All Forum Posts by: Ramon Moreno

Unfortunately Mark, no I have not kept good records, landlording was a blind leap of faith and the education that goes with it was non-existent. Things  like rent roll and cap ex are all things I've learned about since I joined BP (1 week ago). Ok don't laugh but .... how do I tag someone in a post? Tech wiz I am not lol. Also feel free to chime in on the question I asked Brie. Thanks 

thanks Brie, property is located on the Northside of chicago, Avondale to be specific, the building pays for it self and has good equity but, I do feel the market is a bit inflated... would it make sense to sell it i.e. take the money and run so I can use cash for my next deal or leverage i.e. cash out refi. to buy more properties and hope we don't have another crisis. My gut say hold on to it. What do you think.

thanks Brie, property is located on the Northside of chicago, Avondale to be specific, the building pays for it self and has good equity but, I do feel the market is a bit inflated... would it make sense to sell it i.e. take the money and run so I can use cash for my next deal or leverage i.e. cash out refi. to buy more properties and hope we don't have another crisis. My gut say hold on to it. What do you think.

Hello every one, I'm trying to analyze an existing property that I've owned for the last five years. This is my one and only property and I need to make sure I'm not fooling myself about how much cash flow there is and what my ROI is. this is what I did please tell me if I'm on the right track

2010  purchase price.                     210000

#Lost my job 2 months after purchase had a modification done. Current balance 203000

Mort.                                              1080

Taxes& insurance.                            700

Interest rate.                                    4.3          Improvements over the last 5 years 30000

Rents.                                                 2475

ARV. Comps done 9/15. 350000

The 1% rule says im doing ok but once you add vacancy, cap ex, maintenance and repair it's a different story. I used the rental property calculator but I can't figure out how to add it to this post

you hit the nail on the head erick, I realized  being nice doesn't  pay well, not raising the rent has put me at about  $150 below median rent for my area. Adding want I pay for water plus the tax hike, might be hard to get back up to the rent I need with the current  tenants.  

looking to cut cost at my  2 flat In chicago, water is about $50 a month per unit per year. Anybody know if submetering is a regular thing out here. Don't want to lose my current or any future tenants 

hey guys,just a quick up date. I've come to realize that a buy and hold strategy focusing on cash flow not appreciation of multi family buildings would be the best direction to go since I already have one under my belt ,12 years 100 units minimum cash flow per unit $100. Yes this is a Very basic  and non specific  but it's  a start but, first I need to start treating my property like a business i.e. create a rent roll so I can have some thing  to pml. Let current leases expire then raise rents. Discovered my current rents are anywhere  from 100 to 175 below  median rent for my area. Sub Meter the water (1600$ per year saved) . Build a bullet proof lease. Commit to completing all nessasery repairs. 

If any one can add to this or make any suggestions  please do. Thanks for all the help. And happy thanksgiving! 

I just want to say THANK YOU SOOOO MUCH to all that have replied. I've been listening to the BP podcast and come to find out if was house hacking and didn't even know it! Yes I'm that green, Lol. I'm absolutely blown away by the all the support and advice, and for that I am truly humbled and greatful. This week has been an eye opener for me and I've realized that I've always had the right idea, I just didn't have the education but, that's all about to change. Thank you all for you kind and encouraging words. I Will keep you posted 

 Thank you for reaching out, any advice you can provide  would be greatly appreciated. 

thank you Ruby,I found this site by accident two days ago, I've already listened to a few podcast and the most recent webinar. I feel like there is finally light at the end of the tunnel  and my family is on their way to getting daddy back. Thank you and I look forward to connecting with you and others. Talk to you soon.