All Forum Posts by: Jessica Flint

Following!

My portfolio is growing and I need to get more organized.  I currently have 9 doors and 2 more pending.  I've started making an excel spreadsheet to calculate pure cash flow for each month, so I know what I'm actually making.  I save 20% of my gross rent every month; (5% for vacancies, 5% for repairs and 10% for cap ex.)  My question is, if I gross $1100 rent on a property, spend $100 on random utilities, small repairs, etc. do I subtract those expenses from my 20% before depositing into my long term savings? For example, I normally would deposit $220 for repairs, vacancies and cap ex.  Would I subtract $100 and deposit $120? I want to have an accurate calculation of what I'm earning.  Thanks for the help!

I currently own 5 homes I'm renting.  My file is in underwriting for my commercial/portfolio loan.  I'm putting them all together to free up my conventional loan availability.  Upon, discussing with my lender, I'm learning that the loan is only fixed for first 5 years, then upon successful review, is fixed for another 5 years, and so on.  Is this normal???  I was under the impression it was a 20 fixed loan!

I'm 44 and would like them all paid off when I'm 64, not 74:)  That's really the only reason.  But if someone has arguments against that, I'm willing to listen:)

I'm talking to a lender about taking my only 5 rental properties and doing a portolio/blanket loan.  The loan amount is $400,000.  He quoted over $14000 in closing costs!  Is this normal??  It would be a 30 yr fixed at 5.925% interest.  I was really hoping for a 20 yr fixed.  I thought that was normal?  Also, those closing costs!!! Any advice or referrals would be greatly appreciated!

REAL ESTATE INVESTOR GROUP!

Bring your knowledge and questions! I'd love to hear what you have to bring to the group!  Wednesday, Nov 11th at 11am at the Panera in Woodhaven, MI on West and Allen Rd.  Hope to see you there!

I'm here! :)  Agent and investor from Michigan:)

I'm to the point in my investing where I NEED to start using creative financing!! I understand seller financing is very flexible, I just want an ESTIMATE to start.

What is a reasonable offer to a seller to finance me?  How long are the terms in years? What is the going interest rate? How much for a down payment?  Would seller be on title? Etc.

I just need a good starting point so I don't offend anyone.

Thanks so much in advance for your help!

Would the proceeds from the sale need to be held by an intermediary or something? 

My parents are closing on the sale of their secondary home in a couple weeks.  They will definitely have some taxes to pay.  They own in free and clear.  Is there a way for them to reinvest that money into an investment property to avoid paying any taxes?  I know the 1031 exchange won't work because they never used it as an investment property.  Thanks for the help!