All Forum Posts by: Nate Kaminski

All I have to say is WOW.. I would Involve the police as well. Creative solution on the 1099-c.. Best of luck!

Ryan, you can definitely apply the BRRRR to MFR. One thing to keep in mind is the appraisal is higher($1500 or more depending on the # of units, compared to $500) but that shouldn't be a problem. Just making you aware of the numbers. From my limited experience, the BRRRR strategy is even more powerful with MFR

Congrats! Very happy for you.

"It brings in $3,150 Monthly in rent. Estimated mortgage payment is $2,400 Monthly. Taxes annually are $3,110. Leaving a cash flow of $751 a month." One thing you didn't not specify, does this quad had separate utilities? If so, which are divided? If you had to pay utilities on all of these units, you would be losing money. General estimate on utilities I would use: Electric - $50/month Water - depends greatly on the area $50/month Trash - probably billed yearly. $200-400 With just these 3 you would be losing. Doesn't even factor TV or Internet, or sewage. Hope this can help clear up any misunderstandings.

Hey Karsen, sounds like you're working hard on finding a deal. Couple questions. Have you analyzed the rent currently received on the 30 units? Are they filled to the point that you can add an additional 30 units and expect to rent them? Have you figured the cost on adding the additional 30 units? Couple of ideas on value add: Uhaul- from what I understand this is a low barrier to entry value add that you skim a profit off the top. Propane exchange- not sure what's needing on this but just spitballing on this one. Selling moving supplies- scissors, tape, boxes, blankets and anything else you can add. Moving services- partner with a local moving services where you send them deals and they give you a commission. Hopefully this is what you were looking for!

I'm not trying to be pointed, but if we are going to invest thousands, or even hundreds of thousands of dollars into a property and we won't spend $200 on software which will make expense tracking and tax time much easier- then I think we have priorities in the wrong order. That being said, many people are efficient with excel to the point they don't need quickbooks. Alternatively, you could use google docs(also free). OR you could even use Libre Office. It's a completely free home office suite that has excel and word. One though one receipts, as of writing this I'm going to start scanning my receipts so I don't have the bad luck of needing one and it has been bleached over time.

Sorry I meant Brandon's book. It's the book on rental property investing. You can find it on the bigger pockets website.

Like mentioned above, I'm in PA and the county tax assessment site has everyone's name and address that the property is owned by listed online. You could get these addresses and start sending out mailers. I believe one of Josh's books from bigger pockets talks about this exact strategy. I'll check now and see if I can find it.

Not sure what your employer contribution is, at my job if I contribute 4%, my employer matches 4%. At my workplace, I chose the Roth 401k, as opposed to the standard non-taxed 401k. I prefer to be taxed now with it, because later down the road, I plan be in a higher tax bracket, so I'll only pay on the gains. 4% is not a lot of money, I know that. But where else can I get a 100% return on my investment? The simple answer is - no where. If this is the same situation for you, then I would only put in up to the limit where your employer matches, It's stupid not to.

The screening looks good. My personal opinion, I would change the security deposit question to say, " Do you have the XXXX.XX amount needed for security deposit?" Removing the first and last months rent wording from the form. Reason being is the tenant will think the security deposit can be applied to rent. If your tenant owes you more than the security deposit for damages, they may expect a credit on their rent. I like to segregate the two, rent and security deposit.