All Forum Posts by: Manuel Rivera

Hi, Im the middle of putting in an offer for an 18 unit building in Florida but I need a lender to finance the rest. I have the 20% down + closing for a $1.445M. Any suggestions will be greatly appreciated. Thanks

Hi people, I have a tenant moving in tomorrow. I didn't go with section 8 because I found a person with excellent credit and excellent income. I rented it out for $2,700 utilities included. It has a new kitchen and flooring throughout the condo. 

Thanks Ray, I appreciate your time and input. I will keep you updated once I have a tenant in there. 

The zip code is 20720 located at River Valley Way. 

Hi Ray, I bought a townhouse style condo. Its exactly like a townhouse (3 floors) but I pay a condo fee. So its a condo. It has 3 BD and 2.5baths but Im making the den a 4th bedroom which measures (11'x24'). Im installing a door, closet and lights on that 4th BD. Let me know, thanks. 

Hi everyone! I just closed on my 4th investment property and the main reason I bought it was to rent it through section 8 in the area of Bowie Maryland. The rates on section 8 for the area are toooooo good to be true. I'm looking at the table rates of the Housing Choice Voucher Payment Standards in Prince Georges County, MD. Anyone renting through section 8 in Prince Georges County and are the rates "real" in their tables for that specific region?  If not I can still rent to other people for positive cash flow. I'm remodeling the kitchen, floors and lighting. I also have a question concerning smoke detectors... The unit has smoke detectors on each floor (3). Do I need to add smoke detectors inside the rooms? Thanks in advance. 

So the neighborhood is Deanwood and I will be receiving about $250 in cash flow to pay electric bill which run on average $110/m. So that leaves an actual cash flow of around $140/m :). I decided to proceed with the purchase. I have a question for you guys: I'm I setting the bar for the next sale as comps because I paid 130K? Meaning, that in Zillow or all other similar sites the sold price will say $130K? Or it doesn't work like that? Thank you for your feedback.

Hi People! So the appraisal came in at $125K. I offered 126K and seller countered at 130K since he has another offer for 130K. He said if I match the 130K he will sell to me. Total monthly payment is $1482 with a fixed rate on the HELOC. After I pay off Heloc loan the monthly payments will drop to $1146 + any increase in HOA fees. I think I'm ok for accounting for repairs/vacancy out of my own pocket since I basically put $0 down on the deal. I think I'm proceeding with the deal even though I will be under water $5K. But my plan is to keep the condo. Just waiting for the bank to send me some paper work. What you guys think? I haven't signed yet.

Thanks, I did tell the bank where the down payment and closing costs are coming from and they approved. Thanks for the heads up. :)  

My estimated numbers paying $141K are: 

Principal & Interest $718.56

Mortgage Insurance $31.96

Estimated Escrow $59.17

Total is around $810 + HOA $430 + Heloc $300 (for 9 years, lol) + electricity $200 = $1740

I'm paying for the electrill bill because I'm planning to rent with utilities included since HOA includes gas and water. Taxes are $45 month but its already included.