All Forum Posts by: Scott Ma

Thanks Igor. The house has exposed beams and I will start with that. I will look into getting thicker paint. I will look into the ac duct and see I can just replace them. Will post progress.

Hi all BPers, I bot this house from a smoker and rehab it recently. Changed pretty much everything (floor, repaint, kitchen) but the living room still smells a bit smoky. Is there a good way to find the source of smell and is there a good way of getting rid of it? Scott

just regular 20% down residential. I just don't usually work outside Texas. Scott.

I am looking at closing a deal in Florida and in the process of looking for lender recommendations. Any recommendations would be appreciated. Thansk! Scott.

You should really look at the FEMA flood insurance rate. It varies especially if you're in a high risk zone. It could be anywhere from $300 to $30k a year. The higher-end premium will just wipe out your profit for rental.

Agree with Kuba. The number you gave is pretty tight. You can easily be off 15k from rehab overage or missing financing cost. That would just completely eat up your profit.  

Hi Brad,

I ran the number and get to about 8k-9k cashflow a year. I checked the MLS and see the available rent is about 700 for 1/1 and 800 for 2/1. What you have for 3/2 & 2/2 rent seems to be a bit on the low side. What's the unit condition?

I ran the number with the cashflow about $700-900, assuming minimum repairs (you haven't stated any), 3% monthly maintenance and hiring property management. cap rate is about 10%. Did you run the number, what did you get? 

anyone has a recommendation for RE Lawyer in the Houston area? Looking for a lawyer with a bit more experience working with investor. Thanks! Scott.

All, I came across a couple of deals in Houston that someone has converted a 5/4 house into a 5x1/1 (studio type). The number I ran seems to be ok. What is your opinion on 1/1? I never rented a 1/1 in my life and don't know the pros/cons of renting in the studio market. Thanks!!

cash: 100k

per unit: $450/month (90% occupancy rate) ~24.3k/year

property management: 10%

tax: $300/month

 general misc & maint. $200/month - most part of the house has been updated.

mortgage $900@5% (20% down)

Monthly NOI: $422

Annual NOI: 5k