All Forum Posts by: Omar Ruiz

no direct experience myself in Illinois,  but a mentor mentioned that evictions in the winter time will get delayed by courts due to weather. it's the same situation on my apartments in Indiana. 

The HOA will do a special assessment to determine value of cost and increase the HOA dues. I had a property management client go through the same issue and they were given option of paying their portion upfront or spread over monthly payments.

Your mgmt will be closer to 8%. The interest rate seems too high at 5.97%. 

look at the last two years financial statements and go with the higher utility expense

they should be charging on income collected, not on an expense. That doesn't make sense , unless that's charged back to the tenant and collected as income . 8% on 48 units is high. 

PROPERTY MANAGEMENT ESSENTIALS FOR INVESTORS

Look for the Wells Fargo office building on the corner of MacArthur Blvd and Birch Street. Take the elevator to the 5th floor - we'll be there.

Please arrive on time as the doors lock automatically and we may not have someone at the door after the presentation begins.

Your situation is different than most, but I think you can just include whatever income sources and real estate you own out of the country. The lenders want to know what collateral you have and they can do their own duediligence. if you have bank accountstatement hereally include those. Any business experience you have will be important if this is your first deal. They'll want to know who's managing, you or 3rd party . 

Every individual market has its own cycle. If you're looking for a shift from a sellers market to a buyers market, it may be some time because employment seems healthy in most markets. Keep an eye on the days on market report. 

Jenny, 

Ultimately you have to decide based on your goals and objectives on what feels right for you. If you want to live off the cashflow from a portfolio, determine the amount needed and work backwards from there. Depending on that amount you may need more time. If your just starting, you may need more education. From your comments, you sound a little anxious to put that money to work, but it's important not to let emotions decide your course of action.

I'm currently in Indianapolis for another week overseeing operations on an apartment, so if you want to reach out and talk a little about the market, we can schedule something convenient for both of us.

To your Success!

Omar

Since you're starting, focus on cash-on-cash return. You'll need to get an idea of the financing to determine this. 

Don't worry so much about about IRR as that's a higher level metric more useful when you're raising large money from accredited and sophisticated investors for bigger deals.

To Your Success!