All Forum Posts by: Syed H.

I'm not carrying around 30+ checkbooks. I see no reason to have more than 1 account. You can manage a lot of units with 1 master account.

we have 1 for security deposits, 1 for everything else. 

You also dont need a separate LLC for each property. But that's a totally different conversation.

Trailing 12, P&L statement, schedule e; etc. is all nonsense. It’s a waste of time to go through them, especially on these small properties. They are also very misleading.

You should run your own numbers with your own estimated costs & estimated rents. If the deal works when you analyze a deal based on your own metrics, buy it. If not, don’t.

Unfortunately, this is not abnormal. Your rent is def low, but these properties are very old and require a lot of maintenance. 

If you use a PM, it’s even harder to make money. Mainly because they will up charge you on the maintenance and it will be extremely expensive to manage the property.

Most of the guys I’ve seen successfully invest in the Lehigh valley’s cheap markets, manage it themselves. 

Honestly, even at $75k, It’s a bad deal for an investor to purchase that house. I don’t buy many SFHs, but when I do, they have to be a steal. My last 2 were for $41k and $44k. Both worth over $85k after my minimal Reno’s, both purchases within the last few months. 

You realize you came on a public forum and literally asked everyone "what to do?". You received advice you don't agree with, so you go on a tirade over nothing. You start by whipping out your dick and calling out the guys $2m portfolio. Congrats? Sorry but your no big dick around here or anywhere else. Relax. Maybe this is why lefty Seattle hates you landlords there. 

If guys like Jay & James agree, with the amount of experience they have, your not really on the winning side of things. 

 This. I flip between 7-15/year. I focus on high margin safe deals. Ive lost money on 1 deal in 9 years.

I know a few people that do 30+/year, but they do it with more work and less profit than me.

BUT, the market for flipping has been shifting (at least in my areas). Higher end homes that I used to do, are becoming hard as hell to sell because of no SALT deductions and high property taxes. Ive been shifting back to starter homes. Profits are less in absolute dollars, but they sell very very quickly. This is my way of mitigating the risk of time. I can be in and out on a starter home in 3-6 months. Markets hopefully won't turn that quick. 

maybe they quoted him Anderson 400s or higher lol 

Should cost about $5000-$7500 installed. Well thats what it would cost me for standard size windows. 

Commercial financing (aka not in your personal name) should be around 3.65-5% depending on quality of asset & location. Maybe past 5% for tertiary locations and/or small deals. 

Honestly, NY can take 6 months to do an eviction. It didn't stop our rental market. So what? Cost of doing business. Large cities (w/ large economies) are still amazing places to invest. 

 I’ll pm you my number. You shouldn’t be having these issues.