All Forum Posts by: Peter S.

All depends on the terms of the financing. Not too hard to beat the rate of a hard money lender.

The problem with the the outrageous fee is that it does not benefit you at all. You get no piece of it and now when the tenant does come up with a sum of money to catch up, you are now competing with your PM for those funds. Now the PM gets paid first? No way. 

A 40-50 dollar late fee is fine. The PM putting your tenant perpetually behind simply to collect late fees (and thus competing with you) does you no good. 

Your offer price still has to has to take into account some other metric you are looking for, be it Cash on Cash, Internal Rate of Return, etc. You also have to take financing into account. 

For example, on the this 298k property with this NOI, you still have to have a goal COC or IRR by a certain time period. Your offer price will have to be lower if you want to make 15% cash on cash by year 1 vs year 3.

Definitely get pre-approved first. And dont forget small banks. They are sometimes easier to have relationships with.   

Absolutely. 39 bucks just like the credit card companies, phone companies, mortgage companies. Collect it enough times and it actually becomes a revenue source.

Do it right and get your license. You'll surround yourself with real estate professionals and opportunities. So much better than the sometimes shady practice of wholesaling.  

Keep investing and let your investment profits pay off your debts

Interested in this thread. I have 10 MF units in Central Florida and could easily add another 10-20, but always have the financing issues. BRRRR is great, except for banks mucking up the refinance part. Ha

This is a no brainer. Sell. 

This is a bad investment. If you tried to sell the property with these numbers, nobody would buy it as an investment. If someone tried to sell you a property with these numbers, you wouldn't add it to your portfolio. Appreciation is but one aspect of real estate investing and youre banking on that bailing you out of this bad investment.   

About $150 or so would be good and both could be done in about 2 hours. 

These are not major projects.