All Forum Posts by: Tim Herman

@Chris Zivalich NOI is taking your rental income and subtracting all expenses except mortgage expense. Look at the monthly expenses in the column and deduct the mortgage. $4564-$3192= $1372. Income $3920-$1372=$2548*12=$30576 which is close to what is on the screen. The other information on annualized return is worthless. You are making WAG(wild A** Guesses) on what the rental markets are going to be 5 years, 10 years and 30 years down the road. You would be better served by looking for properties that cash flow from day 1. Somewhere between 10 and 15 years you will have positive cash flow providing everything goes according to your assumptions. You have not even included management expenses.

@Sami Gren As a tenant, I don't want to fill out an extensive application for a property i might not rent. As a landlord i don't want to have the responsibility to protect sensitive financial data. You will get all that when you do the credit and background check. I list my requirements in the ad. When they call I ask if they meet my minimum requirements. If they lie they are immediately disqualified and out the money for the background check.

@Whitney Turner Have to repost as it won't let people look at it.

@Jaron Walling That's when a lot of the locals decide to take their vacation and rent out their places for the 9 days. Investing is not something talked about at this time, lol.

@Natalia Barriuso Add them to your lease. Most leases are jointly and severally liable. Means they have to pay all rent even if someone moves out. Do a credit check on all parties including the students. Only accept one payment from the students and for the full amount. It is their problem to collect from the other party.

@Darrell Bennett where have you found a rental property that never has a vacancy. Banks will underwrite at 5%. Taxes in most of the usa are at least 1% of purchase price. No pmi for less than 20% down. Hard to say if your other numbers make sense without knowing how many units and the size of the units. Are all the utilities separated. Your time must not be worth anything as you have no PM costs.

@Rustin Nordsven On the searches I have done there has been a few individual meetups but not anything consistent. I know the eastern side of the state has an active meetup. I would be interested in a meetup. Always looking to learn.

@Scott K. If your rental is New York you can only collect a total late fee of $50 or 5% of total rent whatever is smaller. You might want to read the landlord tenant rules so you don't get in trouble if you take them to court. Judge might award the tenants triple damages for you  violating the tenants rights.

@Amy Lin unless you are renting out individual rooms you want all tenants to be liable for the whole rent. This is most common in leases. Your job is to collect the rent and their job is to pay you. Why make it harder for you to collect the rent. One check one deposit. They can arrange how to make the payments to you.

@Erin Winston only losing $500 per month and you have the only property that has no variable costs. How did you find this indestructible property, where no one moves out. Don't see any PMI for low down payment. Insurance looks high. No management expense. If you look at the 50% rule you will lose over 2k a month. How long can you support that loss.