All Forum Posts by: Sachin Amin

Hello BiggerPockets community

Any one invested in Belize? If you can share your overall experience and how are numbers looking when renting through AirBnB

Cheers

Sachin

@John Erlanger

They did mail me , we lost time in back and forth as my PM was unaware as letters would come to me and I would then notify my PM

@Kenneth Garrett

Thanks for sharing, I have paid the fines and issues have been mitigated

I have given the PM contract to city for future correspondence

Hello BP community - I own several SFH nationwide and recently I ran into a violation with one of our Property in Ohio (Middletown(near Dayton) - some kind of Historic town ?????) - the City had put 2 violations on tenants door and we failed to respond back in time that too because tenant was not reachable (I do have PM - freedom group) managing the property in spite of that I ended up paying $300 in fines. what's the deal with these Historic towns , at the time of buying I was not made aware of the historic aspect which comes with additional scrutiny.. I wanted to check any of you own properties in historic locations because they are worse then HOA as I tried to call and explain the city I am out of town and we did address the issue but they would not listen. Is it bad idea to invest in Historic location due to extra scrutiny to landlords ???

cheers

Sachin Amin

@joseph - Interesting and thank you for your inputs

BP community,   

Lets set a hypothetical goal to own 20 Single Family units in 5 years. (finance with 25% down(down payment 20% + 5% closing cost)

Year 1 Goal - 4 Units

we will need $100,000 just for down payments to procure 4 Units

So lets breaking down numbers and see if we break even:

Assumptions:

You have a steady income (job)

Price - $100,000 per Unit (various markets)

1% rent - $1000 per Unit

Misc expenditure = $1000 / yr (vacancy, repairs or anything else)

Turnkey PM fee - 8% = 960/yr

Mortgage(30 yrs) + Insurance   - 5%($429) + $80 + $163  = $672  (monthly payments)

Cash flow - $328  ($3,936)

$3,936 x 4 Units = $15,744

Year 2 Goal - 4 Units

We only have capital of $15,744  we are short of $84,256

I would request BP community to provide opinions on how to move forward with Year 2 Goals ????

I do research REI books, youtube , podcasts - they are all good theories but none practical?

in this case - the only option I see is to raise capital and create more debt which is most common way everyone thinks of.

I would request BP community  to provide feedback  - on how to proceed forward with out adding Debt from Year 2 onward :)

Cheers,

Sachin

 Allen - May i know are you using Turnkey company or are you working with a PM directly, if so how is your experience 

LLC will protect you from liabilities. example : if your tenant sue's you for any reason an LLC will protect you from liabilities.

they cannot come after your personal assets like your primary home , your personal bank balance etc. 

i have used legal zoom and incfile both are pretty good. and yes formal 50-50 agreement based on mutual understanding. we have business account (joint) where all the rents come in and all the expense are paid out - we use that as single channel for our year end taxing - as we grow the # of units things are getting tricky so we started using STESSA - still exploring

Hi Ethan,

yes its always a good idea to have LLC (me and my partner (family member rather) registered an LLC and we are 50-50 partners. we have thumb rule - every down payment we pay equal share and every Title when we close has both of our names when closing. post closing using a QCD we transfer the property under our LLC we are at 6 units so far nationwide.

cheers

Sachin