All Forum Posts by: Paul Zofsak

I thought it was a 1% rule, not familiar with the 2%. Also, I am only guessing at insurance until my agent gets back to me, hopefully today. The question of the deeds being individual or not is something I had not considered; I will have to inquire about that. All good points, thank you all for the feedback.

The 152,300 is per duplex. I fail to see what the owners depreciation has to do with anything, please explain.

I am planning on holding on to them. The cashflow as it is without any additional expenses will be about $300 per unit.

I came across an individual wanting to sell all his duplexes built in 2009. The asking price per unit is $152900, they rent for $895 a month and property taxes come out to about $2551 per year. I am not sure what insurance will be yet but I am guessing around $1200 -$1500 per year. These are all 3/1.5 units with a small backyard and 4 car driveway. The owners bank is offering guaranteed lending because of the rental history of the units for 11% down at 4.5% interest. It sounds like a great deal to me but I would like to get the BP opinions. However, at this time I am still waiting to hear back about any other expenses incurred by the owner, but based on the loan, taxes, purchase prices, and insurance; what do you all think?

I had a tenant get a job suddenly in another city and had to move. He put in proper notice and left the house in great condition. The only problem is that he got behind on rent after losing his job shortly after moving in. All in all he was only behind about half a months rent. After moving out we agreed he would pay $200 a month until he got caught up; he made the first payment and then nothing. I can't reach him by phone or email. I have no deposit left to draw from so my question now is, what are my options? Do I go the collection agency route, just chalk it up to experience, or is there another way? Help is much appreciated.

Has anyone ever got a property financed for appraised value but actually got back cash from the seller to cover some of the down payment?

I am always interested in learning as much as possible as well as exploring my options while networking. I appreciate any help you can send my way. Thank you, Paul.

Thanks to all that replied. The cooking shows show a more dramatic side of things than what is actually taking place, that's tv for you. The real stress comes from dealing with staff, deadlines, incompetence from other departments, and the constant unexpected changes. An 8 hour day quickly turns into a 14 hour day because you just never know what might happen from moment to moment; the best laid plans... as they say. That being said I am sure the real estate industry deals with much of the same, however doing it for the benefit of myself and my family vs. the benefit of the owner is justifiable.
I have been doing a lot of reading on financing options and, other than plopping down 20% of my own cash on a conventional loan, I would like to hear about what is working for others in this market.

Thank you all. I figured that was the case but wanted to be sure.

Hi all, I am Paul Zofsak located in Cypress, TX just outside of Houston. I am currently a chef at a prominent hotel downtown. I love my job and the work that I do, but the hours are long and very physical; I have neared the top tier of pay in my industry and want more for my family. Having the time to spend with my family and the financial security of investing through real estate is most important to me.
My wife and I recently opened an LLC to establish our real estate business; something I have always wanted to do, and since my wife comes from an entrepreneurial family, it is very exciting for the both of us. We will also be welcoming out first born very soon and want to secure a future for ourselves and our soon to be family.
Our focus will be on rental properties in the beginning, multifamily units, and then rehabbing houses down the road. I have been following the real estate business for a number of years and have finally decided to jump in. My wife comes from a construction and design background so she is very eager for the day she can rehab and flip her first house.
I have been reading through the biggerpockets site for a few months now and am really excited to belong to such a source of help and information.

Thank you, Paul.