All Forum Posts by: Hisashi N.

Hi BP folks,

I own and manage handful SFRs and recently had a AC outside unit stolen from a vacant SFR after the previous tenant had moved out. I had a same problem before when rehabbing other SFR and put a cage on its AC unit and haven't had that issue since then. I would like suggestions on what prevention methods work for AC outside unit theft prevention other than the cages. BTW, my rentals are in C class area (ARV $90K-110K, Rent for 3/2 1800 SQFT house is $900-1100/mo). Thanks for suggestions!

@Richard Ball,

Thanks for the suggestion in small multi family. I have set this time frame to get me going faster....

By the way, I am closing on my 17th SFR with 20% down this Friday!

Purchase Price $100K

$20K down,

$5K closing cost,hopefully $5k repair (out of pocket is $30k)

$80k loan (30 yr fixed, 4.125%, $385/mo P&I or so)

Rent $1100/mo

$400/mo or so CF after PITI, 8%vacancy, 5% maintenance, 10% Mgmt)

Cash on cash return is 16% or so. 

Plus $3000/yr or so depreciation, to reduce taxable income to $2k from $5k.

not bad....

Step by step. SFR

thanks guys for your replies!

@Tony Nguyen, I think your calculation is missing debt service.... In option1, $20K/mo CF is before paying debt service, correct?

@Joe Vileneuve,

thanks  a lot for your explanation ! Now I understood. However, please advise what property type are you referring to when you say rehab/flip for $800K to $960K, then $960K to $1,152K and so on. Are you refering to commercial (Multi unit apartment complex) ??? I have only rehab experience on SFRs (My most expensive rehab cost is $50K). Also what time frame are you reallistically thinking to increase the $800K to $1.66M ??? Thanks for your advice.

@Brent Coombs,

I have one in under contract (MLS) closing this Friday. I have been only looking MLS. Maybe I should start direct mail marketing again(I have done this about a year ago for 3 months period, about 900 post cards, then gave up...). But balancing my full time job is a challenge !

Guys,

Thanks a  lot for your advices.

Joe, I am not quite following what you were telling. If you can explain with the example numbers, it would be much appreciated.

David, I will contact you separately.

Joshua, thanks for your advice as well.

Basically, I am thinking to refinance some of my existing free and clear properties.

If one property is worth $100K, then national lenders will refi upto 80% of the property value at rate of 4.5% APR or so. This equals to $80K. If I divide this $80K into 4, I can use it to put $20K down to buy another $100K house x 4. My monthly P&I for $100K for 30 yr fixed at 4.5% is ($80K new loan, plus $20K refi) is approx $500/mo. If the rent is $1000/mo, the cash flow is approx $200/mo. I can create $200/mo x 4 = $800/mo new cash flow. With the existing C/F of $600/mo from my free and clear house, my new total C/F with the new 4 houses will be $1400/mo.

Joe, do you agree to above scenario ?

thanks!

Hello BP members,

I own 16 free & clear rentals(SFR, worth $1.3M)) here in Atlanta, GA - C Class suburb generating $10K/month before tax C/F (gross monthly rent $16k/mo).

I am in early 50s and have a full time day job with $120K before tax salary annually. My goal is to create $20K/month before tax C/F from rentals by Aug. 2017(9Months!). I have access to HELOC of $300K, and $150K cash reserve. I am in process of increasing our rentals through MLS (mainly REO, burnt land lord,etc.) putting 20% down, average monthly C/F $300/property. I am now planning to do a delayed financing with a direct lender (APR mid 4%) to do BRRRR upto the total 10 loans which is current cap.

Can anyone suggest the best strategy to make my goal ($20K/mo before tax C/F) as early as possible ? My plan is to do the conventional loans up to the limit (10 properties), then do portfolio loan using my existing rentals.

Thanks !

Sean

thanks, guys...

I will try collection company.

I do have the tenant's SSN, I wonder if/how I can track where she lives  from it ....

Hello VP members,

I have a tenant who left the house I own/manage with outstanding amount ($2500 approx). I have filed a small claim to the local county court and have the letter 'served(physically hand-delivered by the sheriff)' to the address I designated.  However, the letter did not get to the tenant as the address I specified is the house of the tenant's sister and she seems to have refused to receive the letter. 

I then called the employer of the previous tenant, but, was advised that the previous tenant is not employed full time (part time).

Is there any way to find out the current address of the previous tenant ???

thanks

Sea n

Nancy, thanks for your suggestion ! I just saw your posts today ! John this is a rental. Any suggestion ?