All Forum Posts by: Nathan Williams

While we're on this subject, what about every other CAPEX expense outlined in the Book on Rental Property Investing?

Those items are:

Roof - 27.5 Years

Water Heater - 5 years I assume?

Appliances - 5 years

Driveway - 15 years maybe? (Same as sidewalks and roads?)

HVAC - 27.5 years

Flooring - 5 years? (Tax Code says Carpeting 5 years...)

Plumbing?

Windows?

Paint?

Kitchen Remodel? I think I saw 27.5 years above

Structure - 27.5 Years?

Components? Probably Various

Landscaping? 15 years? (Code says 15 years for certain shrubbery, etc.)

Thanks All!

Hello All,

I'm an active duty service member who might be moving to Norfolk, VA next year. This will be the year I begin my real estate investing journey. I've looked into condos before and LOVE them because as an officer in the Navy I always lived in decent Condos. They've treated me well!

I noticed while browsing that some condos don't allow you to rent. Is anyone getting around this by financing your buyer? I pretty sure it will be a big maybe, because most condos have different rules and there's the "Due on Sale" Clause we all fear. That's why I'm asking if anyone has an experience, but if not, any thoughts on how this might work.

How about if the condo allows renters. Might I be able to finance a new buyer in that situation as well? This would be ideal as I can bypass property management, maintenance, vacancy, repairs, Capex, utilities, and pretty much everything. Of course I'll set some aside in case I need to foreclose, repair, and finance a new buyer.

Pretty ideal for me since I work full time and don't really want to coordinate contractors on a big house rehab (or take the risk) and I can just move into a new condo for a year or so. I'm also asking because my orders will be for a year in Norfolk, so I'll need to rent or finance a buyer. I wouldn't mind renovating a condo and would actually prefer it.

Lastly, if you're a realtor in Norfolk who specializes in Condos please reach out to me. There will be a vetting process as I haven't found a market with a herd of new Realtors running around claiming they know everything about the market. Must know a property manager who does condos and knows what one might rent for. I have rentometer, I need more than that like rules and regulations, laws, trends, rental comps, etc. Expect a few questions.

Thanks all!

Best,

Nate

Wow. Never heard of that! I’m about to get smart on Rate Term Refinancing. Thank you!!!

I hear there’s a thing called financial freedom, and I’d like to get there in less than 20 years! Thanks again!!!

@Albert Bui

Hey BP,

You guys are awesome! But, ground rules first: 

Don't post if you haven't read the responses already in place. It just wastes the reader's time. No Repeats.

What strategies do you have to get 70-80% of ARV back in less than six months on a property? I have found the following:

1) Talk to a Credit Union

2) Talk to a portfolio lender

3) Hold a note for your LLC so there is already a loan in place that can be refinanced immediately

**Please feel free to elaborate specifics on these. Opinions kept to a minimum.**

**Please add other common/repeatable strategies to the list (Ex: none of the "Bob down the street did this for me but only me.")**

There was already a post about this, but it's a lot of mortgage brokers arguing with each other over semantics, so I had to be specific for this one to try to get the answers/options I'm sure people are looking for.

Thanks all!

Nate

Learn how to calculate what you would sell the house to her for. Tell her you'll consider letting her buy it if she pays above whatever you calculate. If not, have fun renting. And NO, don't let her do an inspection on it! She'll find stuff that YOU need to fix. It will come out of YOUR wallet.

As I begin my real estate investing journey I am constantly looking for ways to mitigate risks associated with buying rental properties.

One thought that crossed my mind was, "Does insurance cover the costs of repairing a house after a tenant has destroyed it?". I'm sure the answer varies on state, city, zipcode, neighborhood, but I'm just wondering if anyone has a story of when a tenant destroyed their property and their insurance company paid some part of the bill to fix it.

I'm about to deliver a presentation to my beautiful Fiance' (my most valuable business partner) and I'd like to include this as a possibility for us to mitigate risks associated with placing a bad tenant (I hear that happens once in a while).

Any other mitigation techniques you use to protect yourself from the risk of destructive tenants?

Thanks,

Nate