All Forum Posts by: Matthew Ringer

What are you looking to do with the building? Is there a value add, are you going to live in it, etc? As is looks terrible. 

@Quinton Bogle

Depends. Maybe they are great tenants and it’s not worth losing them trying to squeeze an extra $50/month. When a tenant moves out and the unit goes back on the market is a good time to raise. Or if your set on raising rent on your current tenants at lease renewal time. This all assumes you’re under market to begin with.

I'd continue saving while working on my credit. Use the time to study REI like crazy. $8k is not going far. You'd be better served growing your capital and improving knowledge base while you wait IMHO

Looking at this on the app and can’t read anything in that image (blurry). Mind typing out the #s? Happy to take a look and opine.

 High leverage, uncertain economy. Would need a lot of runway for me to feel comfortable. Good chance you won’t need 12 months, but better to need 6 and have 12 than need 12 and have 6. That’s just me though. 

12 months PITI

@Ryan Fisher

Nothing stands out as crazy off on the expense side. Are you using actuals for utilities, MGMT, taxes, etc? How far below market are rents and what would it take ($$$) to get the property up to standards to command market rents? Without knowing much I’d say over priced and pass. Didn’t run the numbers myself but all things equal it’s probably a deal around $350-375 from eyeballing but a lot depends on what your standards are for an investment.

@Ralphie Hernandez

Daniel Dietz nails it as far as my thinking, but I’ll add one more thing. Let’s say at the end of the year you’re sitting at a $20k profit (as opposed to a loss on paper of $20k). So you pay tax on the $20k of $8k and are left with $12k. That’s still $12k more than you made last year.

@Mary Schr how much is repairs and maintenance costing you on an annual basis?

@Eric Mayer yeah we’ll see as I’m just digging in. Think it will likely be “errors of omission” on the expense side. Income will verify through lease audit, deposits, etc and I don’t expect to find much as what has been provided thus far seems reasonable. We shall see though. Appreciate your input.