All Forum Posts by: Will K

One time I forgot to pay my rent on a $4,000/mo 3BR apartment, with a late fee of 10%. The building manager gave me a one-time waive policy, and I definitely held them in higher regard after doing that.

First off I would I would give him a call and discuss it on the phone. Texting is for talking to friends, not handling business matters. If it's his first time I would waive it, but let him know its a special scenario and you will only waive it "this one time."

I would take advantage of this opportunity to build some rapport with your tenant.

I am not too sure, I think this is the only spreadsheet I have done, but it only shows you your 1st year cash flow. Do you have anymore details about the profit analysis spreadsheet, like where you came across it?

James Matias Sorry james and george, this link should work, if not let me know ill email it to you.

-Will

thttp://www.biggerpockets.com/files/user/wklose99/file/mfh-or-sfh-deal-analyzer

James Matias Hey James - Try this link:

http://www.biggerpockets.com/files/user/wklose99/file/multi-family-and-single-family-rental-calculation-model

I use Reddit a lot, but I feel like it is mostly a younger crowd. I often crosspost real estate questions I ask on BP to the real estate subreddit (http://www.reddit.com/r/realestate) and have met some very knowledgeable people on there.

Reddit can be a waste of time, but if you subrscribe to subreddits that are relevant to your interests/hobbies then you can learn a lot from it. I like /r/personalfinance and /r/cooking, as well as /r/washingtonDC for some local flare :).

You should look at DC. Take for example, a 1BR/1BA condo my friend rents in Clarendon/Arlington (suburb of DC). He pays $2,200 a month to rent the unit (he's an idiot).

Sounds great right? Well that 1BR/1BA cost $435,000, has about a 1% property tax, and monthly HOA of $320.

I then got into an argument with my friend the other day because he thought it was a "great investment" and the condo owner is "making so much money off of him." I plugged the numbers into my sheet and the owner is losing thousands of dollars a year to let him live there. No telling what will happen when the artificial job market in DC bottoms out (i.e. inefficient government jobs supported solely by tax payers) and outrageous rents like paying $2,300 for a 650 sq ft 1BR unit are no longer realizable.

That place has a CAP rate at about 3.0%. And this is typical of the "nice" areas of DC. Go to the ghetto/warzones, and you can maybe find CAP rates of 6%. DC real estate is outrageous, I'm really scratching my head as to how REIs in the area make any money.

I would do some googling on CAP rates and the 50% rule (or 2% rule).

Kevin Dickson post a "fake" CL ad as though you are trying to rent the apartment. Start high, and keep dropping it until your responses increase to an acceptable number.

Also I wanted to recommend www.padmapper.com for finding local rents. It parses CL rental postings onto a Google map overlay, thus you can quickly and easily see what apartments are going for on your street or neighborhood.

Kenneth E. So I asked this in another thread but didn't get a response, thought I would try here too.

How do you find people that fall into these categories? For example, how do you find contact information for people who are late on bill payments or mortgage payments, or contact information for people paying two notes?

I am aware of online tax data searches via city websites. But, for example, if someone owns a property in Baltimore and one property in DC, running a tax database search on only one of those cities websites is only going to show their Baltimore properties.

Is there a tax-database search that aggregates all these sites?

Scott French I haven't decided yet. Some people say hire a PM so you dont get burnt out landlording, others say manage your first property yourself so that you can gain experience.

I think I may try to do it myself, and if I tire of driving out to the property I will hire a PM.

So for how much did your property go under contract?