All Forum Posts by: Michinori Kaneko

@Irina Belkofer Thank you. is it possible to put that into the closing doc so the part of sales proceed will go to the tax authority?

Hi,

I have a property that I am supposed to close on Monday, but apparently the owner hasn't been paying property taxes on it, and it has been seized by the tax authority to be listed for sales. Has anyone experienced anything similar, and is there anything I can do make this transaction go through other than just hope that the owner will buy back the property from the tax authority?  Thank you for your help!

I'll PM you shortly @Jonathan James Look

@Suni O'neal you'll def not find that in turnkeys (especially in B class, maybe if you look at like D class ?). IRR is also function of time, you need to state how long your investment horizon is. Most likely 5~10 years will give you best return if buy and hold, but if you do flips it'll give you higher IRR. Also probably impossible to get a 20% iRR without banking on appreciation.

 Just make sure she doesn't see that hahaha. that's good. if you can still afford the home + be able to afford the living expense for your family even without her income then you should shoot for the larger home, even if it's tough at beginning. Remember, your mortgage stays constant, but your income (hopefully) will increase over time, so even though it's tough at beginning it will get easier as you earn more.  

After i purchased my primary, i've refinanced it twice, but before refinancing and when I was making much less than now, my mortgage + management fee (I live in a coop in NY, and management fee here in NY is CRAZY high) was probably about 28% of my gross income.  however, my wife (or my fiance at the time) was also working at the time, and including her income, my monthly payment was about 20% of our gross pay (mortgage was under my name though).  Fortunately I've had nice income increase my total comp is about double of 5 years ago, and with the refinancing  i'm down to about 14% of my gross pay.  However, at earlier days I was renting one of my rooms for about 1/3 of my monthly payments. 

bumping this also!

bumping this

Hi, just curious on this. your description says "great size yard". I actually think this is not a good thing for MFH, as you'll need to pay for mowing the lawn, which could get pricey if the yard is too large. Is that included in your expenses? Additionally, i'm not an expert in MFH but is 5% estimate on repairs a fair estimate since the landlord is in charge of maintaining the common area? My final point is management fees - does that incorporate that tenant placement fee estimates? I assume with MFH the turnarounds are greater than SFH so placement fees might add up. Hope that helps!

Does your "Management Fee" of 10% incorporate the tenant placement fees that will most likely be an annual expense? 

I actually got 4.625% on my 30 year mortgage but I think i paid some money for the points.  

I agree with @Scott Weaver i incorporate 1 month (or 8.3%) vacancy and Capex.

Hi @Jason Malabute not sure if it's helpful, but i used this list to look into which area I want to focus on at first (doesn't really address your average issue i don't think, but in case you find it helpful)  Here is the list