All Forum Posts by: Nicholas Creahan

Quote from @Nathan Gesner:

It sounds like the exact opposite is happening. The tenants are renting the appliances, so if the landlord is charging market rate then he's actually making more money.

this is not typical. Most rentals will include the kitchen appliances. If washer dryer hookups are available, it's probably a 50/50 split as to whether the landlord provides them or the tenant has to bring their own. 

I have heard of the washer and dryer situation before! But not the kitchen appliances. I just wanted to make sure I wasn’t missing something, I found it weird. Thank you for your input. The rents are below market value however, so I am sure he is missing out on some revenue.  

Hello BP community! Just put a place into contract in the west Cleveland area! Upon doing due diligence, the owner of the house doesn’t own the appliances, they are rented by the tenants. Is this normal for this area? I’ve ever only lived in California or Colorado, and that is certainly not common. thanks for any feedback! 

Hey guys! 

Quick question: can you use a DSCR loan to acquire section 8 housing? If so, what ratio would be necessary? Thanks!

-Nick

Quote from @Rick Albert:

I'm in the same boat as you. I have a condo in Los Angeles.

What I'm doing is listing for 30 days and if I don't get my price, I will rent it out. The only reason to sell is if you know what you will be doing with the money. If you don't know what to do with it, then keep it. 

I don't know the San Diego market that well but generally $340/month is the norm or actually low. I'm seeing the $400+ range here in L.A.

Rick,

Thanks for the recommendation! That sounds like a good option, thanks for the input! :)

Quote from @Manraj Singh:

Hi Rick, 
is that $350 to $400 cash flow after vacancy, open CapEx etc?
also do you use a PM or are you self managing? 

If it is after all the expenses and PM, surely it’s pretty nice cash flow to hold. (unless ofcourse you are deploying elsewhere) 

Manraj,
I am paying 100/month currently. That is with all fees and HOA. With NEW rent, if I were to keep, I would cash flow about 250-300/month after fees

Hey guys!

Looking for the extra push to sell or hold my southern California condo. I have about 200-220k of equity in my place. After owning for 6 years, my expensive HOA (340/month) is really dampening my cash flow. I actually am paying roughly 100/month to keep it and run it after all fees. Looking at cap rates, it is at 2.67%. Would you recommend selling since my tenant leave at the months end in July and buy more property or would you find this place worth keeping. It is worth noting that I bought with VA in 2016 so it was fully financed so that is why after 6 years I am still having to pay a small amount AND the market rents are at least 2600/ month which is a 450 increase from previously rented (I had a long term renter for the past 3 years so rents were low.) My concerns with keeping are the HOA and just how the housing market in SoCal looks. Reasons to keep are that I will FINALLY be able to cash flow a little bit this year if we decided to keep, plus we have enough capital to buy another property in other markets. Thank you to any input and opinions or solutions!

-Nick

I live in Colorado. Am I allowed to start an LLC in Wyoming and buy property in Ohio?

Hey all. I am buying a property in Cleveland area to BRRRR. I am in the initial phases of getting a cash offer accepted. I have a pretty good realtor and property manager. I have a decent contractor lined up, though I have not worked with him yet, people have recommended him and their reviews seem legit. Last bit, which I guess is my question. Should I have a lender lined up and pre approved before rehab OR wait until rehab is done or nearing done until I get one in place? I am new to BRRRR, so any insight would be much appreciated! Also, I have not asked my realtor if he recommends any lenders yet, but does anyone have a Ohio lender they recommend? Thank you to the moon and back for any answers to my questions!

-Nick 

Hey all! Total noob over here! I am wanting to get started in real estate! I am listening to the podcast like CRAZY and it is great, I love all that I am learning and it makes me excited to start and learn. One thing I am having a hard time envisioning is gaining capital… I get asking investors/family/friends for money to put as a down payment for a property, that part makes sense. How does one draw up an agreement for paying back that personal loan? Is it as a percentage? Is it over a certain time? What are some other ways to raise capital, since funds are limited (I have a couple thousand as reserves, but would like to use very little of my own money to start)? How does paying those debts back look like? 

Thanks in advance! Happy investing! 

-Nick