All Forum Posts by: Jeff Minc

I was hoping for some feedback on this idea. I currently rent out a condo I own which cash flows roughly $450 a month. I like the cash flow but don't need it. I bought it in 2013 with a 30 year fixed at 3.66% (owner occupied initially). There is roughly 80K in equity to pull out if I were to refinance which I would like to use to buy more cash flow property. Does it make sense to refinance at a higher rate (4.5-4.8%)? This would eliminate most of the cash flow but I could use that 80K to buy more cash flowing property to replace that and own more units. 

This would be my first refinance. I feel like this makes sense I just feel strange refinancing at a higher rate. Any thoughts?

Thank you for all the input. What level cap rates are you seeing in the class B range properties? 4-8 unit deals? 

Ok, thanks. Why so many burned out landlords you think? I would hire a property manager so I wouldn't be as hands on.

Hello,

I'm  just starting to research the Phoenix Multi-Family market. What areas within Phoenix or the surrounding sub markets would people recommend? I guess I'm just trying to figure out where are the best neighborhoods for rental property and what neighborhoods to avoid? Any local insight or advice is much appreciated. Thank you. 

OK great thanks for your help. We will not be moving forward with the deal due to other concerns but thank you for the insight.

Sonoma County, CA

I am helping analyze a single family deal in which a family owns 50% of the house and is considering buying the other 50% from their relatives. My question is: what happens to the property taxes on the 50% that is being bought? Does that 50% get bumped up to reflect the current FMV of the property? Does the tax on the entire house get bumped up to FMV?

Hello,

I was hoping somebody could recommend a good agent in Portland, OR for Multi Family investing. I live in CA and have contacted some agents up there but it sounds like they deal primarily with SFR. Any suggestions for individuals or RE investment companies in the area is much appreciated.

Hi @Conrad Metzenberg

I'm in a very similar situation to yours and have been asking the same questions. Here's my quick backstory and experience.

I own a Townhouse/Condo here in Santa Barbara that I bought about 3 1/2 years ago that has roughly 200K in equity that I think I want to pull out for a rehab project here in SB or to buy more cash flow units out of area.

About 2 years ago I bought a 4 unit condo complex and a duplex in Bakersfield. Good cash flow and good cap rates at the time (~7 and 6 caps respectively). Good tenants with the exception of one nightmare that I had to take to court to evict and is still costing me money in legal fees almost a year later due to the unfavorable laws in CA. That being said, the other 5 units have been great with steady cash flow and very little hassle. I hired a property management company that is low cost (40-60 bucks a unit monthly ) but I am not totally satisfied with their service so I might be changing management. All that being said it has been an overall good investment and I am happy to own them.

At the moment my partner and I are looking for either a quick fix n flip here in town, or due to this market being so competitive we have begun looking out of state to some of the sub markets surrounding Portland. We like the appreciation potential there mixed with decent cash flow and my partner is very familiar with the area. I actually have been interested in Dallas for a while but I don't have any contacts in the area and no real feel for the city.

Thanks Stephen!