All Forum Posts by: Eduardo Bravo

@Account Closed That is one of my concerns too, I don't want to end up with a mass exodus, but rather something more incremental even if it takes a few months. I like the idea of a discount for good tenants, great advice. thanks 

Hi biggerpocket friends!

After spending a year researching and learning about real state I finally pulled the trigger and need help trying to figure out what to do with a property that I just got into contract in the portland SE area. The property is a 16-plex with 1br rents undermarket, at least 5 units are on the 600-650 range when the market rents should be on the $900 ballpark. What is the best way to bring rents to market value? Should I give tenants notice to vacate, or just send a notice of rent increase?

Also, should I do it myself of hire a property manager (recommendations)? I’m an out of state of investor so I’m more inclined to have a property manager.

Thanks in advance for any advice!

Hi Matt, please pm more details

pm details Lawrence

@Sam LLoyd Thanks for all the info, From looking at craigslist comparable rents and also after  running a craigslist Ad just to feel the waters, I believe 1650 is in the ballpark especially for the new remodeled one. For the ones that are on the 1250/1350 range I would probably have to do some remodeling but I believe I can get them to rent for $1650  after that. So I do se a path for $1650 per unit (probably will take 4-6 months to get there).  On the maint/capx/Turnover you are right, your number is more realistic.

I have the same goal 200/unit would make very happy. Having a hard time finding some of those. All bigger pockets folks are looking for them ;) . Sam what areas are you looking at?

@Catherine German The zip code is 98443 , seems borderling between b-/c+ area. Would love to know your thougths.

@Cailyn Aune That is one of my main concerns, especially this area are mostly big SFH. Seller Agent claims that the last property they rented like a month ago, took only one week to rent, but I would have to double check. I'm still waiting for the rental ledger

@Alex Chin Agreed the Maintenance/CapX/Vacancy I put wasn't realistic. I will check out the roof prices. Still learning how to properly calculate all the expenses. This was really helpful. Alex beyond the hilltop/tacoma area, what areas do you see with good potential? I'm from the sf bay area and its impossible to find any cash flowing properties these days over here.

@Brent Coombs Thanks Breat! Trying to put that money into good use!  For Justin's thread seems most of the deals  1% are  foreclosures and auctions. Not sure If I'm ready for that big jump. Also the fact that I'm a out of state investors makes it a bit hard. This particular property I had the chance to look it first hand, last week that I was in the Seattle area, and it was the only one which I would actually wouldn't mind living on it (if was a tacoma resident)

Hi Bigger pockets community. I'm about to close my first property , is  a 4-plex in Tacoma/puyallup area. I'm concerned if the  cash flow is actually good, any help would be very much appreciate. 

One of the unit is currently vacant and the realtor mentioned this was to allow VA financing

• Purchase Price: $700,000
• 4-plex w/ (4)4-bed/2-bath units each one 1500 sq ft
• Rents: 1,250, 1300, 1650 , 1 vacant hoping to get: 1650 . Total $5,850/month
• Landlord pays water/sewer/garbage (approx. $4,219 year total)
• Property Taxes: $8,900/year
• Property Insurance: $2,700/year 
• Maintenance/Turnover: assumed $4,000/year for all maintenance/CapX/turnover
• Management Fee: 8% property managment fee
• Financing: 25% down payment,  interest rate 4.6% 30 years fixed

The property has access to the Puyallup School District, the units are in good shape, the one vacant unit has been recently remodeled.

Is this a good deal?  Any advice would be welcomed

Please let me know if there is any information you need that I missed.

Thanks!

Manny could you send me some info/financials to [email protected]. I'm actively looking for multifamily in this area.