All Forum Posts by: Adam Stanton

I'm analyzing a 14 unit property.  The advertised expenses are only 15% of income.  This seems very low to me.  They list:

Taxes

insurance

water/sewer

garbage 

utilities

What else should be a part of this list (PM, repairs etc) that the broker is obviously leaving off?

Thanks.

I'm a huge fan of HD for everything behind the wall.  Finish work is a different story.  As a builder I can walk in to any house and point out what aisle they found their lights/trim/tile etc and how much they paid for it.  For finish work I go to pro shops because I can get better quality and uniqueness.  And I know I'm getting top shelf advice.

@Sam Leon I get your complaint and I sympathize.  You obviously know what you're doing when it comes to home repair.  With that knowledge you've also developed some standards.  You said you like rigid plumbing connections.  That's great, but the employee was correct in saying shark bite connectors are code and are faster.  All the plumbers I use prefer them and I use them all the time and have never had a problem.  Is it possible that you've become a little cynical?  Please, I'm not judging.  It's hard to not find idiotic behavior everywhere.  But having to look just a little longer for the right connector or fuse or what-have-you isn't all that bad, is it?

 Agreed.  What I liked about sparkrent was the email they sent out three days before rent was due with a link to make the payment.  My renter is constantly traveling so she uses her smart phone to pay rent.  

@ginozahnd will Cozy do something similar? 

Go to the forums at hearth.com. All you'll ever need to know about fireplaces is there. A fireplace in the NE is never a negative. Matter of fact, most people need them for supplemental heat. 

Yes. Realty track just listed their top 50 buy and hold markets and Richmond was number 4. 

Couldn't hate the traffic more, that's hysterical. Sadly it's a staple of my day but I pass the time with BP podcasts and audio books. The serial podcast was hugely entertaining. 

Hey Julie, congrats. Sounds like a decent deal. I just ran the numbers through my handy dandy spreadsheet and even if you did purchase at 180k, with rent at 2400/month, total CoC is still in the high teens. I like to use worst case scenario numbers. If they work, then the deal can only get better from there. I put insurance at 2200, though you'll want to shop. I use USAA. They're a little more pricey than others but their customer service is phenomenal. You mentioned the current owner is military. If he purchased it with a VA loan you may be able to assume it, if you have any ties to the military.

I would add the cost of initial repairs to your total cash assumption up front.  Also, start advertising the vacant apartments the day you close.  Your accountant will tell you why.

The out of pocket cost is always a downer when you go the traditional finance route. I did that with my SFH. Now my goal is to get creative. Keep us posted on the progress.

Hey all, I'm looking for a REI savvy accountant here in Virginia. I'm in the Fredericksburg area but invest as far south as Richmond. Any recommendations are appreciated.

I think Nicole should be applauded.  I like her and her show.  Sure her model is a bit iffy and her work at times questionable, but who isn't guilty of taking shortcuts once and awhile.  It's part of being human.  Anyway, Nicole does what she does because she's truly passionate about old houses.  She actually cries when old homes are torn down.  That's pure passion.  I equate her to people who rescue dogs.  Most have way more dogs than they can handle but do it because the alternative is worse and they truly are passionate.  This, to me, is rare.  Most of us don't have this level of passion for one thing, or at least it doesn't last once we realize just how difficult the work can be.  So I understand why you want to do what she does.  It looks exciting.  Question is, can you?  Do you think you have the same passion and drive?  Flipping houses and restoration is really hard stressful work.