All Forum Posts by: Johnny Horner

We have 12 residential mortgages. We want to scale to buy more properties or build. Trying to figure out the lending part and how to scale our portfolio. Open to ideas. How does everyone scale when they are at the residential max for lending?

Option 1. we have a 4 plex that we can build an additional duplex on, which would turn it to commercial.

Option 2. we have a SFR that is in sad shape, that we could tear down and build 2 duplexes on.

Self storage popping up everywhere, what is the BP community thoughts on self storage in small towns? The town with less then 2000 people. Currently 62% occupied.

@Kurt Michaelson I would move on to other potential deals. I would still keep his info and touch back with him every month or two. Keep in front of him and that way he knows you are serious. A seller may be solid on sale price today but who knows next month. Life happens and when it does you want to be the person he thinks of. Also make sure when you talk to the seller try not to insult them. Give explanation of how you came up with your numbers. A single family is based more on emotion vs a multifamily which is all about the numbers. Good luck

Guess I forgot that number, $720,000

Looking at a deal and need advice. Here are the numbers. 10 units all 2/1 with an average rent of $600. I would classify it as a c property in nice area. Built in 1977 with half the units updated. The yearly Expenses are as follows: Tax $7800 Ins $1500 Garbage $1800 Water/sewer $6000 Management $6000 Vacancy. $2160 Total for year $25,260 Rental income $72,000 Rents in the area for comparable unit are $650-800. Thanks in advance. Location is Oregon.

Scrolling through the forum and thought I posted something, lol, nice name. Sorry I can’t help you on your Podio issues.

I would be interested, always looking at tools to better my future.

Thanks 👍

Chris, Is there a way to remove your spouse off a current investment property without refinancing?

I've heard one route to go is for the husband to buy and put property in his name and for the wife to do the same. This strategy will allow 10 for the wife and 10 for the husband for a total of 20. My problem is we already have 7 which both our names are on loans, is there a way to remove one from the loan to free up another opportunity to purchase another rental? I know I could do a refi but don't want to pay the costs.

I did some investigating and found that the owner pays for water and sewer.  Property currently has one meter.  Seems like if I could implement the RUBS system that it would turn this into a decent deal.  Someone once mentioned to me there is a company that puts a flow meter on each unit, maintains flow unit, takes monthly readings, bills customer and charge owner a 6.00 monthly fee.  Anyone have experience with this?  So again the utility fee is mostly city water.  My other thought is with this I could negotiate a better price and for cheap use RUBS and increase value.  Thanks BP for any feedback.