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23 February 2025 | 39 replies
I talked about this in some detail in my BiggerPockets book Storing Up Profits on self storage.
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27 January 2025 | 15 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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23 January 2025 | 9 replies
Quote from @Jim Stanley: You should reserve insurance for large claims.Contact the city and report the issue to them.
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25 January 2025 | 10 replies
Franklin Home Store and Vacasa are 2 local ones I found with a quick google search and I have no idea what they charge.If you want to consider the self-managing route, DM me and I can walk through the details.
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14 January 2025 | 7 replies
Since this is the tenant's money, I want the bank calculating and holding everything versus storing balances in my spreadsheet.
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18 February 2025 | 148 replies
“Our manager will reserve the right to reject any share repurchase request for any reason or no reason or to amend or terminate the share redemption program,” the company said.
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3 February 2025 | 15 replies
Avoid common pitfalls like skipping due diligence, underestimating repairs, and overleveraging having reserves and a strong team is key.Good luck!
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27 January 2025 | 7 replies
However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied.
7 February 2025 | 5 replies
As for soft costs, you’re looking at a fair amount for a condo conversion-there are legal docs to have drawn up, reviews, surveys, recordings, setting up the HOA, reserve studies etc.