Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Karolina Powell

Karolina Powell has started 21 posts and replied 99 times.

Post: 202Thrive - What are your goals to see 2025 as a success?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

I'm looking to add another 3K in cash flow, hoping to do it with a smaller apartment building if I find the right one. I currently only have SFHs and small multiplexes. I also have one neighborhood that I am hoping to purchase an SFH as an appreciation play.

Post: Anyone Else Fed Up With Loan Servicing Companies?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

Having the same problems.  It feels like the first week of the month, I spend chasing down payments to make sure all of my loans are paid, even though I have everything on autopay.  Way too much time spent on phone calls and on chats etc

Post: Looking for Cash Flowing Rentals for Under $200k

Karolina Powell
Posted
  • Posts 102
  • Votes 78

Another vote for the Pittsburgh area.  I own 11 that were under that price point in the area.  In this area you just have to make sure you get a good deal on the acquisition because the homes are frequently 100+ years old so our repair costs are higher than average.

Post: Is the 2% Rule still alive in the central Pennsylvania market?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

I'm in western Pennsylvania but have not been able to get deals that match the 2% rule here either.  I aim for 1.5% but have even done the 1% rule in areas I think that will appreciate quicker than others.  You have a lovely building!

Post: Mixed use property - any 30 year fixed products under 7%?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

Adding that it is currently 100% rented, 101K gross revenue

Post: Mixed use property - any 30 year fixed products under 7%?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

I'm looking at a 13 unit, ten apartments over 3 storefronts along with a parking lot, purchase price 750K, square footage wise and revenue wise it's largely residential. I'm hoping for 80% LTV. 790+ credit score, great W2 income if needed, DSCR 1.2+, 7.2% cap rate. Located in Pennsylvania. Anyone see something that fits or am I looking for a unicorn?

Post: Analyzing a multifamily deal...does this make sense?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

What will property taxes be when you purchase it at the new sale price? 

Post: First time interested in a larger multi-family - how do I verify financials?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

Thank you to you both for the insights!  I appreciate you confirming what I was seeing.

Charles, I'm looking for 10-30 units at this point in time.

Post: First time interested in a larger multi-family - how do I verify financials?

Karolina Powell
Posted
  • Posts 102
  • Votes 78

I own several SFH, duplexes, triplexes, and a quad but I'm in discussion regarding a 13 unit mixed use property that is of interest to me mostly due to location (I own several properties in the area and it's near me and I have a good pulse on the town). However the financials that have thus far been provided are just a typed out PDF of gross rents and expenses. I am told that if we go under contract, I can review their books during the due diligence phase.

How do I know the books are complete and correct though?  It wouldn't take much to delete some expenses from quickbooks for example or add some rental income.  I know I can review the leases and that should give me gross rents but everything else seems easily manipulatable.  Besides a rent roll, copies of the leases, and P&L or cash flow statement for the property, what else do I want to look at?

Additionally, how do I find a realtor that deals with larger multifamilies? My realtor isn't showing me anything that isn't on the regular residential MLS and she doesn't really add any value to these larger deals. I'm sure there are more multifamily buildings changing hands in my county besides what I am seeing.


Thanks for the help!

Post: LLC registered in STR state or home state?

Karolina Powell
Posted
  • Posts 102
  • Votes 78
Quote from @Sarah Kensinger:
Quote from @Patricia Andriolo-Bull:
Quote from @Karolina Powell:

For most states, you should do both. You form the LLC in your state and then register it as a foreign entity where your property is. You technically need to be registered in the state where you will be utilizing the legal system.

 Not sure I would do both in the future.  It was a hassle. In my case, I would have just registered it in CT where the property was - which is all that was required since I was doing business in CT.  Having it in both FL (my domicile) and CT (property location), created double the work and fees in both states.

From what I can tell this isn't the right entity structure anyway, so I can imagine it was a pain with many extra costs!

 Thank you for the correction!  I was incorrect.