All Forum Posts by: Mel Rosario

thank you for the helpful comments! I hope I get the property and she complies.

I am bidding on a condominium that is in short sale, and plan to pay it off in cash. The current owner is willing to stay in the place and pay rent so I don't have to worry about advertising and vacancy for the mean time.

What I learned is that the owner is babysitting or taking care of neigborhood children, a pseudo day care from the condominium.

If one of those kids gets hurt, who is liable, the me the new owner or the person taking care of those kids? Do i need homeowners insurance too since it's a condominium. If it's a pseudo day care, doesn't she need a license to practice?

I like this place, it will give me a good return, but if there is a lot of liability involved, I should just look the other way.

Or in a renter's contract, how should i word it in order to protect my assets or keep me from being liable if any of those kids gets hurt in my condo.

I can always not rent it to her, but another tenant can do the same thing and I would not know it.

CM,

your right, I overlooked some of that stuff. HOA 235/mo, prop tax 125/mo, mgmt 135max/mo. unlike my other properties (i have never had a condo investment) are there any community utilitie dues? vacancies can add another 10% but i have been able to fill almost immediately. So I'm roughly guessing 500/mo in expenses (vacancies not accounted for) or 6k/yr. another 3-4k in interest if i use borrowed money rather than pay it off using cash. so it's about 6-10k/yr i'm getting (didn't account for uncle sam yet). Am I still missing anything?

I guess my basic question is would this condo be a good short term investment? I plan to sell this in 5-10yrs.

First of all, thank you for all your input to my earlier posts.

I am in California and looking at a condominium to buy as an investment 125k. I also saw a multiplex let say it's about 750k.

Here are the information what i can gather:
condo: i can fully pay this off at 125k or LOC at about 3% (3600/yr), rent can be about 1350/mo (16k/yr) and mgmt say 10% ($1350/yr) to make it easy. Accounting for vacancies will be low as I have several properties in this area and not had more than a month's vacancy in over 5yrs now.

The quad is 795k, all 2/1 collecting about 62k/yr. with a 30% down, and at 6% non owner occupied interest, along with 2k/yr insurance, 8k/yr prop taxes, 4500/yr hoa, 5000/yr maintenance and com utilities

i think the better deal cash flow would be the condo, it may not appreaciate as much but, i'll be pocketing 10-13k/yr and this is not a long hold, will sell in about 5yrs.

any input? if this works, i can buy 2 condos instead of putting 30% down on a quad and make a little more in the short term.

I LIVE in in a Las Vegas house originally bought for 350k in 2005 now worth about 160k. The monthly mortgage w/o taxes is about $2000. I have made all my payments and never have been late. I want to buy a bigger house in the same city. Has anyone been in this same situation and what creative things have you done.

what i have thought is to rent it out, but the rent will only get me 1000-1200 and i will fall short of at least 800-1000/mo. this can be offset with my cashflow positive properties.

sell it, but i will still be liable to pay for the balance

i can't walk away, make too much

can i renegotiate with the bank to lower my rate and payments?

thanks

I have about 150-175k for a downpayment on a multiplex. I like to buy in the 1.5-2.0 million range but feel that my downpayment is not enough. On avg is cash flow bigger on lgr buildings? Does anyone have any sugestiins how i can purchase a building like this with this amount and finance the rest rather than tking out helocs or refi

Or should i just use this ant for a 500-600k smaller multiples with less cashflow

Sorry typing from a tablet

Silver and Finance,

thanks for the advice, I wasn't gung ho about the location and realize there are many more properties out there, i just have to be patient

property consists of 1 2bd/1bth, 7 1bd/bth

Mel

which is better so so location with cash flow, or desirable location but no to little cash flow? I am looking into a property that has a net operating inc of 52K with a cash flow of about 17k per current owner. Owner is selling the place for about 800k for 8 mixed units. Looking at the area, it is surrounded by businesses, storage facilities, a railroad, and very few rental complexes but near a main highway. My other places are much nicer but don't give me this kind of cash flow. I'm just concerned if i purchase this, how hard will it be to sell it in the future despite the cash flow? Any opinions. does location matter, future appreciation if any, cash flow?

I love this site, so many helpful people!!!

I'm trying to become a part-time successful investor. I use mls sites, real estate agents in the areas I want to buy in (mainly in S. California), but most of the time when I'm ready to bid on the great looking deals, there is usually a pending offer, or it has a higher bid and the math doesn't look at great. Anyone have any other methods of getting great deals before these go public.

Is 7% a good fee for managing such as problems, finiding tenants., maintenanc? For commissions ibgive 1 months rent but over the course of the tenants lease. I had tenants bailout after 6 months.