All Forum Posts by: Chris Youssi

Spot on - no excuses for the financial mess we find ourselves in - we must own it! A 400 CS is not created by student loans a utility bill, it is countless debts that have gone unpaid credit cards/ car loans / phone/utilities etc... Repay and rebuild just that simple no reason to dance around this situation. With unemployment at 4% those who want to work can write their own ticket if they have drive/desire and are motivated. No job means quite frankly don't want to work. Enf of my rant. Real Estate is extremely rewarding on so many levels but just like anything no short cuts. Hard work will get you where you need to go along with forums like BP. I am extremely impressed by the caliber of investors on this site been doing this for 38 years and am learning many new ways to invest in RE. Happy Hunting !

Curious how many SF/ unit and what did you end up renting the units for? Impressive looking prop congrats!

Thats absurd and totally unrealistic. At the end of the day if we can make 12% we are golden. National companies exceed 20+% but they also factor in development fees etc...

I would reach out to a local lender who specializes with investors . Reach out to your Realtor and ask them for 3 referrals using the above criteria. Depending on how long you have owned first unit ( 6 months minimum ) refi cash out would be a strong possibility. Something to consider is what are your objectives? Cash on cash return - grow your portfolio - appreciation - monthly passive income etc...? Once you know the answers to these questions, then easier to analyze your next step. Happy hunting!

I have found great success with community banks under 1B in assets. My lenders are in the market where I reside and do business, however out of area lending not something I have any experience in yet others on this thread seem to offer excellent suggestions. Best wishes

Our State allows us as landlords to get an "owner occupied exemption" worth $6000-6500 off the AV depending on the County. One must live in the property to qualify vs renting. HOWEVER... as landlords when we have tenant sign a form stating that part of their rent is sued to pay property taxes we also get this same exemption. It is worth about $700-1000 depending on tax rate of governing body. Something I would ask others in your market. kep is must be detached housing having it's own property code.

Morning looks like a very impressive portfolio . I am a huge fan of debt reduction. Looks like you have some amazing rates awesome job. A few questions for your post.

1.) What is your primary objective? Cask flow? Appreciation? Debt reduction thru tenants?

2.) Are you opposed to HELOC on your personal residence?

3.) Why not smash down the 2nd rental to a 15 year amortization?

I am a huge fan of purchasing with todays dollars to obtain todays appreciation. If you wait to "pay cash" you lose 4 years of appreciation. I own 62 rentals buying and selling monthly / reworking my portfolio working toward some very specific goals which will be obtained 12-31-2018 and moving forward. Key is your objectives. Many ways to answer your question. Let me know how I can help.

Happy hunting!

Not sure why you are either. Use the IRV method 

Income _ net income void of property taxes and insurance

divided by cap rate say its an A property use 7% 

= value

I / R =V

Good question . I have several years experience in both. IMHO SFR far superior in all ways than condo/townhomes overall. Always an exception but here are a few thoughts.

1.) No HOA with SFR unless it is minimal signage entrances etc... which means you have more control

2.) SFR easier to lease / sell / higher appreciation / typically more responsible tenant .easier to manage . No yard work or snow maintenance - Vegas not an issue

3.) Not sure where the SFR "costs more" comment is coming from but square footage is square footage. Condos typically have escrow accts for exterior maintenance so maybe thats what your thinking. Downside are the dues come out of pocket which hurts monthly cash flow - a trade off of sorts.

4.) Higher monthly + cash flow with SFR

I own 31 townhomes/condos and 31 SFR and by far I will take the SFR anyday for reasons above

Happy hunting

Check back with me toward late fall and I will have a response as I am Developing / building 100 units and should have a good jump on the numbers by then. Preliminary looks like +$500 on rents averaging $1600 and all A properties should sell in the market for upper 6's low 7's on a cap rate with current market conditions.