All Forum Posts by: Travis Reed

Quote from @Dave Carpenter:

One other comment: consider this a 10-15hr per week job if they are in bay automatics or self serve. It’s fairly passive, but you will need to be there multiple times per week, or have someone on payroll that will. 

 It is not self serve. It is an insert money and drive on through. I know little about the maintenance and upkeep of these kind of units. 

A laser car wash popped up for sale locally and is advertising an awesome 11% cap rate. Is this typical for a car wash? Usually higher cap rate indicates a risky investment or am investment that is difficult to manage. Anyone have experience? This appears to be a drive through laser car wash and 4 stalls with access to a vacuum cleaner. 

2.3k monthly rent on a 380k property is not a great ratio. It doesn't cash flow terribly on your Calc because your not accounting for rent loss and Capex I imagine. The question becomes is this property going to appreciate enough to get a good return on your overall investment after 5+ years.

Put this guy in your rear view mirror and fire him. From the post you already have some good leads on other more reputable PMs. 

Quote from @Robert S.:

I feel this is a poor concrete job. Why does the concrete looks like this? How can I make it smooth?

Just not a great finish. Could of also been crazing if it was too hydrated during finishing or too hot. You do not want smooth concrete outside on walk surfaces, you want a rough broom finish. You can grind/polish it down but it eill make it pretty slick! I would leave it and wait for it to weather. After a year or two you won't notice it. 

That is a healthy COC return! Good job!

Just to add what they said already, pro forma is the forecast, the plan, etc. For instance, my office puts together a proforma at the end of the year outlining our plan for next year including what hires do we want to make, new billing rates, anticipated expenses, and planned profit. Throughout the year, we look at how much profit each office made that month and compare it against the proforma expected profit. 

I do not know much about lenders and brokers and how much rates vary between them. I called my local lender brokerage here in town and I asked what the going interest rate was for a conventional loan for a duplex (not owner occupied). He said that it was around 7.6% interest and 25% down. Does this seem in line with the market? I'm second guessing because I saw another post on here referencing 5%-6%. 

Quote from @Stephen Rinaldi:

Best rate lender in the country is at 5's so you are mistaken,  may be with large amount of points or buydown

 I was just quoted 7.6% for a conventional loan for a duplex. Where are people getting 5% or is this for a subsidized loan? Maybe I need to be talking to a different lender?

Quote from @Steve Vaughan:

Quote from @Travis Reed:

Quote from @Steve Vaughan:

Yeah, already answered that.  I'm out. 

 I see, sorry about that.