks so much for the replies

Sorry for the confusion. It should rent for 1300 total (650 each). It’s not a house hack

Loan: I'm using a HELOC to fund the majority of the purchase and rehab (50 plus 20), while putting in 10k of my own money. Total 60k financed

I could get two meters if that’s a way to get tenants to foot the water in a duplex. But right now it has one.

Biannual inspection is $75 each, breaks down to $13/mo. Legal and supplies I took a guess and divided by 12

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*This link comes directly from our calculators, based on information input by the member who posted.

Did I get the expenses relatively accurate, esp regarding water (Cleveland) and lawn/snow? 

I've been looking at a SFR as well a duplex (duplex being bit more expensive in purchase price).

I’ve had the same question for either 

Hello,

New BP member, just upgraded to Pro

Beginning my real estate adventure, wanting to do buy and hold strategy, looking at potential properties so far around 30-40k. 

I plan on using a HELOC for funding. As I'm just starting the cash flow analysis, I use the HELOC and it's rate calculate the debt service. I also add in all of the potential rehab costs (up to 15-20k rehab estimates), thus utilizing little or no of my own money, nearly completely leveraged.

When I do that, the cash flow on these properties become quite low and I’m likely needing to reduce my offered purchase price to make my requisite 100/mo cash flow. 

I could be putting more of my own personal money (and I somewhat have the ability).  

Should I put up more personal money, or should I leverage much as possible?

Thanks!