Any one own rental property?

quiktoflip

quiktoflip

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Sep 25, 2000
Something I was interested in. Thinking about buying out of state. Im in NY.

Looking for any experiences positive or negative dealing with tenants or management companies.
 
My dad owns 5 apartment buildings. It has it's up's and downs, tenants we have are nice people they've been with us for over 6 years. Just gotta watch out for the city inspectors, theyll be on you like white on rice.
 
I own 2 rental properties (Both in state) and my father got me in the game owns a 6 unit in BK and a 3 unit in queens. Feel free to ask any questions. I found out most of my information online instead of from my dad but he helps me from time to time. Good post.
 
My dad has some. Been doing it since the 90s on the side. If you get good residents, its pretty smooth. Had bad residents before too that ran off when they couldn't pay the rent. Main thing to look at when buying is location.
 
Perfect time to get one right now with all the short sales/foreclosures.

Location location location though.

I am trying to get one now but it's tough competing with all these Chinese investors whom are basically buying up all the short sale properties with cash! My cousin got one last month and already found a tenant. The rent basically pays for the mortgage, property manager and taxes. Plus with rentals you can take a good chunk off your personal tax liability. Most likely than not the depreciation expense on the property by itself should negate the rental income and cause a net loss which reduces your taxable income!
 
Just took a real estate finance class and learned all of the essentials: pro formas, IRR, NPV. I'm interested as well.
 
I have found some good info online as well. Thats what really peeked my interest.
6 and 3 unit dwellings seem so far away for me LOL.

I was thinking of starting small. Like a condo in florida as a vacation rental. Some one on NT has 1 or 2 I think I remember
reading awhile back. Cant really recall who that was though.

UYBornagain--Do you take care of the maintenance yourself most of the time?
For me that is my biggest concern next to a bad tenant.
 
12 single family homes.
headaches b/c they are on a 15 yr note, but when i am 40 they will be paid off and will get very nice cash flow
just check their rental/criminal history using ntnonline and good to go
there is a 60 yr old guy i know has 400 rent houses all paid off
sick.gif
 
Originally Posted by DtotheD

12 single family homes.
headaches b/c they are on a 15 yr note, but when i am 40 they will be paid off and will get very nice cash flow
just check their rental/criminal history using ntnonline and good to go
there is a 60 yr old guy i know has 400 rent houses all paid off
sick.gif
Click to expand...


   ...a 15 year note is a good idea though...

What state you in?

Dirty..I hear you. but NYC real estate is too expensive. Doesnt have to be out of state but either way upstate NY is still a 6 hour
drive.
That is why I was curious about a property management company.
Its ridiculous what you can get for 150k in some states.
 
If you've never done it before, don't do it out of state until you get some experience.  There are just some things you'll learn about dealing with tenants that you won't get from reading from a book or whatever.  



Heck, finding a good management company is tough.  Finding good contractors is tough.  All that takes legwork.  
 
Dealing with tenants in an apartment can be a huge nightmare. If u go house, stay in state IMO. I changed my 2 story house into a duplex and I rent out the first story, working great!
 
Originally Posted by DtotheD

12 single family homes.
headaches b/c they are on a 15 yr note, but when i am 40 they will be paid off and will get very nice cash flow
just check their rental/criminal history using ntnonline and good to go
there is a 60 yr old guy i know has 400 rent houses all paid off
sick.gif
Click to expand...
speaking my language!
location location location-check

and verified tenants-check

I was trying to acquire my first in the coming year or so...

Any tips in preparation for going in for the loan?  I'll be pretty good as far as cash is concerned...don't have much if any in the way of credit it's not bad just absent...should I do anything to boost my credit? I have steady income from a steady company...I know I can go in and walk away with a secured loan but that doesn't help and only costs me money

help is appreciated
 
Originally Posted by quiktoflip

Originally Posted by DtotheD

12 single family homes.
headaches b/c they are on a 15 yr note, but when i am 40 they will be paid off and will get very nice cash flow
just check their rental/criminal history using ntnonline and good to go
there is a 60 yr old guy i know has 400 rent houses all paid off
sick.gif
Click to expand...


   ...a 15 year note is a good idea though...

What state you in?

Dirty..I hear you. but NYC real estate is too expensive. Doesnt have to be out of state but either way upstate NY is still a 6 hour
drive.
That is why I was curious about a property management company.
Its ridiculous what you can get for 150k in some states.
Click to expand...
you can also look into NJ.
friend of mine has several properties in Trenton.
 
Originally Posted by r33p04s

Originally Posted by DtotheD

12 single family homes.
headaches b/c they are on a 15 yr note, but when i am 40 they will be paid off and will get very nice cash flow
just check their rental/criminal history using ntnonline and good to go
there is a 60 yr old guy i know has 400 rent houses all paid off
sick.gif
Click to expand...
speaking my language!
location location location-check

and verified tenants-check

I was trying to acquire my first in the coming year or so...

Any tips in preparation for going in for the loan?  I'll be pretty good as far as cash is concerned...don't have much if any in the way of credit it's not bad just absent...should I do anything to boost my credit? I have steady income from a steady company...I know I can go in and walk away with a secured loan but that doesn't help and only costs me money

help is appreciated
Click to expand...
for investors who have not much capital i would suggest hard money or private money lenders then rolling it into a conventional note.
lenders around here will facilitate a double close deal.  providing money up front for purchase, rehab, and closing costs.  they will lend up to 70-75% after repaired value(arv).  there are many people i have done deals with that come out of pocket only 3-5k and still cash flow 300+ a month.
just google private or hard money lender in your area
 
duplex. Tenant pays for my mortgage and bills. Been thinking about buying another house but I like living for free and I'm not married yet so when I do get married, I'll test the waters then.

The biggest thing is screening. Get a good tenant and keep them for years.
 
2 commercial buildings (Inheritance)
Working on 3 flips this year. (All cash)
Saving to acquire/payoff 10 rentals by the time I'm 30 (24 now)

Great Uncle has 300 homes in Arizona (Inspiration
pimp.gif
)

It can be done. Find a great tenant and hold on to em'. Use accumulated income to update property every so often. (Keeps tenants happy) EX: Last thing done to the commercial buildings was new A/C units. Was able to squeeze $50 more in rent when lease re-newal came around no problem.

Investing is fun. Do your research ($$ Study all the time) and DO WORK.
 
I have a 3 homes and my vacation condo in Florida that I rent out in the winter to snow birds. My neighbor in fl is a retired contractor and he handles anything that pops up down there. My place is in a nice area, the 3-4 months I rent it out pays my dues and most of the mortgage for the year. My dues are stupid expensive, about 800 a month. But renting it makes all my vacations pretty much free. My places in Indiana are all in high demand areas and keeping them rented is easy. 2 of the houses I lived in and worked on before I rented them out. Bought them in real rough shape and did all the rehab myself. Living in them while you're working on them sucks for a little bit but you aren't paying an extra mortgage during the rehab and you can work on it at your own pace.

As far as how much you make, really depends on how much you have in them. 2 of the properties pay 160% of the monthly mortgage and one is paying 130%. I put the entire rent towards the mortgage, my wife and I both have full time jobs that pay well so if an issue pops up it doesn't hurt us to pay for the repairs out of pocket. I wouldn't recommend doing it that way if your income can't easily pay for problems that arise.
 
Earlier I found myself reading about real estate development, now I come across this thread.. I'm going to read into this a bit more.. My mom has a load of money she's trying to find use for 
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my brother bought a investment property in rego park 3 fam for 210k back in 97 did minor work to it and took a 15 year loan on it. ended up selling it for 950k damn bastard 
 
inspiring 
pimp.gif

i assume you use your credit to buy the first crib, rent...bank sees that going well keep going?

also whats to the rent to profit ratio? like the rent is 1000-2000, how much are some of yall mortgages?
 
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