Rental and Cashflow Property - Management, Strategies and More

Iam thinking of making and offer on a 4plex the owner is 90 minutes away and wants out, it has new windows and carpet.Its full of renters, rents are $495 per month, taxes are around 3k per year, insurance around 2k per year and monthly snow and mowing per year 600 and he was asking 90k and said he was firm , now he saids write him and offer.The comps come in at low-110,519 medium 116,336 high 122,153 would like your thoughts/Jim

Property Details.
Asking Price $ 35,000
Market Value Estimates
My Market Value Estimate $ 40,000
Eppraisal $ 40,797
Average Value $ 40,398
Expense Estimates
Rehab Costs 5% $ 2,020
Closing Costs 10% $ 4,040
Holding Costs 0% $ 0
Unexpected Costs 2% $ 808
Misc. Costs 3% $ 1,212
Acquisition Costs 3% $ 1,212
Total Expenses 23% $ 9,292
Final Numbers
Maximum Purchase Price $ 26,107
Total Expenses $ 9,292
Total Investment $ 35,398
Investment-to-Value Ratio 87.6%
Profit $ 5,000
Return On Investment 14.1
Here is a break down of the proerty Im looking at. Eappraisal says max purchase price should be $26,107. When you are buying a

Hey FG Family I recently found a great resource to find college students for tenants but always assist one tenant to look over things for you pay him a couple of dollars anyway its
Freecollegeclassifieds dot com

They are in every state and you can list your properties for rent on there for free.
I have had some success with it.

does all the payments made by tenant buyer go toward the final balance when he decides to take the option and buy the property? if not how do i get a paydown to get them financed? any advice at all will help..thanks Brian Dixon

With a lot of current news about improving conditions in the housing markets, many would assume that there are a great many renters moving back into the buying mode. However, that could be a mistake, as that really isn’t happening. There’s a shift in demographic trends that is influencing this situation and will likely favor the rental apartment market for the foreseeable future. While the article at nbcnews.com focuses on rental apartments, we can assume that the right smaller homes, and especially townhomes and condos could benefit as rentals as well.

I am pushing forth with efforts to buy 5 BR (11 rooms) house which is currently part residence/part lawyer office with plans to convert it to a boarding house having 12-20 tenants. I have all my operating expense figured out except for insuring the house (damage, personal litigation, etc).

I have called around to 3-4 national companies, but they say they don't do those type policies.

Do you want to get your rental units returned in good order with little or no work required on your part? This will help your bottom line and help keep more dollars in your pocket.

Before your tenant moves in you should give them a checklist and write down everything they see that is wrong or damaged in the rental unit. After returning the list to you put it in their file. Use it when you walk thru with them as they move out. If you find problems with them as they are moving out then give them an opportunity to do the repair (provided it does not interfere with your move in of the next tenant.

Do you own rental properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.

I am looking for a good property management company in Pontiac MI. Does anyone have any leads/referral to one. Thanks

Through the years I have been a landlord, I have had the opportunity to talk to other landlords. I have come to understand that a couple of things good landlords do is maintain their property and move quickly when they have a bad renter. Often times those that are rough on a property also do not pay on time on a regular basis. This does not apply to good people who are struggling and that you can work with.

Often times a new landlord gets nervous and will not complete the eviction process. I have even heard of people paying a tenant, who has damaged a property or who has not paid, to leave.