All Forum Posts by: Rob Tossberg

@Terry Lao .  I came up with about $200 cash flow.  It's not much.  I do think about your situation - you're getting much more cash flow - $500-600?  My concern with the 4 plex is ability to sell quickly.

Or is that even important to you - are you in for the long haul with these 4 plexes?

Hi @Terry Lao - my friend.

and thank you for your input @Account Closed.

Allow me to bring you up to date with where this long-term investment property is:

I closed on it for $214,000 July 14th.  20% down, 4.75% interest puts me at just about $900 mortgage payment.  About $45k down and then about $15k to paint, floor, remove popcorn ceilings, new hardware, garage door, new toilet.

I also bought Republic Home Warranty Insurance for $475 for repairs of AC and will be used for water heater and Ice machine in Fridge.

I posted on Zillow which populates to Trulia and some other sites and I posted to Craigslist.  I had people calling and checking it out but it wasn't happening quickly enough for me (I'm used to Los Angeles/quick renting).  A gentlemen from Tennessee saw it online and put a deposit down and took it sight unseen.  He moved into it about 6 weeks after I signed for the house - Sept 1st.

He's paying $1,395 + security deposit and cleaning fees for the dog.

Terry - I was approached by a few people for  Section 8 and that is definitely an option - I think once they're in they stay a long time - do you find that to be true?  I just didn't want to deal with the paperwork and I found the State side of Section 8 to be unresponsive to my phone calls and questions.

Billy, yes it is a long term deal, I'd love to buy in Long Beach but it's not attainable for me at this point.  Billy, please explain the comment about Summerlin (which this property is adjacent to) comment about it being not a bcdef .............   LOL.  I'm not following.

Everybody seems to like it.  It's pet friendly.  But no one is asking for an application.   Does my price of $1395 seem too high?

Hi,

I have a SFR 3bd 2bath home in Las Vegas, Summerlin Adjacent near The Lakes Sahara. I've had it on Zillow, Trulia, Hot Pads & Craigslist for 3 weeks and... nothing. It's been fixed up and it's not renting. I'd appreciate any advice!

You can click this link to see the property - 8665 Freeport Lane, Las Vegas

Thank you @Vinod Dasani and @Christian Wathne 

Is it typical to have to pay the full insurance for the year?

Hi Everyone!  I'd be grateful for advice on this question from my lender:

My lender is asking:  Do you want taxes and/or insurance to be included in the monthly payment?

@Terry Lao  Thanks, that's really helpful - did a realtor help you, would you recommend?

@Jay Hinrichs you bring up a great point about where we're at in the cycle?  I wonder if I should just keep saving and wait.  BTW love lake oswego - graduated from L&C College oh so looong ago.

@Aaron Norris if i wasn't laughing I'd be crying - self-employed is a beautiful curse.  You're not concerned about @Jay Hinrichs / where are we in the cycle? since you're buying in FL?

@Terry Lao are you doing this in Nevada - could you point me somewhere?

First, thanks to all of you for your input/advice!  As you said @Linda Weygant there is some leeway on what I can write off and it makes a difference in my income so I appreciate what you say.

@Jason Little I wish I had the 175% of purchase price in liquid assets - particularly here in Los Angeles!  

@Terry Lao Yes!  Most definitely want my cake and eat it too.  I'm sorry I don't understand what you mean by the 2 years landlord experience - do you mean if I already owned a duplex then that would be a track record for future lending?  And yes- that's my problem, living in LA and seriously looking to buy something in Compton because it's doable - (but perhaps stupid?)

Are you looking to FHA and live in them or strictly investment?