All Forum Posts by: Tim Kaminski

@Roy Mitle

No need to background check.

Is your market rent low? If so then a modest increase. If not, and you are happy with your cash flow then give them another year and increase then. All depends on where you think your market rent is at and how easily you’d be able to find someone else that would pay.

I’m confused. Do you not know what it will rent for? What do your numbers look like?

@Edwin Martinez  What does it rent for?  What do your numbers look like? Rehab costs?

Biggest roadblock is my obtaining my second property. Have a financed duplex but unsure if taking less cash flow through a refinance will be the best route or doing a long term deal with a HELOC. Back to saving up my money again and hoping prices come down

Any other investors with any insight? If I can pull all of my money out and still come out ahead of my PITI, is it worth it or should I not settle for anything less than $100/door after PITI, capex, management costs, maintenance, vacancy etc?

I want to recycle my money so I do not have to keep saving up personal funds for downpayments but want some reassurance what I'm doing is on the right track.

@Maximilian Glodde Thanks for the response. I do not plan on selling. I currently own a duplex that I put about $20k in(5% downpayment+rehab). The house appraised $30k higher at closing as well and have had the property over a year.

Considering refinancing the property to pull the cash out BUT at 75% LTV would need to appraise at $240k to get my money back out. $240k is on the higher end of what my realtor thinks the property could be worth, $210-240, but obviously have no control over that. Also would suffer as my rate would be higher, currently 4.375%, and have cash flow, as defined earlier, of $800.

How much cash flow do you aim to have AFTER refinancing? By cash flow, I simply mean cash after paying PITI. Are BRRRR investors happy to be making any money at all after refinancing or do you still want $100/door minimum AFTER accounting for capex, management, etc.

Trying to see if BRRRR would work in my current property that is financed.

Thanks!

@Suvarna Joshi I work for a home builder in Tampa Fl we borate treat all of the wood we use in direct contact with concrete on our home. Block on bottom, wood frame on top. Just recently got subterranean termites on a duplex we built 2/3 years ago. Have been getting it treated quarterly. The warranties are good to have when you find those mud trails.

In Florida they are a real problem, not sure about your market. Most termite companies will warrant against subterranean but not dry woods, as they fly and they cannot control that. If it’s common in your area then yes it is worth it IMO to have that peace of mind that it will be taken care of professionally when they do come.

My personal duplex, 100 yr old wood frame home, had evidence of dry wood termites and I refused to get professionals involved. Did DIY methods. Trenches around the house, Termidor between the studs etc. Still came back. Set up orkin to handle everything for $300/yr. They sprayed in the attic, UNDER the crawl space, between all the studs and they come out for free if any evidence is found between services. The peace of mind to have that off my hands is well worth $300/yr.

What is the issue with painting the door black?  Just a cosmetic thing or am I missing something?

@Nathan Thompson Can you tell us what you ended up doing?  The idea of renting out a house by the room intrigues me.  Can you provide some details on how that went, if thats what you ended up doing?