All Forum Posts by: Orkeem Davis

I actually plan to buy more rental properties, but at a lower cost and same or better return on investment.  I have my eye on a few, but I need to free up some cash first. 

Should I keep it or sell it?? I own a 4 family - 3 family apt building and 1 single-family home on the same block and lot and I purchased for $1,100,000 and its appraising for $1,325,000. The property is non-owner-occupied, and it currently brings in 9k monthly rent roll. One tenant is moving soon and after that unit is renovated, I will bring in close to 11k monthly rent roll. PITI approx. $6200. Utilities approx. $800 monthly. I could have approx. $250,000 - $300,000 in equity at this time if I am able to sell for 1.3 million - 1.4 million. Should I keep it or sell?

Thank you!  I will discuss with my broker.  

No, let me explain better. As an investor, I had a choice to list any way I desired and I never desired to use the MLS to list my units. Now, that I am real estate agent, I am required to list on the MLS and disclose that I am a real estate agent.

Recently, Moved most of my properties from my name to my company, a private LLC. Am I required to continue to list on the MLS and disclose that a member of the LLC is a real estate agent?

I have tried both -- I prefer cashout refinance. 

I own a 8 unit apartment building and 2 duplexes and recently placed all under my business entity, LLC. Since I am a real estate agent, am I required to list under my employer's real estate brokerage and request a broker fee when listing vacancies? Please assist.

I own another 4 family under my name and I always list with with my employer's real estate brokerage.

I had a PM manage one of my properties over 10 years ago and the experience was not good.  Since that time, my wife and I have managed our rental properties.  We market, find, and interview our tenants, collect rents, reach out to our same handy man to address maintenance issues, hire our same electrician company for electrical problems or for upgrades, and hire our same plumbing company when needed.  

Easy breezy.....not always lol... but we are both W2 employees and we really like keeping all the $$$ coming our way and we determined to keep the costs down.  We refuse to give any of my profit away to a par or subpar PM. As far as education, I recently decided to take a real estate salesperson course and property management course in order to have more "tools for my toolbox."  Even though real estate investing is a part time endeavor for me, I'm in bucket number #2 --- I love the RE business and I love to self-manage in spite of the challenges.  

I have a few units and some rental unit rents are increasing and some are not.  I will not raised rents were the tenants are already paying currently market value.  This is a business, but I try to be compassionate and understanding at the same time.  

@Donyae Coleman

I'm also trying to complete a Cashout refinance for my duplex in NJ. I'm making some traction, but it looks like I will only receive 75% LTV. By the time the closing costs are added, the cash in hand is not that good. I'm looking into selling the duplex to put more cash in hand. Best success!