All Forum Posts by: Scott Sweitzer

I'm raising capital for a joint venture and have met with a few potential investors.  They've asked to see my track record.  I have two existing properties (purchased in 2021 and 2022) and am crunching the numbers.  I'd like to share a spreadsheet showing annual property operating data.  This would include:  gross scheduled income, vacancy & credit allowance, gross operating income, expenses and net operating income.  Would I include the "start up costs" (closing, rehab and licensing) as an operating expense, or is there some other way that this should be displayed?

Thanks!

Hey @Heath Thomas Jr - nice to hear from you!

So far, Amanda has been able to source tenants between going under contract and closing.  She's one of the key members of my team.  I'll chat with my property manager and see if he'd be interesting in investing together.

@Russell Brazil that's a good point.  One the one hand, my agent/Section 8 mentor has great relationships with the local nonprofits and has been able to find/vet the voucher holders looking for Studios/1BDR on her deals and on mine.  However, at some point the two of us could run through the pool of singles.  Another concern is what happens when our existing tenants move on to greener pastures?  If we couldn't fill the unit with a voucher-holder at that point, we'd have to bank on market rates cash flowing well enough or we'd have to sell the properties. 

Good concerns to be aware of, thank you.

Jack,

Thanks for the quick response.  My mentor self-manages for the extra cash flow.  I run a title company and estate planning practice while often traveling abroad, so for me having the property manager is worth it.  But...if I have a partner who would like to manage units, we could save the cash.  Perhaps my property manager might be interested in investing alongside me :)

Scott

Hi team,

I've purchased two condos in Washington, DC over the last year and I'm interested in taking on cash partners for similar deals. This is one that's available now. Because it is a studio apartment and will be rented by a Section 8 voucher-holder, I've gone below recommended levels for vacancy, cap ex and maintenance. On my most recent purchase, I took a short-term commercial loan and will be cashing out into a 30-year fixed rate product. With my JV, I'd like to work with a cash provider who can obtain conventional financing. Any thoughts about whether this calculation looks ready to share with potential investors?

Thanks!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Since I'm self-employed, I've decided to obtain commercial debt for an upcoming rental condo purchase (long term hold).  I was hoping to utilize the equity in my primary residence to help with the down payment, but I'm finding that my taxable income is too low/revolving debt too high.  

Does anyone have recommendations for lenders that will give HELOC's to self-employed owners in my situation? Alternatively, any other suggestions on how to get the equity out of my primary residence?

Thanks!

Scott

I'll check both of those out.  Thanks!

Hello,

I’m a new real estate investor with one rental but plans to ramp up.  Does anyone have recommendations for software that is able to show financial performance projections for single family rentals?  I like Roofstock’s Cloudhouse, but it seems unable to take into consideration 2nd trusts/seller financing into its calculations.  My current focus is on long-term rentals and I’ve hired a property manager to keep track of expenses.  Not looking to spend too much at this point, but any recommendations would be appreciated!