All Forum Posts by: Norm Chrostowski

I highly doubt the smell from the lower will seep into the upper.

I think your cutting your potential renters by 30%. If the tenant moves out, you generally have to paint, clean, and shampoo carpets anyway which will alleviate most if not all of the smell. It's your option if you want to leave a unit unrented while waiting for the perfect one. IMHO there are no perfect tenants.

BTW, my mother smokes and lives in the lower of my duplex. The upper does not smell at all.

Not to be a smart A$$, but why aren't you buying properties over there?

35k?...Was it a complete gut job, and new mechanical systems?

You will more than likely get buried if you do...Just say NO to utilites (will probably get sued for a MikeOH copywrite infringement...lol)

Who needs webinars? I know EVERYTHING...uh...yes, that was a joke..

Ok ok, you get a vote

but it is not illegal for them to give your information to them. ??????

WHAT?

As an individual who wants to get well versed in every aspect of REI, do you think it's advisable to get your RE License?

Obviously if your flipping, you'd save on commissions if you plan on listing it.

You'd have access to the MLS.

Possible first dibbs on pocket listings.

Can work at your leisure, even with another job.

I'm considering this. Just wanted to get views/opinions from others. Feel free to chime in.

Norm

The thread title should have been "Just negotiated terms on 6 family deal in Vegas". Closed is a completely different thing. Please try to honest when seeking advice, instead of having a bizillion people reply and try to help!!

The 50% rule is a guideline to evaluate a deal relatively quickly to see if it will cash flow.

It states that 45-50% of gross rents will "eaten up" by expenses.

Example: 4 unit
$500 per unit
$2000 GR
$1000 expenses
$400 desired cashflow ($100/unit)
$600 left over for Debt Service (P&I payments)

Possible Expenses:

Taxes
Ins.
maintainence
Property management
Vacancy
Water
Garbage

This does not include utilities paid by the landlord. If utilities are paid by the landlord the expenses will be significantly higher. Just say NO to paying utilities (MikeOH copywrite)

Hope this helps. Sometimes it's hard to put it on paper.

Norm

Not sure how much counter space there's involved, but a 12' pc of laminent countertop at HD is about a $100.

You need to have a little skill to install them...with cutting, and glueing the seams together etc...

Sounds like a pretty fair deal.