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13 June 2024 | 11 replies
Hi Corbin,The spreadsheet I have uploaded in the BP file place is our Lite Version which includes the Rehab Analyzer & Estimator tools for analyzing rehab deals & estimating rehab costs.The Basic Version you mentioned adds in Reporting so it basically takes the data you enter into both of those tools and generates a printer friendly Investment Report & Estimate Reports that you can print and give to your business partners or lender.As far as Project Management, there are plenty of general Construction Management software solutions available for managing new home builds, remodeling projects, etc, but often times those tools are specifically built for Contractors that are working with homeowners.
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12 June 2024 | 17 replies
I have a larger portfolio (65+/-) units varying in size from 300sqft - 7,000 sqft and that affords me some leverage on our cleaning vendors.
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14 June 2024 | 13 replies
We manage a few MF complexes ranging from 8 to 24 units.
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13 June 2024 | 0 replies
Although no major renovations were needed, our strategic approach and rapid transaction management significantly increased the property's market value.
13 June 2024 | 1 reply
I also have many connections in the area for other trades, ie electricians, plumbers etc that I can call upon and potentially project manage on a house flip, rental etc
14 June 2024 | 10 replies
For a $300,000 property, this could be $6,000 to $15,000.Mortgage on Rental Property:Loan Amount: $240,000 (assuming 80% financed at 4% interest over 30 years).Monthly Payment: Approximately $1,145.Other Expenses:Property Taxes: Estimated at 1.5% of property value annually ($4,500).Insurance: Estimated at $1,500 annually.Maintenance: Estimated at 1% of property value annually ($3,000).Property Management Fees: Assuming 10% of monthly rental income ($2,400 annually if rent is $2,000 per month).Vacancy and Turnover Costs: Estimated at 5% of annual rental income ($1,200).Total Initial Investment and Annual Operating ExpensesInitial Investment:Total Borrowed from Equity: $150,000Down Payment for Rental Property: $60,000Closing Costs for Rental Property: $10,500 (average)Total Initial Cash Outlay: $70,500 (initial investment from equity) + $10,500 (closing costs)Annual Operating Expenses:Property Taxes: $4,500Insurance: $1,500Maintenance: $3,000Property Management Fees: $2,400Vacancy and Turnover Costs: $1,200Total Operating Expenses: $12,600 annuallyExpected ReturnRental Income:Assuming $2,000 per month, annual rental income = $24,000.Net Operating Income (NOI):Annual Rental Income: $24,000Minus Annual Operating Expenses: $12,600NOI: $11,400Debt Service:Mortgage Payment on Rental Property: $1,145 per month, $13,740 annually.Total Debt Service: $13,740 (rental property) + $8,592 (equity loan) = $22,332 annually.Net Cash Flow:NOI: $11,400Minus Debt Service: $22,332Net Cash Flow: -$10,932 annually (negative cash flow initially due to high debt service).Cash-on-Cash ReturnInitial Cash Investment: $70,500Net Cash Flow (first year): -$10,932Cash-on-Cash Return: Not applicable initially due to negative cash flow.Long-Term Appreciation and AdjustmentsProperty Appreciation:Assuming a 3% annual appreciation, the property value could increase by $9,000 annually.Rent Increases:Assuming a 2% annual rent increase, rental income will rise, improving cash flow over time.
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9 June 2024 | 4 replies
Hello,I'm currently self managing close to 10 units and have been using Avail to automate things as much as possible.
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11 June 2024 | 1 reply
There are some Banks that allow it under their Portfolio program, or DSCR for "Investment only".
13 June 2024 | 2 replies
I ended up chatting with a few property managers and paid a flat $700 fee for them to make the problem go away.
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13 June 2024 | 4 replies
Do you manage the adjacent units in question as well?