All Forum Posts by: Sean Gover

@Shawn Wolfswinkel do you have an office in Albuquerque?

@Christine Montoya

Good morning to see you are being active. Keep networking and start talking to family and friends about what you do. You may know someone who wants to partner with you by putting up the funds.

Welcome @Christine Montoya.  I believe we've met at the Multi-family investors breakfast. How are things coming along?

Tone in an email can come across very different than what is intended.  Your response and request on how to handle future tenants probably should have been done by phone and then confirmed by email.  

Have there been any recent sells in the complex?   Like a previous poster said you need to get ahead of the herd and sell ASAP.

On the other side of the coin in a year of so you could market that complex and probably pick up some cheap rentals and recoup your losses. 

Rental Property Management is a good one.  https://www.rpmabq.com/

@Ian Goff How did you come up with 5% vacancy? I usually use 10% and sometimes 8%. What about cap ex? That should be 10% as well, lastly you forgot management which could be as high as 10% unless you have researched and found better where you are.

For a quick and dirty look I usually do 30% of rent plus debt/ins/tax and subtract that from expected rent to get cash flow.

If they all come out close to each other on the positive cash flow side I’d get the 4 unit first. That gives you a year of experience managing tenants before moving on to your next house hack and you’ll be better at picking a management company knowing what your are talking about.

@Ian Goff

Can you breakdown your numbers for each option? How are you getting your cash flow numbers?

If you are thinking about selling on a REC then it could be very lucrative. I doubt you can sell to someone using FHA financing or similar since the MH has been moved. Find a mortgage broker before pulling the trigger and describe the situation and see if financing is possible.

Do you have the funds to make the balloon payment?  If so, just do an REC on whatever terms you can agree with the new buyers.  

If you don't think it can be financed through a bank...don't do a balloon.