All Forum Posts by: Niyi Adewole

@Sara Hopson 

Hi Sara, of course! Can you Private message me your email address? I will get the referral message sent to you. 

Collecting rent manually is way more work than i want to do haha. 

@Sara Hopson

Hi Sara, 

I have been using buildium since December 2016 and i love it! They update constantly with new features that can do more and once you get it set up to your liking everything is automated. 

Tenants pay online, if a tenant is late they get an automatic late fee added and email sent their way. Maintenance requests are handled online as well, if a tenant submits a maintenance request, you recieve an email with the address, unit, tenant contact info, and their detailed explanation. You can then forward that email to your maintenance contact to have them reach out directly to tenant to get things handled. 

I use buildium to send leases electronically, handle inspections and just about everything else. (if you cant tell, i'm a bit of a fan haha). Would be more than willing to hop on the phone with you to discuss further.

@Carlos C.

Haha i hear you. I have an inspection scheduled and am awaiting actuals on the utilities before making a move. I believe that if i am successful in flipping this from section 8 to regular housing, there is a great opportunity to make significant income.

@Lee Ripma

Great advice Lee, i just narrowed down the financing earlier today. 15% down for 20 year amortization. 5.16% on 10 years fixed.

I have requested actual utility bills and will plug those in (as opposed to the estimates) when i have them. I have a 1 bedroom unit in my triplex ~40 feet from these properties that is bringing in $800 per month. (it is bigger and nicer than these currently). 

@David D'Errico

Thank you for the solid advice. I have requested utility bills and narrowed down the actual financing. I should have more info tomorrow and i plan to rerun the numbers and post the on here again.

Major item that just popped up, is that the owner currently pays all of the utilities which changes things significantly. 

@Lonnie Williams

7 of the 12 units leases end this year and the goal would be to complete minor upgrades (paint/appliances/cabinets) and flip those units into regular tenants. I would then work to flip the other section 8 units as they turnover in 2019. 

I spoke with lender today and they are able to do a 15% down, 5.16% interest, 20 year amortization on 10 year fixed.

@Ali Hashemi

I hear you ALi. I purchased my first investment property less than 40 steps away via a househack so this process has been completely different. I just heard back from the lender today on what they can do - 15% downpayment, 5.16% interest, 20 year amortization on 10 year fixed. If you want their contact, please send me a private message and i will send it to you.

@Ryan Weddle Thank you for the tip Ryan! I just raised the tax estimate to 6000 (1.2.%) and lowered my water estimate from $1300 to $900. I have requested Actual utility bills and should be receiving them tomorrow. As soon as i have them i will update the analysis and repost on here. 

Yes i would agree that this is C class, more information came through today that could aid in the effort of pushing the price lower. It was unclear before, but owner is currently paying all utilities which drastically changes this analysis. Waiting on Actuals to update analysis. 

Just heard back from lender and I can get 15% down, 5.16% interest, 20 year amortization on 10 year fixed.  If you want their contact, please send me a Private Message and i will send you their contact.

@Mark S. 

No Mark, you are on par. Ideally i would want $1200 per month and while i manage the property myself (through property managment software) i would still be pulling in $1200 per month in cashflow. 

I overestimated on water bill just to be safe. More information is still coming in on the property and i am updating the analysis as i get the hard financials.

@Tony Mai 

Thank you for the heads up on the taxes! I will be using Bank financing and i have a local bank in Louisville that is investor friendly with the downpayment allowing people to put down as little as 10% on the downpayment. This is three 4-unit properties being sold as a package deal for 499K.

You are 100% correct on the 30 years, i lowered to 25 in the pictured analysis below and bumped the taxes up to 5000 (1% of purchase price) for all three buildings. One of the units is currently vacant and i believe that for this area with minor updates i can pull in $625 per unit bringing the total rental income up to $7500.

Analysis with current rents, updated financing, and higher taxes 

Analysis with Market Value rents, higher taxes, and updated loan info