All Forum Posts by: Seth Levey

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@Jay Stewart did you ever calculate your total cost including leasing fees, etc?

People usually talk in metrics of the monthly cost, like 8-10%. However when you add in lease fees, inspections, etc, it ends up more like 11-14%. Do you underwrite deals at the higher amount favoring in all these costs?

@Clark Kirkpatrick If rates are going to go up doesn’t it make sense to get the lowest rate now while you can?

I'm under contract for a 4-plex and considering various financing options. I'm a buy-and hold guy so I plan to hold this for several years. Options are 5.625% with no closing costs, 4.625% with closing costs and 1 point, both 30-year fixed, or 4% with closing costs and 1.5 points for a 5-year ARM. In the past I've gone with the higher rate and no-cost option but it might make more sense to get the lower rate now anticipating rates may go up. What would you do?

The market has changed considerably over the last several years and while housing prices and rents have accelerated, the cost of a new fridge or plumber repair call really has not. Therefore, the net cash flow (especially in higher priced markets) may not have as high of % as it did in 2010, but the actual dollars left over after expenses are likely higher, thereby providing adequate cushion for expected and unexpected costs. Is this an appropriate adjustment of perspective as costs shift or am I just being too aggressive as I search for more deals?

@Bill S. Thanks

Would appreciate any tips for a good handyman in Denver. Need someone for basic jobs but I’m also planning a garage conversion within the year. This might be separate people but any range of skills would be helpful as I make a new contact for my team. Thanks in advance!

I know many will say yes, however it's a bit complicated. My lease specifically states that tenants will be responsible for the cost of plumbing charges if due to their negligence. I had a backup in a unit with four girls living there, for the second time. The first time I sent the plumber out to snake the lines and it cleared easily, small bill and I did not charge them. This time, I had a camera clean out to really find out what's going on. The plumber did find feminine products in the clog, but there was also a sagging low point in the line of 30' that probably contributed to the problem. This was an almost $900 bill. Should I charge them the whole amount? Maybe charge them half, with a message that it will be the full charge if it happens again?