All Forum Posts by: Sunny P.

bump for the morning crowd 

Okay, I know most of you are fairly negative on Condos, however, I want to ask you about this potential deal.  Condo is in Columbus, high rents around $1500

Selling price/ final price is $160,000 

HOA per month is $149. There are no restrictions on rentals from what I can tell and I called the HOA management company and the said the same thing. Basically the deed states any rental can't be for LESS than 30 days for transient use.

So I own 2 condos in this complex.  Bought 1st for $150,000 in early 2009 and second for $140,000 in Mid 2014.   When these were first built in 2007, they were selling for $165000 - 170,000

Now this unit that I am looking at is $160,000..Market has gotten very hot over the last year or so.  This one was built in 2010 so it's a bit newer.

Current rent for the other units is around $1500

So with that in mind if this is purchased with cash, main expenses would be $150 a month for HOA; about $150 a month in reserve for incidents

so left over is $1500 - $300 = $1200 x 12 months = $14,400 / $160,000.  That gives a  9.0% Cash on Cash return.

Only reason I like this is because I own 2 other units in this complex so it makes it a bit easy to manage..

Thoughts??

What is a wholesaler ? 

is anyone investing in Cincy suburbs?  I would love to get some feedback on that. 

see that's where I am confused. I have heard that tenants can't be charged for carpet cleaning, general cleaning as that is part of normal wear and tear.  Even if I gave them fresh paint, they are not gonna return it that way so I have read that I can't charge them for new paint.  

I did a walk through 2 years ago when the tenant moved in and I have not been there since then. I did have the tenant take some photos a couple of months ago when I listed the unit for rent.  The place looked very clean and very well maintained.  

These have been great tenants. Never missed a payment, never were demanding about anything.  

For the sake of new tenants, I want to get the carpets steamed at least and maybe get the place cleaned.  I am not sure if I should be charging that out of their security deposit..... 

My tenant is moving out on Friday and I wanted to know what is your checkout process? 

I am planning on getting the carpets steamed but I would like to know about the cleaning.

Should I get the place back cleaned like they got when they moved in?  

Should I get the place back painted with no  nail holes like when they moved in?

Any help is appreciated.  Thank you

Do you guys have a list of contractors that you work with in the Columbus area?  

I am looking for a cleaning person, carpet cleaning, painters, electrical, plumbing, etc.

Thank you

one of the best parts about real estate is that you get to leverage your money. Put down 20-25 % and finance the rest.  It makes sense.  You can't get this kinda leverage in the stock market though the stock market is very liquid. 

So with that in mind, i have been reading posts on BP about cash buyers.  If you're gonna pay for the property with 100% cash, then why not just do the stock market? You might be able to get 10-12% return and be very liquid. 

Why invest in real estate with no leverage? 

Thanks 

who the heck is American homes 4 rent?   Over 1/2 the listings for rent in my area are by them. Who is it ? They are everywhere in Cincy. 

@Sterling White, what are your thoughts on Cincy suburbs like West Chester, Mason, Loveland, Blue Ash, Montgomery,  Lebanon, Deer Park, etc. ? 

It appears these areas stayed fairly stable during the Great Recession