All Forum Posts by: Ricky Nigro

@Matt Hurley

@Matt Hurley Thanks for replying! I like to assume the worst and then be surprised with more actual cashflow.  Property is supposed to be 100% so 20% is unlikely.  Yes, $1300 is total rent and right on par with the area per Rentometer.

@Brian Garlington  Like above, I am assuming the absolute worst.  Your recommended numbers probably much more realistic.  The general area is a D/F neighborhood but I think this specific area is more contained and nicer looking.  It's a gamble for sure though.  I believe the tenants just moved in this month one the renovation was completed.  I will definitely think about that.

@Shamus Wheeler  Yeah I am probably over estimating repairs but want to be safe.  As for financing, my credit union said they could do it but I do need to sit down and do a formal application with them.

@Lane Kawaoka  Is the $900 rent per unit or do you mean total?  This is in the mid west and $650 per unit seems the average.  Good point on no exit strategy, I will have to think about that.

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Help BP!!  Considering my very first deal.  It will be out of state.  The numbers seem okay I think!  Slightly worried about the area but crime maps, google street view, all look better than the rating of the zip code.

Looking to do Buy and Hold.  This is a duplex.

From Googling, it looks like this was bought last month for like 25k and did a nice flip.  Looks pretty turn key.  The company listing it is Rehab Kings in Cleveland.  Anyone ever dealt with them?

Many thanks for any insight!

Originally posted by @Angela Holmes:

@Art Bridgeman Thank you for the info on the LLC. My CPA advised me to set up an LLC before buying my first four plex as well. I almost forgot he advised that until i read your post. I Appreciate it!

Also, I am not expert but from our research thus far, being in CA we might benefit from a Delaware Statutory Trust (DST) vs a regular LLC. CA Tax on LLC is $800 a year. DST avoids that and offers the same benefits. I will soon be engaging @Scott Smith to set this up.  He might be able to give you some guidance as well.

@Angela Holmes Hi Angela, We are just in the learning process ourselves but I too think you’d be better off leveraging with financing. Start out with one property with 20% down, get a feel for things, then do more! Also, myself and two others are in San Jose also and meet up Tuesday’s at 7pm to discuss REI. Always welcome others to join.