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22 July 2016 | 12 replies
There is a potential to build additional rental units (I'd estimate two identical buildings of 6 units each) or something else like storage units, etc.FinancialsMonthly income of $3,620 = $3,570 ($595 rent x 6 units) + ~$50 (coin operated laundry) - Currently, 100% occupied without any room to raise rent as it's already near the top of the marketMonthly expenses of $2,299 = $405 (electric) + $70 (gas) + $56 (water/sewer) + $50 (trash) + $250 (taxes, see below) + $273 (insurance, what they currently pay) + $362 (10% property management fee) + $362 (10% capex reserve) + $181 (5% maintenance/repairs) + $290 (8% vacancy, see below) - Taxes were $1,332 last year, but that was before all of the remodel so I'm estimating a future tax increase based off of the taxes I saw on other MFHs in the same town.- Property management: my uncle offered to PM the property for free for 12 months, and then said that it would be 10% of gross rents.
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20 July 2016 | 1 reply
and to add to it, the basement had of course been freshly painted, with new adhesive tiles, and all new baseboard TRIM.
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22 July 2016 | 12 replies
I was wondering if you can give me your opinion on this ad I will put on Craigslist and Zillow:Title: Walking Distance Fox School District -Walking distance to Fox School District.2 Bedroom, 1.5 Baths, Full Basement, w/d hook ups, plenty of storage, carport parking, Fully updated throughout, both bedrooms are large, with big closets and new carpet, both bathrooms updated, Eat In Kitchen is updated, freshly painted through out unit.
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5 August 2016 | 10 replies
Also, perhaps, MOVE into the SFR you want, using a fresh FHA-approved loan, and rent out both sides of your duplex?
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28 July 2016 | 10 replies
We tell all people that they can only use the basement for laundry and storage because with the rental licensing that is what the city told us because there are no egress-sized windows down there.
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13 August 2016 | 5 replies
-Storage unitsSmall closet size or even garages.
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27 July 2016 | 6 replies
They should be penalized for not getting out on time, perhaps go stay in an extended stay with their stuff in storage (or pay for the incoming tenant to do so).
26 July 2016 | 2 replies
RESOURCEShttps://www.irs.gov/retirement-plans/retirement-plans-faqs-relating-to-waivers-of-the-60-day-rollover-requirementhttps://www.irs.gov/uac/newsroom/irs-clarifies-application-of-one-per-year-limit-on-ira-rollovers-allows-owners-of-multiple-iras-a-fresh-start-in-2015https://www.irs.gov/retirement-plans/ira-one-rollover-per-year-rule
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28 July 2016 | 4 replies
The room is lacking in storage, so adding shelves/cabinets would supply that, as well as breaking up the large expanse of tile.
27 July 2016 | 6 replies
Because that can lead to allegations of favoritism, and biased or colluded results.If I were walking in your shoes, I would mention the prior report (but not the company or person), question the comps that were cited, and the FMV being reported.You'll get a fresh look at the property and hopefully a better result.