All Forum Posts by: Brian R.

Actually if it's 4 unit or less multifamily and the owner lives in one of the units then they are exempt from having to allow an Esa.

I created a simple log in excel for tracking payments. This is not for accounting purposes. It is just for keeping track of when they pay. It makes it simple to give future landlords a payment history. I let tenants know that paying early looks very good to future landlords. I send them a printout (email) each year so that they know we keep track and will give them a good reference for their next landlord. Only some of the fields are editable by default. You can "unprotect" the sheet if you want to make changes. Only the first date at the top is unlocked but the rest of the dates will fill in automatically. Use the first of the month so that days late is calculated. You can use the 5th of the month if you want the days late calculated from the 5th. Fell free to edit or distribute it if you like.

https://www.dropbox.com/s/33ve8x3tz3vmgyu/RENT%20P...

 Yes it was strange. I kept asking him if that would affect the appraisal and he kept saying no way. He lost the loan because of it though.

 Yeah I'm sure I will get better at it. I'm now trying to find the next good deal. It may take a while. I guess that's probably the hardest part.

Thanks @David Whittle. I appreciate the feedback.

Yes I would do it again in a heartbeat. Even if I knew all the numbers were the same. Thanks @Bart H. I appreciate your analysis. I do think that the mortgage pay down each month should be factored in which makes the actual value 130 +175 (self managing) +175 (Mort. Principle) for a total value of $480 per month. The mortgage principle reduction goes up about about $10/mo each year to start and by year 10 it goes up almost $20/mo each year. Not even factoring in appreciation which increases slowly but steadily in our area. Also almost everything on this house is new and shouldn't need a lot of capex for a long time so that 10% for capex may be high too.

Thanks everyone for all the kind words. I really appreciate the feedback.

 Well everything we did was necessary. We didn't over do it on expensive upgrades. The only thing I would do differently is maybe offer less. They accepted within hours and didn't counter at all. That always makes you wonder. Also the rent will increase slightly at lease renewal. It will be in the summer instead of February so that should warrant higher rent even if the tenants move out after their lease is up.

 I am in the Cincinnati market which is fairly competitive but I want to focus on slightly better neighborhoods than what Cincinnati has to offer. I grew up in a suburb of Cincinnati which is just across the river from this house (northern KY). Because I do most of the work I prefer to do deals close to my home. This one was about 10 minutes away. I could do a lot more if I wanted to venture into some of the C and D neighborhoods in Cincy but I will wait to find that diamond in the rough closer to home in a b to b+ neighborhood. I'm not really counting on appreciation in any deal but in nicer neighborhoods the appreciation is much more likely and that's icing on the cake.