All Forum Posts by: Rick Hoskins
Rick Hoskins has started 2 posts and replied 6 times.
Post: Does this property make sense? Cap 6%
- Miami, FL
- Posts 6
- Votes 0
Originally posted by @Jason Eyerly:
Originally posted by @Rick Hoskins:
What kind of caps would you guys find acceptable? Anything above 10%?
I just sold a condo here in Vegas for $60,000 that rents for $750/month. The investor that bought it is getting an 8.5% CAP. Maybe slightly higher since I had exaggerated a few expenses.
What was you Taxes, HOA and Insurance?
Post: Does this property make sense? Cap 6%
- Miami, FL
- Posts 6
- Votes 0
What kind of caps would you guys find acceptable? Anything above 10%?
Post: Does this property make sense? Cap 6%
- Miami, FL
- Posts 6
- Votes 0
Thanks for your help
Post: Does this property make sense? Cap 6%
- Miami, FL
- Posts 6
- Votes 0
I made a offer on condo for 45k cash in central Florida but after fixing it up which would cost me 15k (Bath, Kitchen, New Flooring) and paying insurance, taxes, HOA the property would be at 6.27% net Cap.
Here are my number.
| Purchase Price | $44,000.00 |
| Rehab | $15,000.00 |
| Total Investment | $59,000.00 |
| HOA M/ | $176.00 |
| HOA Year | $2,112.00 |
| Rental Fee | $350.00 |
| Management % | 10% |
| Management Company Year Fee | $840.00 |
| Insurance | $700.00 |
| Taxes | $700.00 |
| Yearly Cost | $4,702.10 |
| Rent /M | $700.00 |
| Gross Rent Year | $8,400.00 |
| Net Rent Year | $3,697.90 |
| Net % | 6.27% |
I wondering if i should back out of the deal and look for a better return. Its alot of cash to tie up. Maybe i should look for single family house. This would be the 3rd rental property im buying. I already do own a unit in the same building. I just finished the rehab and will have it rented by the end of the week.
Post: Where do get a Line of Credit on owned rental properties
- Miami, FL
- Posts 6
- Votes 0
Im looking for more like a 3 to 4% rate not a hard money loan i guess i will try a small community bank
Thanks for your help
Post: Where do get a Line of Credit on owned rental properties
- Miami, FL
- Posts 6
- Votes 0
Hello I have been buying rental properties condos and single family homes for about 6 months now. I bought them with cash so they are owned free and clear. Im starting to run out of cash and started thinking is there a bank that will lend on the equity of these rental properties? What im looking for is a line of credit something i just write a check out of an account. Does anyone know who offers this kind of lending with the lowest rate?