All Forum Posts by: James Masotti

I have come across a package of 4 single family homes and a vacant lot that is for sale and has peaked my interest and I got to thinking about how I might try to acquire them...wondering if anyone has any thoughts on financing these other than the options I've already identified below.

• 4 Individual Mortgages (with a 5th for the vacant lot? Not sure exactly how that works.  It is directly next to one of the properties for sale, so maybe it can be rolled in with that?)
• Private Lender
• Seller Financing

I feel like I'm missing something else obvious, but it's just not coming to me at this moment.  Thanks in advance for everyone's assistance!

 Definitely. Sent you a Colleague Request and message. 

Brian Connelly from Connelly's Safe and Sound Home Inspections is who was used when I purchased my house in Township and I was very pleased with how thorough of a job he did. I plan to use him again for my investment purchases as well.

Just as a point of reference then this is a direct quote from J Scott's Estimating Rehab Costs book...

"For my typical 2-story, 1500 square foot traditional houses, I generally pay about $2200 for minor prep and painting of walls/ceiling/trim."

Sounds like your quote probably isn't too far off depending on how much prep work they'd be doing and the quality of paint they use. 

What's the square footage of both units? Doing walls and ceilings?

I'm going to guess that this would vary quite a bit market to market and of course type of house as well and the degree to which it was rehabbed before putting a tenant into it. 

There was one of the podcasts, which I can't remember which one unfortunately maybe someone else can include that info, where the landlord would intentionally try to tenant-proof his units by spending money on over-engineered products to ensure they could withstand better. This I'm sure adds to his annual expenses in the short term but will cut them back in the long haul. 

On the one property I personally have under a property manager I just looked at my 2010-2014 tax returns and I'm averaging $110 a month on gross monthly rents of $885 and it was renovated before the tenant moved in. This does include a roof repair one year that alone was $1500 though, so that falls more so under the capex budget than it does the repair budget...but I'm including it in these numbers nonetheless. 

BA International Studies

Thanks for sharing @Tom Dagney!

@Troy Sheets I echo the others. This has been a great post and very helpful to learn a lot. Continued success to you and @David Ross

@Stephen Nicholson were you able to to make any progress with the lead? Did you find out how they were coming up with their ARV assumptions?