All Forum Posts by: Nick C.

Ketan Patel the goal is to invest in multi family houses. I’m young enough where I have a high risk appetite and still have a day job. I’d like to BRRR the next few properties and give them to a management company. I’d need the cash for cash offers and rehab costs. Rents for a four plex around me are usually in the $500-600/unit range. I hope that helps as I’m still not sure which option fits my goals.

I own a few properties and I have decided now was the time to pull some equity to go after more to increase my portfolio. I have never refinanced and at having trouble deciding which LTV and year option I should go with. This property is currently owned free and clear. Thank you for any advice given. If the house appraised at $75,000, we could go up to 80% loan to value for the mortgage, which would be $60,000. If we did that on a 15 year, the rate would be 4.625% and the payment would be $462. If we went up to 75% loan to value, or $56,250, the rate would be 4.375% and the payment would be $426 on a 15 year term. $60,000 on a 30 year term would have a rate of 5.125% and a payment of $326. $56,250 on a 30 year term would have a rate of 4.875% and a payment of $297.

I have just been made aware by tenants of my fraternity house that people that don't even live there will bring illegal drugs (not weed, much worse), supply them to a couple tenants and do them. I do not tolerate this sort of drug use in my house but before I go and bring in law enforcement is there anything I should do? Am I liable for any of this drug uses once it's occurring in my house? Has anyone been through this and how did you address the problem? On a side note: a house wife eviction is not possible. It is a fraternity house that I was a part of when I was an undergrad and the alumni club would not allow me to kick the entire fraternity out. I must address the trouble makers.

I just put a duplex under contract which I plan on living on one side and renting out the other. I also own an SFR in my name (that I'm renting out) and a house used as a fraternity in an LLC. My question is this: since I now how two renters in properties that are owned personally under my name should I look into an umbrella policy? My insurance broker just quoted me one as an add-on for my homeowners for $240 more annually which provides me $1 million in personally liability coverage. Is it worth getting the insurance for the time being until I move everything to LLCs?

what does she need to get out of it? Estimated rehab costs?

Thanks for all of the great info! I never thought about allowing other peoples dogs but my dog loves other dogs so that would be a great feature! Lots of great points and definitely something I see exploring in the near future.

I am in the process of purchasing a new home and wanted to rent out one room and Airbnb the other. The only hang up is that I have a dog (25 pound dog). I do have a day job so if the vacationers are there during the day there's a good chance I will not be. Also, pet dander and my dog throwing her toys all over the place. Any insight before learning the hard way is appreciated.

Rats are usually attracted to trash and food being left out. Do you know if the tenants are creating an environment that rats find desirable? If so, then a combination of you taking action and the tenants being cleaner should be a win all the way around. You may think the rat issue is separate but they're resenting you for it and don't want to make paying rent easy for you since it's their only bargaining chip. How would you feel if you were them? By caring and putting forth effort it will go a long way. You very well may care and it sounds like you do but visibility and how the perceive the situation mean more than your actions.

There is a property that I am very interested in and see lots of potential in. My realtor's assistant told me it was under contract but sent me what they had on it and it was only contingent. Is it worth going after this property or just let it go? How would you go about getting this property if you thought it was a good deal?

Roy, so I asked for the financials and she just gave me the monthly rents and a break down of expenses. I ran it through the rent analysis calculator on bigger pockets and it was a negative .5% for the cash on cash return and negative $100 a month. The roof and furnace are both 20 years old and that ticking time bomb would be devastating to me. I think I'll look elsewhere to a more manageable triplex where I can live in one unit and manage the other two. Hopefully that will also come at a lower price point at well since this is still new for me. Thank you again for your advice again Roy before I did something that could financially cripple me.