All Forum Posts by: Albert Gutierrez
Albert Gutierrez has started 25 posts and replied 67 times.
Post: Look for a property or wait?
- downey, ca
- Posts 70
- Votes 13
The problem is that California is always a tough cookie, I live here and rent prices as well as property prices are sky high, so in my case I want to buy a MFU but not sure if "its the right time to buy". Should I keep paying rent and wait it out or should I act now since I saw a few potential properties that won't cash flow, but at least I could potentially make some equity and not throw the money away in rent but then again if the market drops a bit and the same property is worth 50k less next year than the equity part just went out the drain hole.
Post: Look for a property or wait?
- downey, ca
- Posts 70
- Votes 13
Do you think its a good time to buy with interest rates going down but housing prices being an all time high or wait for "something" to change?
Post: Looking at my possible first Multifamily
- downey, ca
- Posts 70
- Votes 13
just checked with state farm they came out a lot lower but still waiting on the flood insurance on top of the normal quote
Post: Any good and affordable landlord insurance in TX?
- downey, ca
- Posts 70
- Votes 13
@Jason Bott sure, I send you a request, this would be for a MFR so I'm not sure if they would cover
Post: Any good and affordable landlord insurance in TX?
- downey, ca
- Posts 70
- Votes 13
Can anyone recommend any good and affordable landlord insurance in Texas? Seems all the big player are either too high or just don't offer good services
Post: High Mortgage Insurance on property?
- downey, ca
- Posts 70
- Votes 13
So, I got a P&L from the seller and I calculated the numbers below, what intrigues me is the Mortgage Insurance is so high, the area is in a flood zone but is this typical for home insurance to be this high?
Update on numbers:
150k Home
20% down payment 30k
interest rate 4.5%
property taxes: 2k/yr
home insurance: 3865/yr
Monthly Rents: $2675
Unit 1: $1200 2bd 1ba
Unit 2: $825 2bd 1ba
Unit 3: $650 1bd 1ba
Monthly expenses:
monthly payment would be $1098 (includes insurance, taxes, P&I)
Vacancy: $268
Repairs: $100
PM: $268
CapEx: $268
=$2,002
CF= $673
Post: Looking at my possible first Multifamily
- downey, ca
- Posts 70
- Votes 13
So, I got a P&L from the seller and I calculated the numbers below, what intrigues me is the Mortgage Insurance is so high, the area is in a flood zone but is this typical for an insurance to be this high?
Update on numbers:
150k Home
20% down payment 30k
interest rate 4.5%
property taxes: 2k/yr
home insurance: 3865/yr
Monthly Rents: $2675
Unit 1: $1200 2bd 1ba
Unit 2: $825 2bd 1ba
Unit 3: $650 1bd 1ba
Monthly expenses:
monthly payment would be $1098 (includes insurance, taxes, P&I)
Vacancy: $268
Repairs: $100
PM: $268
CapEx: $268
=$2,002
CF= $673
Post: Too good to be true?
- downey, ca
- Posts 70
- Votes 13
Here is another thread I created for this
Post: Rental Property too good to be true?
- downey, ca
- Posts 70
- Votes 13
Originally posted by @Guy Gimenez:
Certified P&L? I've learned that when investing, believe none of what you hear and only half of what you see.
Can I PM you? maybe you can give me some advice?
Post: Rental Property too good to be true?
- downey, ca
- Posts 70
- Votes 13
Originally posted by @Guy Gimenez:
Better get confirmation on T-12. I get similar deals all the time and they fall apart once the seller understands he/she has to prove their numbers. Not saying this isn't a good deal, but investing 1,000 miles away without knowing the area is seldom a good idea unless you do a tremendous amount of due diligence. In some of areas I work, you'll spend so much time and money on evictions that the actual annual CF will be marginal.
I just got the 12 month P&L looks like this is a flood area and needs flood insurance which does drop my numbers by a bit but still manageable