All Forum Posts by: Jamal L.

Does any one have any knowledge in a transference of deed without using a title company. Im looking to do an owner finance deal and just wanted to gather the expertise of the collective to see a good way to execute this deal without the fees of a title company.

not sir but you can remain up to date with all our latest inventory by filling out this link below

https://podio.com/webforms/18673297/1256672

Hey PM me so I can give you one of my go to guys.

Read this article before you go and try this rooming house strategy 

http://www.baltimoresun.com/news/maryland/baltimore-county/towson/ph-tt-knollwood-house-decision-1224-20141216-story.html

@Matthew Keeney

Its seems as if you are more concerned than your friend. Technically they shouldn't have to transfer the security deposit. Since the previous owners broke the lease they loose it and the new tenants should have to provide their own. They can stop the transaction with returning their money since no lease is signed. 

@Mario Brown

Here is the formula to calculate RUBS (Ratio Utility Billing System)

Each apartment is designated with an occupant factor. The allocation starts with a copy of the property’s utility bill using the dollar amount of the consumption period that is to be billed. A predetermined common area allowance percentage (determined by you, the owner) is deducted to give us the billable figure to allocate. This amount is divided by the grand total of each apartment’s designated occupant factor, multiplied by the apartment’s individual designated occupant factor. Below is an example of RUBS. This example may be used to allocate any utility such as water, sewer, gas or garbage.

Designated Occupant Factors:

1 person = 1.0 (1 person pays 100% of 1)
2 people = 1.6 (2 people pay 60% more than 1)
3 people = 1.9 (3 people pay 30% more than 2)
4 people = 2.2 (4 people pay 30% more than 3)
5 people = 2.5 (5 people pay 30% more than 4)
6 people = 2.8 (6 people pay 30% more than 5)

Your Property’s Utility Bill = $1,500.00
10% deduction for common area = $(150.00)
Total amount to allocate = $1,350.00

Property’s factored occupant total = 157.3

The allocation is figured: $1,350 / 157.3 = $8.58

1 person will pay $8.58 ($8.58 x 1)
2 people will pay $13.73 ($8.58 x 1.6)
3 people will pay $16.30 ($8.58 x 1.9)
4 people will pay $18.88 ($8.58 x 2.2)
5 people will pay $21.45 ($8.58 x 2.5)
6 people will pay $24.02 ($8.58 x 2.8)

A sample breakdown of a resident’s utility bill utilizing RUBS may be as follows:

Water:	$8.58
Sewer:	$18.52
Garbage:	$10.60
Bill Fee:	$3.95
TOTAL:	$41.65

@Shadonna N.

We get rooming houses in areas where we see fit. Our strategy is based on a few variables such as the  block, #of bedrooms, Etc. The house has rules and one is to clean up after yourself. Every so often if needed we have someone clean the house/ bathrooms/ mop/sweep floors. We may provide trash bags and furniture depending on the particular population we are serving in the property. One issue to be aware of is the mixture of tenants. I.E. We try to match clients with similarities: older with older. Smoking w/smoking.  Non-smoking w/non smoking Etc.

@Latressa Byrd

In cases such as this we file every time their late, even if they go to escrow. The reason we do so is because once we file the warrant of restitution and they somehow come up with the funds for rent we want to build the case that if they are late 4 times within that year we can evict them regardless if they pay late again. That way they cant continue to play those type of games. 

@Shadonna N.

We are doing rooming in some and have programs in others. We find tenants in a plethora of ways, Craig's list, roommate, sites etc. One of the cons is you have to be on top of the home and make sure the tenants are keeping the home clean and obeying the rules. It depends how the tenant is paid on how we structure our payment process. Water and Electricity are commonly covered in most houses. 

After Repair Value $75,000.00

Estimated Rehab Cost $25,000.00 Purchase Price $15,000.00 Estimated Hold Time (months) 4 For Flip Estimated Net Profit $23,483 Return on Investment (ROI) 59% For Buy & Hold Net Operating Income $6,800.00 Monthly Net Operating Income $566.67 Number of years to pay off 6.82 Yrs Return On Investment 15%