All Forum Posts by: Shiloh Jones

What’s up Robert! 
The city of richmond has tightened up heavy in the last few years on property taxes. Gregory Lukanuski put a harsh push on properties in neighborhoods just sitting and Deteriorating, as also resulted in heavy emphasis on delinquent property taxes.  As a result of this, the city has been taking a more proactive approach on being more aggressive in confiscating and auctioning off these tax delinquent properties. For transparency purposes, they outsourced most (if not all) of their tax auction property processed with Motley auction. 
Argus caused a feeding frenzy one auction day, because Motley does a great job at advertising !

Unfortunately, this highly competitive feeding Frenzy makes a lot of the properties auctioned there, not that great of a deal 😔, (from My experience anyway). 

Hope this helps! Good luck Robert!!

See below, 

my question would be: is there no escalation built into this?why is year 30 yielding the same thing in annual income as year 2? 

(unless I'm missing something)

escalation yearly can be a great wealth builder and shouldn't be ignored. I know investors personally that are only 5-10 years without escalation, and are 15-20% under market rates, which is all just coming out of potential profits. 

otherwise, in my opinion, going in to the deal is pretty tight. but if renovation costs are accurate, there is a decent jump is ARV that can be used for refi. However, please double check your Reno costs to ensure that they are accurate, and always plan for a generous 10% contingency. numbers off here can screw the entire deal. So in my opinion, it is a very slim strategy, because if your refi doesn't work, there is not that much meat on the bone for too many optional strategies.

also, re-check you rental rates in that neighbor (pre AND post renovations) 

hope this helps. 

Analysis Over Time

$1,350 Total Monthly Income: $1,350 $675 x50% for Expenses: $675 $505 Monthly Payment/Interest Payment: $384 $170 Total Monthly Cashflow using 50% Rule: $291

Thank sir!  Spent the last hour checking it out!!!! This is the answer to my prayers !!!! I appreciate you David 

I grew kind of fast with the amount of units I had. I had a very manual system (but accurate!) to track my payments and who owed me what.  I probably was reminded you of a bookie or something from back in the 60's running numbers LOL. 

However, all jokes aside, I ended up growing to 50 units and still growing.  I hired someone to help me do property management and collect payments.  Then I had to fire them.  Then I got very busy with my other businesses. Now I'm faced with having to do my books again. and it seems like a very daunting task if I don't leverage myself with with some type of software. 

here is the problem, and the solution I am looking for: 

1. I need a system that's very very easy to learn 

2. The system would need to be able to take either partial payments, or accept entry twice a month (some of my tenants pay every two weeks instead of monthly. this is one of them markets I cater to with some of my portfolio)

3. I don't need it to do a million different features, (what seems to make most of these softwares soooo confusing) I just need it to be extremely great at ONE thing, and that's just tracking my payments where I know (in a easily pull-able report that I can gather) 
a. what was owed in a month 
b. what was paid 
c. who didn't pay 

...so I can easily know who take action on 

like I just really need this software to to track and organize payment history for tenants and run simple reports monthly 

Another reason I want this to be super simple, is because I want quickly hand this function over to my assistant, so all I have to do is run reports to get the oversight I need. 

Can somebody please help me with the best solution out there? PLEASE HELP! 

(side note: I tried buildium (and it seemed too complicated. and I didn't feel I had enough support onboarding. 
then I tried RentMerchant (and that system was too clunky, and it wouldn't give me the snap shot reports I needed. let alone was not simple and easy to read)