All Forum Posts by: KYLE Z.
KYLE Z. has started 3 posts and replied 67 times.
Post: Bank Account Allocations
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
I have 1 account for my 7 rentals. The credit union set up the savings account for me with separate drop down accounts for cap ex, vacancy, taxes, insurance and security. I manage all with online banking and a excel spread sheet I made.
Post: How to protect yourself in this business of landlording.
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Good post! I need to do a better job of documenting interactions with tenants. Thanks for the info.
Post: reasonable deal?
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
@Daniel Dawson I ran it through my spreadsheet quick and it does not seem like a good deal to me. Are you buying all cash? or getting a Mortgage? I can email you the spreadsheet if you want I can't figure out how to attach it.
Post: How much for repairs and vacancies
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
I normally set aside a percentage of rents for Cap ex and vacancy, how much depends on what condition the property is in. Also depends what kind of property we are talking about. My multi family's I use a little higher vacancy rate. With that being said I have never taken money out of the vacancy account for vacancy as I almost have enough money in it to run all my rentals for a month. I like @Joe Villeneuve s answer the loc is a good idea.
Post: WHAT IS A DEAL TO YOU?
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @David Roberts:
Here is my fear...im a small fish. There are investors all over Michigan and I would imagine everywhere else.
How am I going to get in on a deal before everybody else? If there really is a good deal, how is every other investor going to miss it and not me?
Honestly right now in my area you can find great deals on the mls. I can buy a house for 25,000 in a good area that hardly needs anything to make it rent ready with 5000 down cash flow of 100 to 200 a month. The return on that investment is not to shabby.
Post: WHAT IS A DEAL TO YOU?
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @Taylor McClung:
@Joe Villeneuve and @KYLE Z. , I am so envious of the price for your properties and cashflow. I know they say you can find a good deal anywhere if you look hard enough and know the right people. I live in the Sacramento area where you can't find ANYTHING as cheap as you two are talking about.
Also, would either of you be willing to share your analysis spreadsheets or point me in the direction on BP where you've picked up some? Thanks!
Sure send me a pm with your email and ill send it to you
Post: WHAT IS A DEAL TO YOU?
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @Joe Villeneuve:
Originally posted by @KYLE Z.:
Originally posted by @Joe Villeneuve:
I find that the 70% rule, and other rules like it are dangerous.
Newbies shouldn't use it because it hides both the problems with the deal that would make the deal worse, and the pluses that the 70% rule would reject. I prefer to use actual numbers...as all investors should.
Joe Villeneuve
REcapSystem
A2REIC
I agree with Joe. As a buy and hold guy I built a spreadsheet that does all the math for me of the actual numbers so I can evaluate a deal in minutes. That being said around my area if I can get $150 dollars a door in cash flow I consider that a good deal.
Right....except with me, I need at least $300/door for a good deal. That just makes our points though. One general rule, doesn't work since there is no one size fits all for investing criteria,
By the way. I also designed my own analysis spreadsheets (3) to evaluate my deals in seconds. The only way to go.
Joe Villeneuve
REcapSystem
A2REIC
That's great cash flow Joe! 2 different parts of Michigan lol. I most times make over 150 but I am buying nicer houses that don't need rehab for around 20,000 to 25,000 with hardly any money invested so ill take it.
Post: WHAT IS A DEAL TO YOU?
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @Joe Villeneuve:
I find that the 70% rule, and other rules like it are dangerous.
Newbies shouldn't use it because it hides both the problems with the deal that would make the deal worse, and the pluses that the 70% rule would reject. I prefer to use actual numbers...as all investors should.
Joe Villeneuve
REcapSystem
A2REIC
I agree with Joe. As a buy and hold guy I built a spreadsheet that does all the math for me of the actual numbers so I can evaluate a deal in minutes. That being said around my area if I can get $150 dollars a door in cash flow I consider that a good deal.
Post: Refinancing rental property's
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @Steve Babiak:
There goes the reason why. You won't meet the lender's LTV without doing the blanket loan.
Yeah I am getting killed on the interest on my house as well. I really blew it on that one lol
Post: Refinancing rental property's
- Investor
- Ironwood, MI
- Posts 68
- Votes 15
Originally posted by @Kyle J.:
Originally posted by @KYLE Z.:
Originally posted by @Kyle J.:
Call around to other lenders. 15 year & 30 year conventional loans, as well as cash-out refis, are all available for rental properties. Though not with every lender. Different lenders have different rules and guidelines. It can also depend on how many loans you have in your name. How many do you have? From my perspective, 6.5% is too high if you have good credit.
I have 4 rentals and my home my credit is around 800. I live in a small town in the UP of Michigan there are not to many options
Based on this you should be able to find a lender that provides the type of loan you're looking for. I've personally done it before as have many other people here on BP, so it's definitely possible. I know of multiple lenders that do it in my area, but not sure about your area. You'll just have to call around. Keep in mind that it doesn't have to be a lender in your city or even your state. Just one that is licensed to lend in your state. Best of luck to you.
Thanks for your help!