All Forum Posts by: Michelle Marty

I do it myself. Around here they charge 10% of gross rent which for me is 120 - 150 per property. I've only had a few repair issues and I was able to call a repair person and get those fixed ASAP. I had a PM company once and found that when they would bill me for repairs the costs would be a bit on the high side making me suspect they were skimming. If it's under 16 units I'd say do it yourself.

Christopher I'm currently in the same situation in Tennessee too. I'm not having the deductible problem as much as them wanting an arm and a leg for premiums. Keep me posted with your findings!

I am purchasing a 4 unit townhouse style building. The current owner said she pays 1400 per year for insurance. I am trying to aquire insurance and the lowest I've been quoted is 2,200. I asked the seller where her insurance is through and she has never responded with a straight answer. I'm guessing she probably lied about the numbers to make the property look like a better deal. Anyone have any tips as to where to look for reasonable landlord insurance for a 4 unit?

My bank wouldnt let me try to find my own appraiser. I did ask but they said it had to be someone approved by them AND licensed. Ugh I hate Feeling like I've been "suckered"

Hi all! I purchased (or am in the process of) my first multi family! I have a couple of single family rentals and remember the apprasial required for financing was 200 - 250. I was told for the 4 unit building (4,300sq ft) It's going to run 600 - 700. It sounded high to me. Is this the going rate for a 4 unit?

I know I'm late in the commenting game but don't forget your student loan interest is tax decutible. When you buy your 2nd property you'll likely need 20 - 25% down plus 6 months worth of cash reserves. I'd borrow the money and keep your cash.

I'm in NOVA the Gainesville, Bristow, Haymarket area. We're kind far out from DC (20 - 25 miles) but still a ton of people make the commute daily. There are a lot of short sales and foreclosures here but the bidding is usually pretty competitive as I think a lot of investors have started flipping this area. If you can get one there is money to be made.

I've been negotiating back and forth with a seller. They have a 4 unit building that has been on the market for over a year simply because the price is too high. I knew it was a long shot but I put in an offer 25% less than asking ($150 on a building priced at 199). They responded that they were very eager to sell but then came back with a counter 5% less than asking (190). They used examples of other properties selling for that price but neglected to realize their "comps" were all new construction and renting for 300 more per unit. Their building is 30 years old and will need a little work. The cap rate would be 4% at their price. I know it's time to walk away from this deal. But what I'm wondering is how do you guys and gals evalutate a deal? Do you use the cap rate and if so do you have a min. rate that you will accept?

I have a house in Indiana that has Kona (like espresso) that got a lot of rave reviews. I also have a house in Tennessee that has a dark cherry that people really seem to like too. Both houses always rent out very quickly. The house I live in now is just outside of DC and we have a very light wood. We really liked it until we discovered every house in our neighborhood has the same cabinets.

I would like to make an offer on a property that is currently off the MLS but still being marketed as for sale by owner. The property is owned by an agent. It was listed for over a year and I believe it to be worth 70% of asking which is what I am going to offer. I'm going to make the offer without the assistance of a realtor in the hopes of the seller accepting something lower since they won't be paying commision. I plan to submit a letter of intent to see if terms can be agreed upon. I have not made an offer without a realtor before but feel like I've been in on enough transactions to know what to include. Does anyone have any advice or tidbits on forms to use or things to include or steps to take?