All Forum Posts by: Ben Volkman

@Sean Carroll I like the excel sheet idea very much.  Do you have any suggestions for finding a good format to get the excel sheet started?

@JR M. I did get a referral for 1 in Houston but haven't called them.  I'm currently in a holding pattern on obtaining a property but once I have something serious I'll give them a call.  Do you have one in the area that you recommend??

Thanks everyone for your input, I will look into both quickbooks/quicken and excel files for what that would potentially look like. My REI is still in its infancy and I hadn't thought about the mechanics of bank accounts prior.

@David Barnett That totally makes sense. Is there a max amount that you cap the savings at? I'm thinking about a property that has had recent major cap ex repairs, self managed, no HOA. If that savings account builds up to 15-20k over many years, do you eventually stop putting money in until another expense hits and then build it back up.

That may be an unrealistic question since PM, utilities, HOA's are monthly occurrences but curious if you have ever run into that.

@James Triano that makes sense, thank you.  What would the other account be, expenses and....income?

When looking at expenses related to a property (vacancy, HOA, utilities, PM, repairs etc), how is that set up within a bank account?

Do you lump them into one account and then dip into it when a vacancy or other expense comes up or create separate accounts for each expense?  The latter seems excessive but at the same time very helpful for tracking details of expenses.   

@Tom Cooper I did speak with several HML in Houston about this and your strategy would have worked great. The deal has passed but I learned a ton. I actually found PML's to combine for the total which worked out great. I never knew I had the contacts to find 120k cash in 24 hours! Thanks for your input

@Mike Reynolds Thanks for your effort!  It is super short notice.  This is my first deal and it came up 2 days ago so its been a whirlwind to say the least.  Learning A TON though about the process!!

In need of a general contractor/estimator/inspector to walk a house with my realtor tonight at 530pm central in Houston, Texas.  This is very informal, no detailed report needed. Just walk and look, call me with details.  Bid due after walk through.  I am out of state in Alaska (3 hours behind).  Please contact me ASAP to arrange details.

Currently attempting to get 4 family members to helps us purchase a house.  4 people, each contributing 30k.  120k cash sale, we will then rehab and cash out refi in 6 months.  This would be a loan with interest paid back in 6 months.

How do they transfer me the money?  Are there any legal issues I may run in to or issues with a cash out refi in 6 months?

Thank you in advance!