All Forum Posts by: Stephan Kraus

Hey BP Community, 

I'm currently looking at a triplex with three individual small houses on one lot with ca 800sqft each, the public records confirms its a multiple dwelling / 3 unit, but only shows the "primary structure" as one studio with 800sqft - The online estimators value the property based off that, and the listing agent recommended that estimate as the asking price. 

Would the actual value not be considered 3x times that? Or what am i missing? There are hardly any comps in the area, a few 3-4plexes but all one structure - how can i properly determine the as-is and after Repair value?

Thanks in advance for your valued opinions! 

@Josh Loayza happy to help, if you want i can give you my two cents on it in private, and why i didnt end up buying it (other than the PM)

Have you done any other buy and hold deals before?

I think I know which property you refer to - here`s my tip: Save your time & energy.

it`s been around for a while, but not worth more than 400-425k at best. (Which it was originally listed for) I would have paid 400k based on the info provided, which they accepted, but after a few back and forths, they must have received another offer, as they raised the listing price to 450, then 475. Nobody has followed through yet though, but the owner now thinks it`s worth more.  

It's listed by the PM who is a pain i.t.a. to deal with, they don't seem to understand cap rates, won't provide a TTM report (even after sending POF), and for my understanding don`t want the property sold, as they might lose their management contract (which they definitely would have if I bought it).

If you do want to pursue it, make sure to get the actual income numbers.

All the best, Stephan

Yeah, I think we did not do us a favor with the tax strategy this year, i focused on our new business (motorhome rental) and finishing the BRRRR instead of doing more W2 work for my employer.

We would like to get access to some of the equity in the properties to get funds for the next purchase, I tried a HELOC but got turned down due to not acceptance of our STR income (even though my insurance clients do longer rentals then month-to-month).

I only owe 60% on 880k of property and would love to bump that number to 75%-80% :D 

Might have to wait until 2019 tax return is due, and I'm not really great at waiting :(

Appreciate the input on the LLC and local banks, going to make a few phone calls on that, as that has been on my mind for a while too! Do you invest in Las Vegas too?

Hey Marty, my major roadblock is our taxable income, W2 income declined compared to the previous year (wife out of work due to baby and starting of an additional business), we took a lot of deductions for 2018 tax return and the income from those deductions will only be on the 2019 return. 

I only have three (great cash flowing) properties right now, I'm afraid that's not enough for a portfolio loan just yet 

Good Afternoon fellow investors, 

as the title says i`m having a hard time finding a lender willing to refinance my investment Properties (SFH) in Las Vegas.

Until now, we used lendinghome, as we did two live in flips, but i would love to find a lender i can use regularly (preferably someone who does asset based lending)

Thanks in advance for your feedback!

I had good experience with American Home Warranty, they replaced a microwave and pool pump in one property, helped with $1000 (capped, so read the fine print) for a sewer pipe issue in another, pretty straight forward process both times. paid 4XX per property (respectably had one seller pay it).

$75 Service  per call fee and the yearly fee seem ok for the value provided

I am (and probably a lot of other folks on here are) in the same boat, you wont be able to have it both ways, its just how the underwriter has to deal with that income situation. How you deal with it is a question you'll have to find the right answer for yourself, as it really depends on your particular math, so play around with that a little - how much would you have to pay in taxes if you amend them, and how much does it 'cost' you not to buy? It could be worth overpaying taxes in order to not miss out on a roperty that can net you more then that over and over again, not factoring in appreciation (hopefully) 

I decided to wait with buying another primary residence and focus on 5+ units as the lending requirements become more asset based. There are also a few banks with new NINA loan products for non owner occupied SFH / up to 4 units, so if you 'only' have 100k available (congrats to that) maybe thats something worth looking into for you. Alternatively, if you need to buy a home for yourself, there are more and more sellers open to seller financing scenarios too..

@Neil Henderson i sent you PM - holler when your next turnup comes up and ill see if we can help you 🤙

Hey Neil, i have a small crew of handymen / cleaners, if you let me know the general location and how many turnovers you have on average i can tell you if i can over you a solution - we usually charge $50-60 for casitas, unless its a super long drive