All Forum Posts by: Account Closed

Have a rental condo in a building  all 2 bedrooms and 12 units using a 75 gallon water heater, never had a complaint about hot water. 

We have 2 40 gallons at home one tank fills up as the other drains, and still managed to run out of hot water when we had children at home. Commerial is completely different. 

Blue collar workers that are not accustomed to getting dressed up often look very foolish when they do put on a suit. Wearing a suit out of style, one that is too tight, or the tie not properly fit all look bad. Wearing clothes your comfortable in, will help you portray more confidence and sincerity. When you want to borrow money, looking sincere trumps a whole lot of things. 

You normally do not have a fiduciary relationship with the listing agent, so what your observing might be both ethical and legal. When your looking at investment properties there are often multiple potential buyers. One of those potential buyers may have stopped negotiations with the seller hoping that no else, in this case you made an offer, once you made the offer, likely they went back to the prior offer attempting to gin it up using your offer as bait, so to speak.  Frustrating, I know..

Also keep in mind your interest costs will be falling fast that far into your mortgage, because a large portion of your payments are going to principle every month, so your ROI should be improving if rent and taxes remain constant.

Gary, folks on this forum are obsessed with cashflow, your in a market where investors look more at long term appreciation. Negative cashflow in NOVA can be just fine. Ignore your mortgage payments, what is your interest, taxes, and insurance costs +8% + $450- per month

That # - monthly rent will give you a more accurate picture of your ROI, or real monthly income loss.

I threw in the $450- as a vacancy repair cost combination #. 

Owning a rental you should count on some vacancy as well as repairs, hopefully that number is high for you, I usually factor $200-  to $300  per month for every 1000 SQ feet. Just a rule of thumb, every property is going to be different. You very well could lose a few hundred every month for 10 years than sell for 200K-300K more than you could now, that's NOVA from my perspective. 

Hi Calvin, sorry to hear about your agent headaches. I had a great buyers agent for all of my rental property purchases, can't say enough good things about her. Having said that, there were a couple of bank own properties where I was frustrated just like you, communication issues. So that was the deciding factor in getting my real estate license, not commission savings. I am very good at knowing when people are lying, even over the phone, that skill set was not being used with the buyer broker buffer. Getting licensed in IL might not be practical for you, just thought I would share.

Are you saying she received a divorce cash settlement and does not receive ongoing alimony or child support? If she recieves either they are income and not considering as income would be improper. Having said that, Ive had ex's not pay my single mom tenants, it causes problems. 

 Thanks Steve, I've been looking for ways to make my rentals sound even more boring. 

Sounds like the seller is a moron, hiring idiotic offspring to represent them and than pretending to be FSBO. I am hearing RE license law violations in gross. As my old my old boss use to say, people are entitled to be stupid, and you should not attempt to deprive them of their stupidity, accept them for who they are. I would run also.

If your talking about a Chicago property, your lease is subject to LTO, that more or less nullifies both common sense and common real real estate laws outside 606. There is an old saying look at girls mom, when the girl is 20 and you will see the girl at 40, credit often follows same trajectory.