All Forum Posts by: Steven Grabowski

Less new - inexperienced landlords, better renting market due to people not being able to get loans for housing.

Whoever you hire, have them take a before picture and email it to you. Then have them take an 'after' picture - and email that to you too.

You've had good success with Wagner sprayers then?

The Browns are there? :)

Actually, its 20% down of $52k (so, 10,400).

So the cash on cash return is: 59.65%

I'm purchasing it for 52k, and will be able to rehab it for an additional 26k. The bank is financing 100% of the improvements assuming it appraises 'as finished' at a high enough price (approx. 100k).

My bank won' do a 30 year note on a commercial property.

20 year, @ 7%

Do you think its too high of a payment? its possible I can get a 6.5, but it will adjust in 3 years vs. 5 years.

I found out after inspection that repairs are going to be more than I anticipated, my mortgage will now be for $78,000 (payment of 605.51). Income stays the same.

Income: $2,245
Expenses: $1,122.50
Mortgage: $605.51
Income: $516.99

Still good enough to go for it? I can't get the seller any lower.

(downpayment is 20% of 52,000)

What kinds of %'s do you look for in successful projects? The banks want 1.2 dscr, do you look for that and then some? ROI at 30%?

Or is there something else to look at to be a good long term hold?

I asked this in the landlord forum and didn't get a reply (let me know if I'm stating it incorrectly please):

I have an offer accepted on a property that is 2 three bedroom duplexes, and 10 garages. The price is $53k.
I estimate approx $20k to fix it up (roofing, plumbing, some electric).

Garages are all rented out for approx. $360 for all of them (I can ultimately get $40 a month easily for each garage unit). 2 of the duplexes are rented $450 / month and $475 a month.

The other duplex once fixed will rent conservatively for $450 a month each.

Income: $2225
Expenses: $1112.5
Mortgage: $488.44
Cashflow: $624.06

For having to put alot of money / time into it, is $624 a month total worth it?