All Forum Posts by: Jingru Sui

So far so good. Since we are renovating the units when turn from LT to ST, our cash flow is not stabilized. We expect our stabilized return in a year will be some where between 14-16%

1 Vote

Hi Kevin, My first one actually cash flow a lot. over 800 per month because at the time I have to put more down payment down to meet the DTI requirement. I put 50% down. :)

Here's the thing tho. Everyone might have a different comfort level. Some people put down a lot and cash flow a lot. Some people put down as little as possible hoping to have some cash flow.

1 Vote

Originally posted by @Joe P.:

My duplex in NJ has yet to turn a profit. I've had it since August 2018. My biggest mistake was assuming there wouldn't need to be much done upon pickup of the property, but deferred maintenance killed my CAPEX/maintenance budgets, which were calculated at a "house is stable" rate.

Any property I do moving forward, I'll have a 5k to 10k deferred maintenance budget set aside for the first year. This way its more of a purchase expense -- if it gets used, ok, my initial COCR is lower than year 2, but I'm covered for any gotchas. If I don't use it, great, its money I didn't have to spend.

Obviously, I was a little discouraged, especially early on. But we've got the property stabilized, took care of most of the needs, and now on the road to black. All-in-all I'm down about $2,000 on top of my initial investment, which is not horrible. This doesn't factor in any tax advantages/appreciation/pay down of debt, which some of us overlook but is part of the long term plan.

Thanks for Sharing Joe! We can all learn something from your experience. As you said it's still not too bad just not expected I guess.

2 Votes

Good luck with your offer.

0 Votes

Buy more affordable houses. Then when market crash your's will be in demand.

1 Vote

My company is actually doing this in Columbus OH. What you can try to do is to turn maybe one whole building into short term. or at least try to keep the units your want to do short term in 1 building. the obvious benefit is you can try to minimize impact to existing long term tenant. also the units might be able to share Wifi ... you know. There're defiantly more turn over. more drama. and more profit if location works. About your concerns... Our buildings are C class too. We do a total renovation in each units, new floor, new cabinet, new furniture everything. This initial investment will soon be paid off.

2 Votes

Originally posted by @James Sun:

Tenant informed me on the 2nd that he would be breaking his lease this month and leaving on the 8th. He also mentioned he would pay Feb. rent at a later date.

He sent me a text on the 9th that he moved out and left the keys and garage opener on the counter. I did a walk through of the property and got a quote of $1850 for cleaning, repairing a few items and painting some areas.

His deposit was $1800 so that covers the rehab work. What should be my next steps in order to maximize my chances to collect the lease break fees and Feb rent? He stopped responding to my calls, texts and emails. I will send him a certified letter (to my property address) with the final move-out form and breakdown of all fees.

He had a good white collar job with decent income when he first moved in - $6400/month.

What a shame. Has he mention the reason why he's breaking the lease? I think you should send him to collection but prepare for the worst outcome.

0 Votes

I think i'm still very very new as well. But these are the things that helped me get started:

1. Cut cost on EVERYTHING. Living below your means. It's nice to be able to leverage other people's money but the first few years you need to get your credibility build up. Save as much cash as possible.

2. Make educated decisions. Ask people here questions.

3. Know your number. Analysis all the deals. make time to find comps and make sure your number work.

4. Do it. I made mistakes on the way might be the best way to learn honestly.

5. Have fun!

1 Vote

Minneapolis, Minnesota

Originally posted by @Jenny Sun:

Hey there, @Jingru Sui! It’s so great to see someone else in the Atlanta area. We’re currently renting the unit out for $875, we started at $850 last year. It’s been cash flowing well for us.

What areas have you invested in?

Hi Jenny! I have properties in Kennesaw, Woodstock, Smyrna and Powder Springs. All on the other side of town from you. Mainly because they are closer to where I live. :)

0 Votes

All Forum Posts by: Jingru Sui

Jingru Sui has started 25 posts and replied 649 times.

Post: Spreadsheet?? What do you use to keep track?!

Post: AirBnB in Medium Size Multifamily Buildings?

Post: Did your first investment property cash flow?

Post: Did your first investment property cash flow?

Post: Buying First Property!

Post: Owning rentals safe?

Post: AirBnB in Medium Size Multifamily Buildings?

Post: GA - Tenant Broke Lease and Left Without Paying Rent

Post: New to Real Estate Investing!

Post: Stone Mountain (Atlanta, GA) Buy & Hold Townhome