All Forum Posts by: Stephen Underhill

ironic, I pay for pro and next day it breaks!

No worries guys I'm sure you'll be on it ASAP!

Since the new update I couldn't open the app. It would crash and never load anything, so I deleted and went to redownload, but cannot find on App Store, nor do any of the links to the app work from the website to iTunes...

Help please! @Joshua Dorkin @Brandon Turner

Is there a away to switch your user page url? I am consolidating my personal brand and want to have my profile page set with the website etc i am developing. If not thats okay, i just created this account with my personal email and have since seperated those accounts from my business, and just want to minimize confusion for people.

well in my personal, not professional opinion, i would think that such a purchase could be considered legitimate since you were planning on renting the property in the near future, making it an investment property. I feel itd be similar to if you had bought a rehab and held it for 3 months and had bought the unit during that time... i do know that could could still claim the depreciation prorated for the year and subsequent years.

im not sure what the specific advantages of construction loans are, @Steven J. , but yes 203k is only fha, so when they say 203k is too much work, it may be their oppinion of the regulations that FHA puts on these type of loans, as opposed to their contruction loan, which is not government backed.

@Kevin Austin i would agree with a general consensus here and not be a buyer at that price, however you may have heard brandon Turner say, on 99% of properties, there IS a price id be a buyer. in this particular case, id say that would be mainly determinate on two things...

first, seller motivation, does this seller need to get out in a hurry, manage from a distance, retiring etc, all this things can offer you an opportunity to negotiate to meet their needs. If they dont particularly need to sell, and are just in it for retail, youre probably going to have to look elsewhere.

second, rent rates, I would take a look at the area and finish (you listed several recent improvements.. does the current rent reflect those improvement?) If the current unit finish will command higher than current rent, you can justify a higher purchase price. (just dont tell the seller) is the neighborhood good enough for a higher quality finish to command a better rate at a efficient cost?

even if this doesnt help on this property, always be aware of your surroundings. The numbers have to work, but part of every analysis is why is this for sale, and can you make that price work for you; as well as, is there something that you can bring to this property, to make it cash flow better than it does now. Whether thats cutting costs or adding value to justify higher rent, always remember that propper analysis and EXECUTION will allow you to make deals where there werent, and make good deals great.

Congrats on the deal @Erin Weiss , I'm glad to hear it finally worked out. I've got my eyes on a couple properties atm, hopefully doing some walkthroughs this weekend. For student housing with just 3 people were u able to do that without the "boarding house" rules applying? in lafayette they became much more strict and if you want to rent per room they upped the permit from $500 to $5000... Kind of harsh, IMO.

@Clay Manship also congrats on ur deal! I was a actually in the area for a meeting last weekend and was gunna take u up on lunch, but I had to give somebody a ride back :-/

@Rodney Kuhl Glad to have you on board! I should be back at the Indy meetup Nov1, so see you there!

William T. Rehab costs are always a concern, but if you main issues are paint and carpet then be happy ;) finding handymen with some experience will beat out hiring a company for pricing in this area. As for financing these expenditures, if you are going fha, look into a 203k loan for your rehab needs, it blankets the approved expenditures into the mortgage total, however I believe this does stipulate you have to hire out and can't have any of the work done yourself or friends etc...

Ugochukwu Opara hey glad to hear you'be started looking! I have two concerns, first, $90k seems very high for the rent you are expecting, I am curious of your methodology behind that estimate, to me that means structural and most major systems need serious attention. 2nd, and more importantly, you mentioned a 203(k) loan, however, correct me if I'm wrong, but 203k loans have an owner occupancy stipulation, thus, one of those units will not be rented to a tenant but to yourself. Have you factored this into your calculations? I feel if you can get a Better rehab cost out of it you might be better suited for a favorable deal