All Forum Posts by: Steve Balinski

 Yes, my calculations are all based on 30yr mortgages

Hello everyone, I need some motivation.  I've been an investor for about 8 years. Done a couple flips and currently own a 4-unit and a 2-unit.

I haven't looked at properties in a long time due to interest rates killing any potential deal in my area (SE WI).  Instead of looking for a multi-unit, I started calculating Single Family properties to see what it'd take to make my #'s work.

230,000 starting price (3bd 1.5bth, very low price for this area).

$1900 rent

$4k Taxes

$1500 insurance

$3k all maintenance

20% down

4% interest rate (just to see if even this would hit my #'s.

RESULT = $220 cash flow :-( :-(

How are you all finding single family properties that work?  My target is $500 cashflow, I'm not even close.

I'd even consider 2-4unit, but I know my numbers are even further away.
:-(

My calculator has another spot for insurance, management, taxes, turnover etc. So for all maintenance/repairs/CapEx your total would be around 12%? I've got a 4-unit C-class property in pretty good shape, built in 1990

 for what specifically?  

I hear ya, but as I mentioned that 35-50% is including taxes, insurance etc. I'm just looking for a % to calculate for maintenance and repairs + capex so I no longer need to calculate each % for "Repairs, Maintenance, CapEx ,Etc"..

Hello everyone.  I have a rental calculator that is very detailed, been using it for quite a while but it is different than most rental calculators out there because it asks for a dollar amount for each month/year to set aside vs a % like most calculators use.  

That being said, for CapEx/Yard Maintenance/Repairs/Overall Maintenance is there a general % that all comes out to? I'd like to modify my calculator to just enter a % of rental income to set aside for all. I've seen other calculators and articles stating 50%, but the 50% includes insurance/taxes etc, I've already got a different section for that.

I've seen 8-10% for maintenance, 8-10% for CapEx, 8-10% for repairs. Is 30% a good number (obviously this can change depending on the age/condition). I have a 4 unit property generating 4200/month in rent. 10% just for maintenance is $5k a year which seems REALLY high....that'd mean I put away 15K/yr for maintenance, repairs, CapEx.....seems unreasonably high, no?

Hello everyone, there is a duplex in the NorthWest Chicago suburbs that I'm very interested in, listed for 250K, rents total for about 2500-2600/month combined for both units.  Its a complete remodel (don't know about electrical/plumbing yet), building is 100 yrs old.

My only concern is it doesn't have central A/C, would have to get window units.  How much does this effect the $$$ monthly rent you can charge and hurt finding tenants?  Its a "C-class" neighborhood, average home price is probably around 250K, older smaller town.  

Unfortunately for me there is no fine indicated in the lease it just says no pets.

I'm just wondering should I send him an eviction notice if the pet is not removed. Should I just call him and talk to him about the incident? Should I modify the lease? Should I do anything at all if I noticed the pet is gone after today?  Should I send him a picture of the security camera or is that going too far?

Hello everyone and Happy Easter!

it seems one of my tenants has a guest with a puppy staying over the weekend. I sent him an email first thing yesterday morning saying zero tolerance for the pet policy which is in the lease.

My security camera shows as of midnight someone taking the dog out to go to the bathroom and then walking back in the unit.  He has been a good tenant, but I want to make it clear to respect the rules of the lease, especially the not pet policy.  What do you advise?