All Forum Posts by: Rob Donovan

Have you tried looking into a commercial loan. You may have to pay a little higher rate and put a little more down, but it should be easier to get a loan being self employed. I have been in this situation also. With rates so low these days, even a full percent higher is well worth it. Just make sure the numbers work out in the end.

How do you guys keep all your keys organized? I don't have that many units yet, but already all these keys are a hassle. On a similar topic, what do you do about changing locks? Is there a good landlord lockset that is easy to change out and keep the keys manageable? Thanks in advance.

I am looking for suggestions for listing a rental to attract college students. I usually post on Postlets which goes to various other sites, but I am looking for sites geared towards the college kids. Any ideas?

Thanks for all the feedback everyone. I think I am going to go for it. It may not be spectacular but it looks pretty solid. I will try for my home run next

@Michael Noto what do you think I should be shooting for as far as cash flow? What kind of cash flow would make you jump at this place?

This is probably a low B unit on the good side of town. Everyone wants to be in this location. The building is 1960's ranch with garages and separate laundries in basement. No major items are near end of life expectancy. The rents according to my realtor could be up to $900 per side once the unrehabbed side gets a little attention.

Not talking major gut job, just flooring, paint, and maybe shower. Tenants do snow removal and mowing. Newer 3 bedroom apartment units less than 5 years old are going for $1200-$1500. A 3 bed SFR about the same age goes for $900-$1400.

Thanks for the responses guys. It has a new roof and one side is pretty much fixed up. Side two needs some work, but the renters have been there for 20 years and don't sound like they are going anywhere. I see all this talk about 2% rule being the goal, but I don't think that is possible here. I am sure  I could do better as far as numbers go, but then I would probably be investing in an area I wouldn't want to be. I figured 10% for management also which brought my cash on cash figure to 18.21%. Didn't think that was too bad. Sure would be nice to get the 2% rule to work. Wouldn't take long to be diving in the piles of cash like Scrooge McDuck, Cap rate is only 7.28%. What do you think is a decent number? I would especially like to hear from people in my area. Maybe I will have to start looking a little further outside my area.

This is great. Already using it. The only bad thing is that now I won't be able to ever get away from the forums. Thanks guys

By the way, how do I get this dang mention thing to work?

@Ben Leybovich always enjoy your contributions to the site. The podcast was great also. What if rent was somewhere in the $1600 range? I think I could get it here pretty easy.