All Forum Posts by: Jeffrey Holst

It could be a good deal assuming the numbers show that it cashflows.  I assume you wouldnt have to pay utilities for tenant(s) so you should cash flow.  If you can actually assume the loan for a 1% fee you would have a good way to jump into a property with very low money down.  You will still have other closing costs and need to budget for vacancy/repairs/management etc before jumping.  Also keep in mind you wont have any equity so you need to be fairly sure on the values so you dont find yourself upside down.  

@Thomas S. I like that idea, trading off with other landlords.  Smart.  

@Alex Deacon  Thank you,  I know I can self manage the main issue is how to handle it when I travel.  I tend to go out of country for a few weeks at a time a few times a year.  I am an attorney so evictions arent much of an issue and I have connections with solid property managers locally i just wondered if any BPers managing a small portfolio had any suggestions.  I appreciate the response

I recently acquired 3 additional duplexes and currently am self managing those along with one other duplex I have had for 7 or 8 months now.  I have other properties that are not self managed but these properties are near me and so I figured I could save a little cash by managing them myself.  

I travel somewhat regularly and I wonder how people who self manage handle the times when they are not around.  Any thoughts or descriptions about how you handle this would be great.  I'd really like to keep managing these properties since it creates significant extra income for me but I also want to be able to unplug occasionally.  I recall hearing that on show 35 that Paula just hires a temporary property manager to handle it.  Has anyone else had good luck with that?  

Thanks in advance for your replies

I like my CPA ,  http://www.bultynck.com/ If you talk with Christine let her know I gave you her info. 

Good luck

One thing I like about an LLC is that people don't necessarily know I own it unless I want them to. SO I personally wouldn't use my name but a Nickname sure or anything really there isn't much of a downside to using your own name if that is what you want to do but as I said I wouldnt do it.

You need to know the expenses and the applicable cap rate to know if its a good deal, Id start by estimating your costs and then figure out the projected NOI

I like those thanks for the link.  @Chris Koenig I am going to look into get some for my property

Lines of credit typically come from relationship banking in my experience.  I wish there was an easy answer but I dont think there is, you need to just get out there and talk to bankers

It really hard to answer that give the limited information you provided.  In general I never rehab a rental to anything significantly better than the surrounding rental properties.  I also believe that good is good enough.  If I plan to rent its hard to see how you recover money from high end fixes.  

Sorry I cant be more specific but when you think about doing additional rehab consider how much extra rent will I collect for this added feature?  And then do the math to see if its a good return