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All Forum Posts by: Amy Kendall

Amy Kendall has started 26 posts and replied 386 times.

Post: Out of state investing. CA resident.

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

I found my deal in Arizona through word of mouth from another realtor who knew a builder down there that was trying to sell two duplexes he is building.  My deal in Florida is a new fourplex being built that I found out about through Norada real estate.

Post: Another ESA/service animal question

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

You can't do that for someone with a service animal, unless you do it for every other tenant you have.  I have seen people put in their lease that part of their deposit will be non-refundable and will go towards carpet cleaning, etc at move out.  This would have to be in all of your leases so you aren't treating tenants with service animals any different than other tenants. 

Post: What are you options if you can’t get a loan?

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

A seller financing deal would be a great one or maybe bring in a partner

Post: Out of state investing. CA resident.

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

My husband and I are just about to close on our first out of state property in Arizona and we are under contract on a fourplex in Florida as well.  I would say to invest wherever you are comfortable with the numbers, and where you can find a team that will help you out.  I found comfort in calling property management companies in the areas I was considering to verify the rents were realistic and the area was good.  They were very helpful and have a lot of information to share.  A good realtor can be a great help as well.  For example, I often take walk through videos for clients of potential long distance investments, and even help them place tenants.  A realtor could also help answer your questions about property taxes as well.  For reference, I looked at a duplex in Houston and the taxes were $5689.42/year.  The tax rate was 2.53%.  Good luck!

Post: Minimum credit score question

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

Not always about the score per se, What does the credit score say?  is it 600 because they aren't making payments? Or  because they have so much debt? Bankruptcy? Divorce? There are tons of reasons peoples credit can be on the rocks.  I rented to a guy with a 545 credit score, but I did change 2x the deposit and he made 4x the monthly rent. I verified with employer and asked him for paystubs.  I checked references and previous landlord and he checked out everywhere else.  His low credit was due to medical bills for large surgery fo this wife, everything else was ok, they had car payments and credit cards which they paid on each month, but were not high payments. Those tenants were pretty good and when they left got most most of the deposit back, I just had small items to repair when they left. So I would say the big picture makes a big difference. 

@Scott Bowles

Post: First property Purchased!

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

@Account Closed  Congrats on your first purchase!  Way to take the leap with a long distance property.  I hope everything goes smoothly for you!

Post: Learning more on financing

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

@Nick Pisano Welcome to the forums!  I also struggled with the uncertainty of the financing process in the beginning of my real estate investing career.  What helped me the most was just talking with loan officers about what I wanted to do.  I found one in particular that was very patient, and he explained what I had to make and what my rent ratios had to be in order to keep financing more.  It changes as your situation changes, now I have to keep a lot more cash in reserve to meet criteria for loans.  I would just get in touch with a few loan officers and see what they have to say about your situation.  Don't get hung up on reading a bunch of books, because it might not apply to your situation.

Post: Minimum credit score question

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

We always use 600 and above, if it's less than that, I typically charge a bigger deposit ( depending on how far below 600 it could be up to double). 

Post: Newbie from salt lake

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

@Justin Beatty The Utah REIA's next meeting in Jan. 22. The subject is Apartment Buying through Syndication. It is located at the SLCC, Miller Campus. The address is 9750 South 300 West, Sandy. I haven't been in awhile, but when I did go, I really enjoyed it. You should check it out.

Post: Real estate plan for investors

Amy Kendall
Agent
Posted
  • Real Estate Broker
  • Lehi, UT
  • Posts 397
  • Votes 317

@Rogelio Vivero  I think it will depend on the type of investing that you are looking to do.  What kind of properties are you looking to invest in?  Are you looking at flipping houses, long-term rentals, multifamily, apartments?  The plan you write will have to reflect your strategy.  Investors love numbers and details, so create the most detailed plan that you can.  The more detailed the plan, the more confidence investors will be in your success, and the more likely you will be to raise the capital you need.  Good luck!