All Forum Posts by: Roshan K.
Roshan K. has started 16 posts and replied 250 times.
Post: Has anyone successfully scaled SFHs?
- Oklahoma City, OK
- Posts 258
- Votes 214
Lots of people on BP say it's not easy to scale SFHs (including duplex, fourplex etc), so I'd love to hear the opposite viewpoint from people who have successfully scaled.
1) So who here has a ton of SFH (single to 4plex) or condos or townhomes and not true 5+ multifamily?
2) How did you achieve that?
3) Are you finding yourself moving to multifamily?
4) Would you do the same thing again if you could start over, knowing what you know now?
Post: Single Family vs. Multi-Family - ANYONE doing Single Family?
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Dennis M.:
Originally posted by @Account Closed:
@Dennis M. If the property values double in 3-4 years, we make much more than $100 a month.
Okay but If it doesn’t then you don’t ! What if they build a low income housing complex down the street and your value plummets ? What if they build a tire recycling plant near your house or a prison ? Say you make 100$ a month for two years with no vacancy and the furnace goes out or the hvac unit and the bill is 3,000$ ? That’s a real possibility . Now you just lost 2 and half years income over an appliance failing .what if the roof needs replaced .. I get your point Friend .. but it’s more likely you will have a big ticket expense in 3-4 years than it is your property doubles in value . It’s a feee country You can bank on appreciation..personally I’ll take that good cash flow each month and if I happen to get appreciation then that’s icing on the cake .
That $100 a month should be true cash flow AFTER putting money towards cap ex and maintenance items. That $100 a month should be pure profit, not needed for repairs
Post: Trying to compete with cash buyers
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Traci Cameron:
@Joe Splitrock I am using a HELOC as well for my down payment. I was pleasantly surprised at how much buying power the bank was willing to preapprove me for. $5000 in earnest money is possible but takes weeks to get back if offer is not accepted and I'm not a fan of tying up my cash for a maybe. I'd definitely be willing to up my earnest money on an accepted offer though.
My market is the same as Joe's above. I don't pay Earnest Money until the contract goes through
Post: Bank Account Problem
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Gerhard Listander:
Ya I know it looks sketchy and defeats the purpose of the LLC but I figure if I kept the funds seperate and can prove that they were used for business purposes only it wouldn't be so bad as a temporary fix.
Thanks for the idea but another problem I have with using the government internet is a lot of things on websites don't work because of the firewall and network settings so when I try to apply for the account it just doesn't go to anything.
I think if you open another account and keep the funds separate you should be ok, but I'm no lawyer
Post: Trying to compete with cash buyers
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Traci Cameron:
Roshan K. That’s a great way to look at it! I’m still working full time but I do have alerts set up. My realtor calls me when anything pops up. But I will keep at! I certainly can’t say I’m making that many offers per month. The right one will come along.
I love my realtor, but don't depend on them. I offer on properties I find as well as ones that she brings to the table.
If you're getting discouraged by no results, you need to be sending out more offers :) And you're absolutely correct, the right one will come along!
Also keep in mind, that the reason you're making 50 offers for one of them to stick is because you're offering them at the numbers that work. IE I've offered on a 475K house at 250K... because that's where the numbers work. Of course, the offer was denied (actually not even responded to), but that's how you have to do it. Stick to your numbers and offer what you can.
On the other hand, I offered 10k over list price because that's what the numbers supported and I wanted to get the contract. I lost out on that one too though, so no guarantees.
Just make your offers and you'll eventually get one!
Post: Bank Account Problem
- Oklahoma City, OK
- Posts 258
- Votes 214
If you mix personal and LLC accounts, you can open up a huge can of worms. From what I understand, that essentially negates the protection you get from having an LLC.
Post: Trying to compete with cash buyers
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Traci Cameron:
Keep trying! And be the first one to send an offer. Have alerts set up on Zillow, MLS for places that you are looking for.
Think of it as a giant funnel. Assuming you view 3 listings a day:
MLS or other source for deals = 90/month
Actual properties that you will offer on = 50/month
Offers accepted = 1-3/month
Contracts that will go to closing = 0-1/month
So until you offer on 50 properties a month, you can't really expect to get one to stick. It's a giant funnel and numbers game
Post: Switching Tenants to Online Payments
- Oklahoma City, OK
- Posts 258
- Votes 214
I make it mandatory in the lease to pay through Cozy.co
Had some pushback with the existing inherited tenants but overall it's working now
Post: Lead paint on rental property homes
- Oklahoma City, OK
- Posts 258
- Votes 214
Post: By Popular Demand, Landlord Forms NOW a Pro Annual Feature!
- Oklahoma City, OK
- Posts 258
- Votes 214