All Forum Posts by: Tyler Labelle

Thanks for this write up.  I have a call scheduled for today and I figured it's just another guru sales pitch.  I do however believe proper coaching can accelerate you in a given field but this does not appear to be it.  I'll get on the call but won't be signing up.   I'm pretty experienced in long term as I have 17 rentals already but I'm preparing an offer on a bigger multi family complex "32 units" so was looking for proper guidance.  

Just got done arguing with home warranty about the repair and it will not be covered since its a grinder pump not just a sump pump.  typical, and thats why I called and made them go over everything this morning to confirm.   Looks like no cash flow this year with this repair.  

Their response was that their mother lives just down the street and they were totally ok with using her place until it was fixed.   I'm hoping to get something done tomorrow.  Still waiting for HW to schedule me a plumber.  Regardless  I'm going to offer them a good discount for this month.  They literally moved in on Monday. 

I just called and offered to put them up in a hotel for the next couple nights and they said no thanks that they were completely fine.   

So grinding sump pump went out in a rental unit of mine and tenants literally had to shut off water to unit.  had a plumber out and he quoted 3800$.   I have a home warranty that they claim will cover said sump pump "eye roll".   HW still hasnt got a plumber out to unit to evaluate yet.  but i have tenants that are living in a unit with no running water until i can get someone out.  What should I do?  Do I offer to put them up in a hotel?   They aren't upset but I feel like I need to offer something.  

If you are house hacking that changes everything.  But now your rental income will only be around 3450$ a month and not 4600$  updated proforma with new information. 

https://www.biggerpockets.com/analysis/rentals/8f5809bb-be22-4f02-aa7d-f1b1a9c8d807

I updated my proforma based on what others have said and my personal opinion on that you will need 25% down and rate probably closer to 4.5% or higher.  whoever is quoting you clearly doesn't do investments.   Don't get me wrong, there are people that will lend on something like that with 10% down but it wont be at 2.75%.   Admittedly I don't know the area but it sounds like Steve does and he's not jumping to buy it so that should tell you something.  since he knows the market and the area you might be smart to get with him on this if you want to speculate on a 675k purchase.  

https://www.biggerpockets.com/analysis/rentals/8f5809bb-be22-4f02-aa7d-f1b1a9c8d807

https://www.biggerpockets.com/...

These numbers are assuming some how you can get 10% down but you will likely need to put 25%.  and that you can raise the rents to what you said.  personally I would stay clear of this property but let's see what others say.  

those numbers look pretty optimistic to me.   how are you getting 10% down?  most multi family is 25% unless owner occupied. 

Geez when a tenant initiated payment it takes a week or more for it to clear then 3 days to transfer it to my account. Am I the only one using it? Just seems slow for an electronic payment these days.