All Forum Posts by: Logan Wright

Purchase price - 380,000

8 - 2 bedroom 1 bath (840 sq ft)

5 units are filled with $670 per unit a month. The heat is water boiler and that would be paid by me. Electric the owner currently pays but it is separated out and tenants could pay upon takeover.

have any of you done something like this where 5 or 6 would be long term rentals and I could try and short term the other 2? It isn’t in an ideal place where long term tenants will stay for multiple years. My feeling is even the long term tenants will be a few years at most before leaving. 

The roof is steel and was out on in 1998.

Thanks!

So I have a rental I've owned for a year and a half. Bought it for 167K and put 20K into it - total invested is about 50K. 

It would refinance for about 240K right now. The bank said monthly payments would jump from $800 a month to about $1400 a month. 

Cash flow would go from about $400 a month = 4,800 a year NOI to -1,200 NOI a year.

BUT I would get my complete investment out of it and be able to buy another house I've been looking at. Is it worth sacrificing that much cash flow and take on the higher monthly risk in order to own another house? 

Thanks for any insight you may have. 

There’s a townhouse that just came up for sale in my area that I really like. It’s move in ready and all the numbers check out.
my question is about townhomes in general. Do they make good long term investments? Do they increase in value similar to a single family home? 
mare they any drawbacks you can think of that I should know about in the long term? 

Thanks!

I just found a house that’s owned by Wells Fargo. It’s a townhouse with an attached garage. It’s actually in really good shape 

Listed price $117,000

3 beds, 2 baths, 1700 sq feet

Rent - 1,000-1150

Taxes - $50

Insurance $40

We’re nervous because we just bought our first rental 2 months ago. Don’t want to get in too far and sink, but if it’s a great deal I feel we should do it.

@Account Closed - I understand now. I'm in Wyoming and it's $50 a year for an LLC. Not much now, but if I keep buying rentals which I want to do, it'll add up. I'm going to call insurance next week and see about pricing through them for protection.

I just opened a checking account last week for my rental - but I never mentioned dba… can you explain that for me a little more? What’s the difference as long as I’m tracking purchases/cash flow through a separate account?

Offer - $110,000

2 bedroom, 1 bath, 800 sq feet house with fenced yard

Mortgage payment - $400 a month 

Insurance and taxes - $100 a month 

I think it could rent for $900 a month 

Doesn’t meet 1% rule and after the 50% rule I only have $50 cash flow… does anyone think it’s worth the risk?

We just started our LLC and bought our first rental. We started a new bank account but haven't got a credit card through them yet.
we both sound like we need to switch the title over to the LLC, at least I know I do. My lender wouldn’t let me at closing but she said they would in a few weeks once everything goes through.

Congrats! 

Nathan thanks for those numbers. The big ticket items are doing well so that’s good. The cash flow seems like it’ll be $50 a month so not much. But to get started around here it’s by far the best option. Other houses are $300K + and the only other available option is an older hotel with 18 rooms. 

Taylor, thank you! I would love to add more rentals over time. It’s a little scary thinking about a second one right now, but my wife and I are both working and doing well so I think it’ll happen when more houses begin to sell.

Marian, that’s great to hear. After this thread so far we are really considering laminate. I could install it myself and save on labor as well! 
I love how it just cleaned up nicely after that long.

Thank, Cody! That is a good price. I appreciate your response. It gives me good perspective here going forward, sadly we don’t have a Home Depot that’s closer than 150 miles!