All Forum Posts by: Chaits J.

@Daniel Denning : Thanks! Joining now.

Thanks a lot for your response. Will be checking out.

Awesome thanks for your quick response. Will be listening to them right away!

Hello all,

I am getting started with STR and would like few recommendations on BP episodes that I should listen to. And any other helpful resources to quickly look up. I have experience with LTR so looking for guidance on where to start with. Thanks all in advance!

@Chanakya J.

Bump!

Hello all,

Analyzing a 4 unit multi family and wondering if there are recommendations for a property analysis spreadsheet. Also what are the questions one should ask from the existing property manager.

1) Rent receipts for last 3-6 months?

2) List of maintenance items performed in last 6 months?

3) Any information from 2020 Income/Expenses ?

4) How old appliances are unit by unit?

5) What appliances belong to tenant vs owner?

This is my first time considering a multi family apartment building , any help is appreciated.

Thanks!

@Jack Bobeck

Great advice Jack. I am a small portfolio investor from Jersey looking for a MFX in Jacksonville. Will be partnering with a local friend of mine who has zero RE experience. Do you have any suggestions on quality Neighborhoods for our starter investment. Will be teaming up/working with an investor friendly agent/contractor/wholesale.

@Bonnie Low : thanks for your clarification.

Unfortunately property is in a not so friendly township and the MIL was added with permits back in 90’s but township never agreed to categorize it as a multi family.

Also appraiser appraised it 2 months ago and comparables taken were from other towns with not so favorable school districts but same zip code. I reached out to bank a bit late because of personal Covid issues and bank is asking us to get a new appraisal now as old one is not valid any more.

I am thinking of dropping the whole refinance effort for now and start the new efforts in 2021 spring. My dilemma is to go with conventional VS private lenders to get a better value based off the decent rent we are getting out of the duplex.

Thanks!

@Steve Kuptz : Thanks for the clarification.

Hello All,

I did my first BRRR and below is my situation.

Purchase Price: 200K

Rehabs : 50K

My mistake is that I bought a duplex that is zoned as single family home in township records.

Now when I am trying to refinance it, appraisal is coming at $230K as appraiser is not considering the 1 bed , bath and extra square footage that is part of the mother in law suite. We were expecting a refinance appraisal of atleast $325K as similar sized homes are at $350K in the area.

My question here is, If I go with private lender for refinance Will they appraise the same as conventional lender or go by the rents and sq footage of the built area?

Rents: $2800 in total.

Thanks all!