All Forum Posts by: Thomas Manning

@Terry Fox

I believe if the tenant pays rent for the next month the lease turns into month to month.

As for evictions or anything pertaining to real estate, I would highly recommend WWMR law firm or Ged Law. They are very knowledgable.

@Daniel Krantz insprining stuff! The magic seems to happen when you refi and take your money out of the deal. How long after did you refi the deal from when your purchased the property? (The 71k 3 unit). Also, What was your capex for your first 3 unit deal?

Depends on what you are looking to do, there are a lot of variables to consider. 

residential/commercial/new construction with a builder, level of training provided, individual or looking to join a, existing real estate team, international buyers/sellers, fee structure of the brokerage, management of the office, office space, etc...

@Christine Kankowski

Based off the info provided:

1 - Probably (would keep applicants on a month 2 month lease in case rent payment becomes late)

2 - No

3 - No

@Aldin Tirak 

First off, congrats on developing your first sub division how exciting! 

Thank you to all for the expertise and advise/opinions, i have definately learned another step in the new construction process and some issues that may come up.

Just curious, what happened with the sidewalk/contractor issue and how is your sub division going?

@Erik S. i wasnt paying proeprty taxes for 189k. new number is 154k all in and short version of my calculation for max investment is: 27,600 (income) - 2,500 (insurance) - 2,000 (garbage/sewer) - 3,500 (property taxes) - 4,200 (15% for PM vacancy,maintenance) = 15,400. 15,400÷10% = 154,000

@Erik S. no, that is with the current 575/month. with rents at 675/month, max would be 237k all in for 10% return no repairs. I would be careful raising rents that high that quick, $100 may not seem like a lot however at the current rent it is almost 20% more. the property might need 4 new tenants if they cant afford a 20% instant price increase.

@Erik S. no, that is with the current 575/month. with rents at 675/month, max would be 237k all in for 10% return no repairs. I would be careful raising rents that high that quick, $100 may not seem like a lot however at the current rent it is almost 20% more. the property might need 4 new tenants if they cant afford a 20% instant price increase.

for a 10% return goal i would pay 189k max for this deal, thats closing costs and all expenses if no repairs needed, if repairs needed obviously would be less.

NEXT!