All Forum Posts by: Nico Doss

Who can help me solve this problem?

Background:

I have an opportunity to purchase an off-market house with two landlocked lots behind it.  Each lot is big enough for a house of the same size.  Behind and beside each lot are trees.  In current state, the lots are useless.  

How can I make the lots buildable?  

Happy to share the survey with anyone interested in offering a solution to making the best use of the lots.

@Andrew Postell

Thanks for reading my post, and I will reach out when I have additional questions.  

Hi, I appreciate all of your help and insight.  I am working with @Jason Wray to complete the refi cashout.  So far, so good.  Thanks, Jason.

Nico.

Hi all, 

I want to speak with someone who has experience investing in apartment complexes, up to 30-unit complexes.  What do you evaluate during the due diligence process?  What are one or two things a buyer should focus on that could affect cash flow and/or margin in the long run?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I am considering purchasing this 4 unit property, and I would like your perspective.  

Background--

The property is currently a 2 unit commercial property; however, plans were submitted to convert it to a 4plx.  First question,  should I include a clause in the purchase agreement to ensure the property is approved to convert to a 4plx before closing?

The property needs significant work.  For example, it is a shell right now, with no sheetrock at all. Masonry brick is exposed, which I like.  I have floor plans for 1 1bd/2bth and 3 2bd/1bth. I will need to update the electrical throughout, to include 2 additional electrical panels.  I will need to install 4 hot water heaters and 4 HVAC, frame and sheetrock four complete units, kitchens and bathrooms, replace and reconfigure plumbing, etc.  Each unit is less than 750sq ft.

Is $200K enough for the scope of work?  What are your thoughts on the analysis?

Hi all,

Two Scenarios--

1. I am looking to do a HELOC on a rental property in Dallas, TX; however, I do not live in TX. A bank that does HELOCs told me they could not do my HELOC because I had more than two rental properties in my name.

Question--Do you know of any commercial banks that will do a HELOC for the above scenario?

2. I am looking to do a cash-out refi on a rental property in Dallas, TX.  All of the lenders that I spoke with said I could not do a cash-out on a rental property in Dallas because my primary residence is not in the state of TX.  

Question--Are there any lenders out there that can do a cash-out refi on a rental property in TX where the owner lives in a different state?

@Ryleigh Simone

I love the approach-

1. Reading

2. Starting small

3. Standing on the shoulders of those who have come before you.

4. Using your analytical skills.

5. All ingredients for successful.

Keep in touch as I am interested in how it plays out for you.

Recently moved to New Jersey from Sacramento.  Looking to opportunities in the NJ/NY area.

I have three rentals in Dallas but want to scale up in 2021.  Easier to do it on a team.

Thanks for sharing your reno story.  

Looking for ideas on how to leverage $70K from a cash refi.

I am considering a cash-out refi ($70K) on one of my rental properties.  The mortgage would be about the same.  The current mortgage is ~$611, and the new mortgage would be ~$600.  The interest rate would be reduced from 6.67% to ~3%. 

Current rent: $1300/mo - 

Current expenses: $1091/mo (mortgage (P&I + taxes + ins), prop mgmt, HOA, and maint). =

Current cashflow: $209

The future state essentially the same except for CASH in my pocket.

Background--

I have 4 rental properties that consist of SF and condos, three in Dallas-Fort Worth, and one in New Jersey. I do not have a mortgage on one of the condos, and it is NOT the one I want to refi. I will use a first position HELOC strategy on that one.

My goal (similar to so many others):

1.  Start investing in multi-family, focusing on 4-plexes right now unless someone wants to partner with me on a larger project.  

2.  I prefer properties that need some cosmetic repair (value add) and C property in A/B neighborhoods.  

I am open to learning about new markets.  

With the above in mind +$70K...

1.  What areas would you consider?

2.  What else should I take into consideration?

Hi Patrick,

Maybe include garbage if not implied in one of the other categories; maybe free WiFi (increase the rent:  cost of Wi-Fi + 15%).  Otherwise, your list seems complete.