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All Forum Posts by: Walter Key

Walter Key has started 16 posts and replied 327 times.

Post: Let Renter Assign/Sublet/?

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

It's already been said but I'll echo...terminate the current tenant's lease and create an entirely new lease when the new renters take possession. 

You'll need to assess any damages from the old tenants and refund their security deposit accordingly. Then, charge an entirely new security deposit for the new tenants.

Post: What happens when I buy a home for myself??

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

It's never a waste of time to pay off your consumer debt. 

Post: Too strict on Income Verification for screening process?

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

@Dustin N.Not too strict at all. You set your standard and then you hold the line. It's not personal. It's business. 

Post: First Foreclosure Flip

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

@Brandon Chase I think you may be looking at this the wrong way. Instead of asking "do you think the bank will except or should I adjust" just run the numbers based on estimated ARV and your quoted rehab cost (plus maybe 10% more on the rehab budget for fudge factor) and determine YOUR max purchase price for the amount of profit you want. THAT number is the asking price. If the bank doesn't except, find another deal. Make sense?

Post: Dear Property Management Companies....

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

Well said. I have an amazing property manager for my NE properties. They are value added, no doubt.

Post: A Deal From Zillow! Just added 10 Units to my Portfolio!

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

Nice!!!

Post: Hello and property manager recommendations

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

Just sent.

Post: Hello and property manager recommendations

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

@Scott GarnerI'm going to send you a PM. I have a property manager that I absolutely love that manages my properties in Bellevue and Omaha. 

Post: New member calculations... Looking to learn

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

@Jordan Hamm I replied to your other post on this but I'll copy/paste that reply here.

Here's how I see your numbers. I added a 5% CAPEX and removed the income tax altogether. I'm not familiar with anyone using the projected income tax in there analysis.

Gross Rent $1,900.00

Mortgage (P&I) $604.00

Property Taxes $276.00

Insurance $75.00

Maintenance $190.00

Cap Ex $95.00

Management Fee $79.00 (This is a GREAT price on a $1900/mo rent. Traditionally 10%)

Vacancy (10%) $190.00

Total Expenses $1,509.00

Net Operating Income $995.00

Monthly Cash Flow $391.00

Yearly Cash Flow $4,692.00

Simple Monthly ROI 25.91%

Also, your initial PITI amount doesn't match the total for the individual PITI line items.

Post: New guy from Papillion, NE

Walter KeyPosted
  • Realtor
  • Keystone Heights, FL
  • Posts 340
  • Votes 118

@Mike Novotny Welcome! I have a couple rentals in the Omaha area. It's a great rental market. Best of luck to you in 2016!