All Forum Posts by: Jennifer Fernéz

Question for experienced landlords: How old were you when you bought your first investment property? How old are you now and how many properties and units do you own? How much do you make per year in rent before and after expenses? Just trying to get a feel for what the majority of others are at. I'm 31 and haven't bought a property yet and wondering if I'm behind. With a hefty mortgage and 2 kids in daycare saving is going very slowly.

@Josh Caldwell

Thanks for your reply!    Could you go a little more into detail how that would work?    Do you set up a certain percentage for their income, and in return they give you ownership?   Do you do this through an attorney?   And last, how do you aquire the owner's information?  Do you use a realtor or is there some other way.   Thanks so much!

Does anyone have experience with a commercial loan and buying apartments that have more than 4 units?    How much money (what percent) do you need to put down for a commercial loan?    Just wondering if I need to save like $50,000, or if there is a cheaper/easier way to aquire an apartment building.   Thanks

What is the best way to collect rent? Is there a website that tenants can use that make it easy? Thanks!

Hi ,

I'm interested in purchasing several properties, but some of them have tenants in them.   How do you do renovation work with tenants living there?   What if I don't like the tenants but like the property?   I'm assuming you can not evict tenants based on new ownership.    How can I raise the rent once I buy it if I feel it is too low?

Thanks,

Jennifer

Dear BPers,

I'm looking for business partners interested in investing in a 12 unit apartment complex in Reading, PA.     It is for sale for $575K.    Rent averages about $700-$900 per unit.    It is a gorgeous property in a nicer section of Reading.    I live 15 minutes away and would serve as the property manager.    We need to raise about $120K in liquid funds to purchase the property, make initial repairs, and cover the first couple months of the loan.    Whatever percent you contribute to the initial liquid funds would be near the percent of the total rent you collect.   The properties in Reading are a lot of work, but if done right, give the greatest cash rewards.   Let me know if you are interested!

Property:  

http://www.zillow.com/homedetails/630-Centre-Ave-R...

Jennifer

This post is for experienced landlords. Is it worth it? I'm saving money and thinking about how I want to spend my savings down the road. I'm 31 years old, I have a 2 year old and a baby on the way. In the next 5 years I'd like to save $20K. The question is, is land lording worth it? How much extra do landlords make per year? How many properties do you need to own to make it worth it? How long does it usually take you to make the money back you spent in for the downpayment? Would it be easier to lend my money as a hard money loan and make 10-15% back? Or, I could spend my savings buying a bigger house for my family to live in. Forget about real estate investing and just spend on ourselves. We live in a modest home already, but if we sold our home in 5 years and used the money saved we could buy a very nice 'upper class' home to live in. What would you do? Is land lording worth it? My husband and I are not handy with plumbing, electric, or anything like that which worries me. Any advice or thoughts are appreciated. I'd love to hear other's experiences since I've never owned a rental property and don't know if it's right for us.

Could someone give me an idea what types of expenses, other than repairs, that come with owning a rental property?   For example, is there home owner's insurance and how much is that a year?

Also, is it better to have a lower mortgage and the tenant pay heat, electric, etc, or is it better to have a higher rent and for me to pay those things?

Last - any tips in general you wish you had known when it comes to expenses and landlording?

Thanks!

Does anyone know of a lender that will let you purchase an investment property with less that 20% down?   I'm also looking for a lender (other than Fannie Mae) who will lend more than 4 properties.   Thanks in advance!

Brainstorming ideas for my LLC. What is yours? Please post below!