All Forum Posts by: Kay Kim

Hi, I am looking for a reliable general contractor in Elk City, Oklahoma. I need to get a repair estimate for 38 unit apartments and possibly take the project.  Some of the units were water-damaged and need repair in drywall, floor, paint, cabinets. Exterior stairs need replacement as well. Thank you and have a good day.

Thank you for good advice, Scott. 

Hi,

I am purchasing a 12 unit apartment building in Muskogee Oklahoma. There is onsite property manager who seems to do a fair job. But before I settle down with what's inherited to me, I like to know what my options are for property management. Anyone has recommendations for property management company for 12 unit apartment building in Muskogee OK?

I am in the process of acquiring 12 unit apartment building in Tulsa area. Can anyone recommend insurance broker or agent for this property?  Thank you.

@Barrett Determan I was also looking for 8-12 unit apartment building to purchase. If it's okay, please share the information about it. 

@Brad Belyeu Thank you, Brad. I will get in touch with her.

Thank you for replies. This is my detailed analysis.

@Jeff Wallenius I am not sure if renters pay garbage or not. I need to check that. Thank you for the tip. I requested current rent roll and currently waiting.

Rent income: 1700

CapEx: 340 (20%)

Management: 170 (10%)

Repair: 85 (5% since it's recently rehabed)

Vacancy: 85 (5% I hear vacancy rate is pretty low)

Tax: 950/12 = 80

Insurance = 1200/12 = 100

Mortgage P&I = 418

Cash Flow: 1700 - 340 -170 - 85 - 85 - 80 - 100 - 418 = 422

Hi experts,

I just decided to jump into real estate investment this year. I made my first offer and accepted. Since this is my first deal, I am so worried if there's anything wrong about it. Please let me know opinions about the deal and any error in my analysis. Thank you.

Triplex built in 1953. Inside, plumbing, electricity are just rehabbed and outside is pretty decent in my eyes. All metered separately and renters pay bills.

Sale price: 115,000

Offered price: 115,000

Down payment: 28,750

Closing cost: 5,420 (I select points for best rate since I intend to keep it for long term)

Total cost: 34,171

Rent: 1,700 (620, 580, 500) Two of them are currently rented and one is vacant.

Mortgage payment: 418

Cash flow according to 50% rule: (1700/2) - 418 = 432

CoCROI: (418*12) / 34171 = 15.17%

Can anyone recommend buying agent for investors in OKC area? I am interested in buying MFR (or SFR) under 100K for rental. Thank you.

My goal is exactly "to replace my job with passive income" so that I can do what matters more than my job. I have three problems with finding properties with higher CoCROI.

1. It seems hard to find property with higher ROI than 12% around my area. I analyzed many properties but this condo is the first one that has more than 12% ROI.

2. It seems hard to find rental price. I can find some rental price on Zillow but I am not sure how much I can trust it.

3. It looks like ROI is usually higher with inexpensive properties. Mortgage minimum, however, is usually more than 50k with the lenders that I checked, which make minimum sale price around 63K.

Any advice will be greatly appreciated.