All Forum Posts by: Ciprian L.

@Trevor Lohman I bought properties from Jason. If you have questions, you can send me a PM .

@Christian Sanchez welcome to BP!

Club in action has a meeting tonight in Burbank

http://www.meetup.com/Real-Estate-Club-In-Action-Burbank-CA/

Invest club for women has a meeting next Tuesday in Studio City.

http://www.womensinvestclub.com/Pages/default.aspx

I'm not an expert but to build credit you have to have to use credit cards.

Use the credit cards and pay them in full each month (you don't pay any interest), you can setup automatic payment, to be sure you don't miss any payments.

Pay the $215, probably that is the reason your credit score went down.

The cash flow formula that I use:

1000/mo rent - R

80/mo vacancy - V

100/mo maintenance - M

80-100/mo property management - PM

PITI – principal, interest, taxes, insurance

Cash flow = R-V-M-PM-PITI

I don't have experience with multi-unit, but when I analyze a SFR I use:

8% for vacancy 176/mo

10% maintenance220/mo.

Estimated taxes at 1.25% of the purchase price it should be around 230/mo.

Loan amount 176k @ Approx 960/mo 30yr fixed

Insurance 80/mo (I think is low)

Prop Mgmt 200/mo

Water/Trash 230/mo (I have no experience with the utilities, in one of the latest BP podcast they were talking about a water bill of $800, it can happen)

Approx 104/mo Cashflow – 52/each unit.

The dates in November are ok with me.

I'm intrested too.

$400/mo taxes + $200/mo HOA on a 55k property? How much is the rent?

Probably if you find another property with less expenses it will be easier to qualify.

A lot of good advice over here. I started attending open houses this weekend alos and had the same concerns as @Nate Green .

Thanks

@Mehran K. congrats!

I think the initial purchase price and the fast refinance had a very big impact on the appraisal. These days the appraisers are very conservative, if the value is much higher than the purchase price and there are some comps lower in value, they have to give a lot of explanations.