All Forum Posts by: Justin Jocewicz

55+ will take longer to sell, w/out a doubt. ROI is dependent upon you really. Is it a percentage or a dollar figure. 20% or $20K worth it? For me, condos are easier to work with and I like them. Others may not. I don't know about probate. I believe @Wayne Brooks may though.  He reads legalise for fun :-)

My experience has been the same @Chad U..  Really hoping for a correct here soon...but we will see!

lol.  Nice @Mitchell Jaworski.  Happy wife = happy life my friend.  Definitely need to play.  It has been way too long.  

Congrats on staying close to budget.  I'll be writing my largest SOW this week.  

I am such a slacker.  Will do my best to make it down there on Saturday.  

Thanks!

No more kids bball, so I should be good to go.  Want to hear those numbers @Mitchell Jaworski :-).  See you guys and gals.

@AL Brown. Make sure your personal finances are in order. Then, I would think a HELOC to use your equity for another investment property would be a good way to go. Then roll them up into a commercial portfolio loan. I just did this in PBC with three of my condos at 70% LTV.

J Beard has some points, but it depends on your strategy.  

A few things I would recommend is to do one at a time.  

1)  Find out your numbers.  Use the BP calculator :-).  
2)  Do not buy in the ghetto because the numbers look good
3)  Write down your screening process
 - this is your most crucial key to success and less headaches
4)  Deliver the best rental product
  - new appliances, toilets, vanities, paint, fans, clean the A/C and exhaust vents
 - this is your second key to success and less headaches
5)  Get a good lease
 - I can share mine

IMHO, I think MFs are overpriced right now.  As long as the numbers work, location works and appeal works, you will be in great shape.  I'm not familiar with St. Lucie county but @Jon Huber has a rental or two up there.  

Can't make it.  Kid's have bball games.  @Wayne Brooks and @Jon Huber owe me some time on the court so I can break some ankles :-)

10% CAP = PP of $760K. Minus debt service on top of that and if your numbers are correct. Depending on the area, the class of buildings, that could be a good deal at that PP.

You would want a commercial portfolio loan which will require 30% down.  This is done through a local bank.   

At a PP of $760K, 30% is $228K....after debt service of ~$3500/mo or $42K/yr CoC = 18%. Monthly cash flow is $2869.25.

IMHO, since I have been looking at these too, is that commercial properties are too expensive right now. You could buy $100K properties, use the BRRRR method and make a higher ROI.

But, you could make almost $3K/month and just be done with it.  For me, it would probably depend mostly on the building class.  C-, D...no.  C+, B...maybe to a yes.  Also...seller financing would be awesome...but you need to get the price lower.  

@Account Closed owns a PM company and can assist.  

IMHO, no PM as it makes you learn so much faster!  Unless you plan on buying 20 this year :-)