All Forum Posts by: Account Closed

Not sure what the protocol is on bumping old threads... I'm in a similar situation.

DTI doesn't quite cut it, so I will need a cosigner. If I were to have my mother or father cosign on a mortgage with me, contributing no funds, only their credit reputation, what sort of deal should I work out? My mother is so nice... She offered to cosign for nothing in return, but I don't want to take something for nothing. I would like to give her a percentage of the cash flow and a small percent of the equity when I sell.

What do you think would be a fair deal for my sweet mother?

Pictures can be found HERE... Listed for 80k.

It's a 4-plex. 5bd, 4 bath. 3000 sq ft located in Duluth MN. This has been on the market for over 6 months and started out at 150k asking price. So seller is obviously looking to sell since they have come down in price by more than half.

My problem is that I don't have any idea how much it would cost to get this property up to c class rental unit standards. 10k? 20k?

What do you guys think of this idea? Properties up there are already cheap enough to cash flow. This might have potential to be an appreciation play too.

The mines will be built, make no mistake about that. There is far too much money in that ground to leave it lie. I'm wondering if there might also be money in the streets?

With respect, I think that the aesthetics of SS are so much better than white, that it would make a tangible difference in the tenant's perception of how nice the unit is. With that, comes higher rent. I honestly think that if you renovate a kitchen and don't use SS appliances, you are making a mistake. 

Then again, I don't know what your margins are like. If you are renovating every kitchen in a 20 unit building, that difference in price adds up. 

I'll just add a little to the discussion.

Look to see what your local scratch-and-dent / overstock retail stores have in stock. You can replace an entire kitchen with like-new appliances for a fraction of the cost.

I disagree about white appliances. Stainless steel finish is much more in-demand and can often be had for the same price as white/black. Stainless appliances provide a wow factor the second a prospective tenant walks in the door. White appliances look dated from the day they are installed.

If it means the different between 8% vacancy and 16%, the extra 50 bucks to get the stainless appliance is well worth it!

Because that money basically goes into the vault to die a slow death. If it's a huge appreciation play, then maybe it would be worth it to pay down the principle in anticipation of your eventual refi. If it is simply a cashflow property, then you want that money to be liquid and available to you immediately for your next investment.