All Forum Posts by: Roman Pak

I know plenty of college students that have shared a dorm with three people to 1 bath. It's not optimal, especially for female students, but its workable. Guys typically don't mind. 

That said, 4.5mi to the campus is a bit of a distance, at least it is to me. I'm not familiar with the area, but it seems that tenants would need some form of public transport near by or a car. 

I don't have any experience with commercial, but in my opinion the answer to your question really depends on your specific financial situation. Here's my thinking. If you're looking to hold this property long term and have already budgeted to make the necessary repairs, I'd opt for the price reduction. If the repair weren't planned and budgeted for, I'd ask for credit at closing to cover those expenses up front. 

Welcome to BP @Toshia Booker-Blakeley !

@Bill Coleman Sounds like you found a fantastic addition to your team. It's very difficult to find agents that do more than put you on an automated list. 

Welcome to BP @Jonathan Wheeler 

Welcome @MELISSA PITTS !

Welcome @Misty Blanchard Best of luck in your investing endeavors. 

@Steve Shultz Separate cards with the same contact info conveys a sense of professionalism. Having different phone numbers, different email addresses and different addresses would be suspicious, at least in my eyes. 

Maybe I'm missing something @Zacharias Salva but I'm looking at the numbers you provided and trying to work backwards, and in 1 month increments instead of the full 10 years. So I took the above numbers and divided them by 10 years, then once again by 12 months to get monthly amounts. 

I'm seeing the following, please correct me if I'm totally wrong. 

Rental Income: $1200

Mortgage Payment: -$800 (Doesn't include taxes?)

Maintenance: -$120

Insurance: -$125 (Really this high? Consider a smaller or different coverage?)

Taxes: -$202

Also, if this is the only rental property you have, why spend almost 10% on property management? If you're giving your friend a deal on the rent, couldn't he take care of the repairs and the lawn? This is a single family house correct? On a newly built house, you should only have about 3-5% maintenance costs. Just my opinion. 

Hi, Welcome to BP @Neil Byrne isn't that something your contractor would be able to price out for you? There are a lot of factors that go into estimating a cost of adding a new bathroom. You're looking at new water supply lines, new drain lines, electrical, etc. Based on my experience. I would venture to guess you're looking at approximately 8-10K. 

I do agree with you that an 8x20 bedroom would look very unusual.