All Forum Posts by: Sunny P.

When you’re looking at multifamily properties, what is your criteria? One of the most common ones is getting 1% (or more) of purchase price in monthly rent. What utility expenses are covered by the owner is another one...what else are you looking at? I am looking at a 5 unit and the monthly rent is just over 1% of purchase price. It’s located near college campus. Thanks

called the listing agent today.  previous deal fell through because of financing and he basically told me that the bank has pretty much accepted an offer and it was higher than their asking price of $114,900 

this market is crazyyyy 

I am looking at a condo that was built in 2006. Owner 1 bought it for $163000 and sold it to owner 2 in July 2009 for $127,000 and then in July 2016 some loan servicing company bought it from owner 2 for $114,050. 

The sale price now is $114,900.  

How does foreclosure work ? Why would the loan servicing company buy the loan when they already own it ?? 

What would you offer on this? The market is hot. This has been on the market since September 2016 but went pending in March 2017 and now came back on the market last week. 

Thanks 

@Mike Flora, that's genius..very creative.  

Originally posted by @Mike Flora:

Andrew is right, you can also direct market to people who own a property free and clear and do some seller finance deals. That's another good way to pick up some great deals. You have the money to do so as well. I just picked up a great seller finance deal myself in Murrieta California. Great school district, no HOA in a great neighborhood. AMAZING TERMS! That's another benefit with seller financing is you and the seller create the terms, not the lender/bank.

 Mike,

I have heard that before but always wondered..why would the seller hold on to a note for let's say 30 years? What kinda terms would a buyer offer a seller to make it worthwhile?  

yup..i spoke to PNC.  Why is a big bank different than a small bank ?

I was just talking to a lender and he mentioned that at most one can have 4 mortgages under their name.  How do some investors here have like 10-20+ properties all with mortgages? I don't see a big point in real estate to invest if you can't leverage.  

I currently have 3 mortgages and I was potentially looking at a place and that would put me at 4 mortgages total and then how would I buy more?   I know brokers and private investors exist out there but the loans are much more expensive.  

Any suggestions..ideas..thanks

how often should the carpet be replaced and how often should the walls be painted ? 

I am sure there's a lot of "it depends" but generally speaking and seeing what you guys do.  

My unit is about 8 years old.  

What other things should I be looking at to maintain or replace? Some are proactive while others are reactive. 

thank you for all the suggestions..

Where do you find used appliances?  Also, where would I store them?

I live in Cincinnati but the condos are in Columbus...So one disadvantage of not being in the same city is that I can't just pickup and go see what's wrong and if it's something I can fix...or can be fixed.

This year sucked in a way because out of the 3 condos I have..I got calls from all 3 tenants for this and that...What's bad is when you call a plumber or electrician or HVAC person or repair person, they charge you just to come out and tell you what's wrong...then whatever they tell you, you kinda go by your GUT feeling..if you should move forward with this repair or replace.

Maybe I am doing this all wrong...Problem is I have a very full time job and it makes it a little hard.

One of the reasons I haven't hired a "property manager" because it's only 3 condos..and I am like if they are gonna take lets say 10% of my rent just to make those phone calls and dispatch those service people, then that's very expensive...

I don't understand how people live in one city and  own rental properties in another and really make it work...

For sure bought a new one..sucks but gotta do it.

We have 1 yes and 1 no for all expensed in 1 year...love to hear more opinions