All Forum Posts by: Brian Morgan

Your possessions were taken/stolen illegally from an apartment which you legally have tenancy. File a Police report immediately. Document all of your losses, then take them to court.

If you have a tenancy at will or with a lease, and had paid for that last month, then the landlord cannot "self help" by changing locks etc. until you give up the keys. You get to move out on your terms, so long as you aren't holding over.

hand deliver and make them sign for receipt.

I happened to catch most of it. Seemed like their methods are a bit of a crap shoot. I could certainly see them taking a loss on some of these.

As for the 15 houses, That probaly is broken down like 5 houses completed and listed. 5 houses in rehab, and 5 houses purchased in escrow waiting to close.

Using the Income Approach based on the numbers you gave.

$100,800 Potential Gross annual income
($5,040) 5% Vacancy Factor - could be more
-----------
$97,760 Effective Gross Income
($26,400) Taxes, Ins, Water, Sewer
($ 9,576) 10% Property Management
($ 9,576) 10% Maintenance
($ 1,000) Misc Fees, snow removal etc.
------------
$49,208 Net Operating Income

$49,208 @ 8% Cap Rate = $615,100
$49,208 @10% Cap Rate = $490,208
$49,208 @12% Cap Rate = $410,066

The numbers could slightly be skewed by higher/lower vacancy factor (5% is the lowest I would ever use). Higher/additional expenses or additional income from laundry services etc.

Hi Kevin,

I could be wrong, but I thought you could only complete the 40 hours in person, at a Massachusetts Approved Real Estate School.

To My knowledge, only the 12 hour continuing education requirement can be completed online, but still must be a Mass approved RE school.

100% accurate! Depending on the market, using the income approach for a SFR would come in way under the Comparable Sales approach.

Hi John,

First, Welcome to BP!

Regarding the Multi's, in our Massachusetts market it is very difficult to find move in ready residential properties that cash flow from an investment standpoint. Retail buyers don't worry about the cashflow and buy them up, even at a loss.

I started by doing just what you suggested, buying a 4 unit rundown property, rehabbing, and then renting it out.

If you are comfortable with commercial 5+ units, I bet you could find something that cash flows much easier. You should be able to find a property with a 10% cap rate that gets you what you are looking for.

Best of Luck!

Welcome to the party Jeff!

I also use Vinyl Plank flooring in my units and highly recommend it

Best of Luck with your goals John!