All Forum Posts by: Mike Levins

I feel for you Eric.  Anyone who hasn't lived in Florida doesn't realize just how many homeless people there actually are.  Florida is the homeless mecca of the U.S.  I would lean towards locking any and all dumpsters and setting up alarms that will at least encourage them to go else where.

Good luck and please keep us posted on what ever you decide to do.

I'm sure it will not be an easy road.

Good afternoon BP forum!!  I'm eager to learn from you yet again.

In trying to evaluate local multifamily properties in the central Massachusetts area.  I have created a spreadsheet that helps me analyze each opportunity that I come across and a question around Cap rate has come up.

From what I've heard on the podcasts and read on the forums different areas along with different grades of RE (A, B, C etc) will produce different cap rates.  Are there general ranges of Cap rates that are considered good deals?  i.e. Grade A duplex in Northborough, Ma Cap rates should be between 4-6% while a Grade C duplex in Worcester, Ma Cap rates should be between 7-10%?

I'm currently looking at duplexes along with 3 and 4 family properties.  Any guidance on desirable Cap Rate ranges would be greatly appreciated.

Thanks,

Mike

I would recommend running your own numbers soup to nuts. Sellers will make their properties look very good in an attempt to pull one over on a potential buyer. Remember to include PITI, snow removal, landscaping, property management along with estimated annual maintenance costs (will be more for older buildings that are well kept).

Thanks for the quick reply and all the great info!

Im going to ask my PM If they accept electronic PMTs, if I can just keep a couple hundred dollar balance and if I can get my money sooner than the 15th!

BP is awesome!

I have a question about property management companies because this came up with the company I use down in Tampa, FL.  My PM has done this for quite a while but I've only challenged them on it recently. 

When my tenant pays their rent on lets say the first of the month my PM holds that money pays any necessary HOA fees and then 30 days later pays me my money. With my most recent tenant moving in a few days ago I brought this up asking if we can come to an arrangement to make my PMT earlier. The response was that they can deposit it by the 15th at the earliest to allow the check to clear. This seems some what reasonable but then he added the comment that any minor repairs will have to be paid by me.

Yes, in the past any minor repairs albeit infrequent would be taken care of, but I can't think of the last time a repair was necessary. 

Am I just being a jerk wanting my money sooner?  Please tell me if I am and I'll drop this.

Thanks,

Mike

Nadia Torano I'm pretty new to the forum, but cheap doesn't necessarily equate to value. I own a condo that I rent out in Tampa and lived there for five years so I know the area a little. My recommendation (I wish I had done this in Tampa 10 years ago) is to buy a multi family because they cash flow better than single family or condos. The rental market in Tampa has been heating up for the last few years so rents are climbing!! Good for landlords ;)

Thanks Shaun and Mark !! 

I'm still making my way through the Podcasts (30 down so far going backwards through them).  I've also been reading Real Estate books voraciously for the last few months.

Jim that was a great comment about fear, thanks! "I can accept failure, everyone fails at something. But I can't accept not trying." Michael Jordan

Hello Bigger Pockets community!

I'm a new member to the forum and I'm excited to have found such a great real estate podcast and community!  Technically my real estate career started about 10 years ago, but it's been only a casual side gig for too long.  Along the way in my engineering and management career I have picked up two condos.  Both condos were live in purchases.  One is in Tampa, FL and the other is in Providence, RI.  I now own a third single family property that I live in, in Holden, Ma.

Neither of my two investment properties cash flow very well but I have not had a problem getting good tenants. I'm half way through a slow flip of the Tampa condo and will probably sell it at some point after that to trade up. Right now I'm looking at multi families or a foreclosed single family in my area to reinvigorate my REI career while keeping my day job. I want to increase the pace of investment properties over the next few years.

About five years from now I'd like to make my way back to Northern Virgina (where I'm originally from) and continue my REI career.

Thanks for listening!

Mike