All Forum Posts by: Ryan Parnow

@Anthony Gayden Most of the appreciation is forced appreciation just after I bought it.  Almost all of these were foreclosures that I bought and fixed up prior to renting out.  I wouldn't expect to see much appreciation going forward since these are in Iowa.  I am definitely trying to get some cash flow. 

@Bill Florence Let me figure that out and get back to you

@Richard Allen I guess I am measuring myself against the perception that I have been doing this for 10 years and still dont have much cash flow to speak of and I compare that to some of the folks on the podcast who are quitting their jobs after 2-3 years.  I am no where close to that.  Maybe I need to be more positive.

@Jeff B. The major reason that the duplex is running so negative is that it is on a 15 year mortgage with about 9 years left.  Should I refinance that one back to a 30 year mortgage?

@Will Pritchett Only the duplex is on a 15 year note.  

Does this make it easier to read?

I have been investing for just over 10 years.  I started with a duplex where I lived in one side and rented out the other.  I now have 13 properties.  I feel like I know what I am doing, but whenever I look at my numbers I don't feel like I am making the progress that I would have expected.  So I am going to lay it all out there.  These are the numbers for all the properties I own.  

Some notes: The duplex is a 15 year note, the 2nd mortgage goes to 3/1 House D.  

I feel like I am not getting the money out that I should.  Did I buy some of these wrong?  What should my next steps be?  Sell something? Refinance something? Buy more? Pay down aggressively?  

@Scott L. You are thinking about it correctly.  They are taking another (or a larger) mortgage out against the increased value.  

$30 a month for maintenance seems low.  A condo is going to be cheaper since you only have to maintain the inside, but say you have to paint 4 years from now. $1,500.  That's just over $30 a month between now and then right there.  Now factor in appliances, HVAC, flooring, faucets, fire extinguishers, smoke detectors, lock changes, vacancy, etc.  

No, they are not guaranteed clean at all.  The auction might be for the second mortgage that is foreclosing and the first would stay in place. 

I have a landlord agreement set up for my places where if the water would have been shut off by the city, they switch the billing over to us.  You do end up with some water bills for occupied properties and have to chase after tenants for the money, but it does solve the problem of the fees associated with getting the water back on and the potential damage that could result. 

I had something similar happen.  I had the water turned on for an inspection of a property. They then turned the water off after the inspection.  When I went to have the water turned back on after closing, they couldnt get the valve turned and I had to have it dug up and replaced.  $800 later I could get the water on.   

Tell us more about the auction itself?  Who is conducting the auction? Is it at the bank, at the property, on a website?

$1195 for a 3 bedroom 2.5 bath with 2 stall garage in Cedar Rapids, Iowa.

This varies by state.  In Iowa, you need cash at the time of the auction.  The sheriff in my county will let you write a personal check when the auction concludes, but then you have to come back with a certified check for the full amount by noon.