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All Forum Posts by: Nicholas J.

Nicholas J. has started 18 posts and replied 51 times.

Post: Rate lock “typical fee”

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
I am doing my 2nd cash out refi on a rental house, and the bank is telling me I have to pay $450 rate lock fee, which I said I don’t want if there is a fee with it. They claim this fee has to be charged whether I want to lock the rate our not, and that I need to sign the rate lock agreement to proceed. I don’t want to do neither. I have taken out numerous mortgages in the pass and IF I even locked the rate, I was never charged a fee. Now I’m being told I don’t have a choice??

Post: Off market cap rate question

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
So I ran some numbers on the basic information provided, and just like most properties I’ve come across, it appears the only way to cashflow with just 20% down is to buy at a substantially reduced price. Spending $130+k down to finance a $650k purchase with taxes running $10k/year to cashflow $600/month doesn’t make any sense... to me. This seems to be the norm on most multi family deals in my area, and they usually sell to someone. Maybe I’ll stick to SFR, I want to make the jump, but to sell my $500/month cashflowing SFR for a $600/month apartment doesn’t make sense.

Post: Off market cap rate question

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
Thanks for the input, I appreciate it!!

Post: Off market cap rate question

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
Are people paying for “best case scenarios “, wouldn’t seem smart in most cases. I don’t personally know anyone who owns any multi.

Post: Off market cap rate question

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
I’ve come across a off market 12 unit apartment, for sale by owner. Sale price 660K. Current rent is 575/unit= 6,900/ month. Local market supports 625/month. Expenses are approximately 1,700/month. My question when trying to accurately calculate cap rate, I assume all expenses are to be included like cap ex and property management? Their expenses don’t include those. Also, when calculating income, I assume you only use current rental income, not 100% occupancy if a unit is vacant and not what rents “could” be? I want to nail down a true number and not something inflated. A lot of numbers I see on this property and other buildings are what the potential could be versus what is reality right now. In my mind, it’s only worth what it currently generates today, minus deferred maintenance issues. Thanks for the help!

Post: St. Cloud Mn SFS license

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
And they will recommend things they see that doesn’t necessarily have to be done, ie tree branches over hangs house , etc

Post: St. Cloud Mn SFS license

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
Pretty easy to work with in my experiences. Make sure you have the proper smokes and CO2 detectors, fire extinguisher. They should have gave you a list or will of what to do. They are not there to be a pain, but they do want to make sure it’s a safe living environment. I have a few rentals in the area, let me know if I can help

Post: Commercial loan advice

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
I’ve been calling around and talking to different local community banks about obtaining a commercial loan for a multi family purchase, and ran across a bank that only requires 10% down. Obviously numbers on a purchase have to work with only 10% down, what are the negatives to going that route versus the 20-25% all the other banks require? Thank you!

Post: 2018 goal, 1031 exchange

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
I’ve set a goal for 2018 to 1031 exchange one of my SFR with $100k of equity into a multi family property. I’ve asked thought a lot about it, what scares me is selling the house, and then not being able to identify a property in time. Is it possible to find a multi family seller first, willing to work with you on completing a 1031 exchange to purchase the property before selling my property first?

Post: Central MN Contractor Wanted

Nicholas J.Posted
  • Fire Sprinkler Fitter, Property Manager, Handyman
  • Saint Stephen, MN
  • Posts 52
  • Votes 6
Can anyone refer me to a contractor/handyman in central MN? I've always done all mine own work and never needed to hire anyone, but as I grow, I'm finding it hard to find time and would rather put my focus in other areas. I have small projects coming up that need to be done. Thanks for any info