All Forum Posts by: Billy Bell

This is HUUUUGE!!! Thank you so much for taking the time to write this up and provide the NARPM resource. I'm going in blind when it comes to vetting PM's, but this list you provided is incredible. This will be my initial template to grill all of the prospects I find on NARPM.

Thank you, thank you, thank you! Wishing you the best!

@Chuy Gonzalez ahh man, thank you so much. I was thinking the same thing a out all those extra fees!!! I just have no experience to judge all that against!

I will negotiate those out of there or go with another company!

Thank a million times!

Hi All!

So I'm coming up on my closing date for my first ever rental property, and currently looking for property managers. I was referred to this one by a trusted friend that has a couple dozen units in the area. 

I have no idea what terms to expect in a Property Management agreement, what is fair, what should be included and what costs to expect in particular situations.

Would love if I could get some help from experienced investors with a quick look over of the 4-page agreement to see if it seems fair.

Here is a link to the blank document:

https://drive.google.com/file/d/0BwE3tEriFaNmby03NDdPQlVlQm1JN0ROU2QydG0xSFBEUVNv/view?usp=sharing

Thank you so much!

@Zack Karp & @Mark Faustrum Thank you guys! I do not have and Uncle Bob with the funds ready to go, but I am definitely going to have to find one amongst my friends and extended family, because that would be the best case scenario for sure!

Thank you guys so much for your input! 

@John C. Now that would be ideal to just get one loan, instead of paying high hard money interest on the 1st loan, then paying the re-fi costs and praying it appraises where i need it to for the re-fi 6 months down the road.

Thank you for the guidance. I'm going to call around to some local banks! 

Thank you,

Billy Bell

@Sheena R Roth YES!! You are incredible! I remember listening to this one when it came out a while back, and was going to go back to listen to it, but now I have the cliff notes thanks to you!

You're awesome. Thank you, thank you, thank you!!

@Salvatore Lentini thanks for the reply. Yeah what I’m learning from you guys and my research, you’re right. 

I think I will go the hard money route, then rate and term re-fi after the seasoning period.

Thanks again!

Billy Bell

@Bayu Irjanto awesome man! Thank you for chipping in with the local wisdom!

Will your duplex require any repair, so has it been updated recently too?

You're definitely right about leaning too hard on that 120k ARV.

The only reason I’m really optimistic on that number is that i have a copy of the appraisal on a property just a couple doors down that is a perfect comp (recently renovated duplex with 3beds/1bath each side) and it just appraised at 120k.

Even if I don’t appraise for the full 120k, I should be able to get most most of my cash out.

I’ll be hitting you up in the future as i plan to acquire many more over there in your fine city!

Thanks!

Billy Bell

Right on @Matt Hurley,

Thank you so much for your expertise! 

I do have both inspections & financing contingencies built in and we have escrow open. The contract is definitely writen in my favor, so I’m grateful to have that protection.

Also found a private rental lender by quick google search that offers a 3 month seasoning instead of 6, so that might help too! 

This is looking more and more like the right path to take unless someone else in here has some other secret ninja tactics!

Thanks again!

Billy Bell

Hey Tom,

Thank you so much for the quick reply. I like the idea of bringing in a private investor and re-fi out of it in 6 months time. Do you think I could use a delayed financing strategy to shorten that 6-month seasoning period?

Yeah this is a really great deal, it's off market and I was the only one that has eyes on it, so definitely trying to maximize it. 

Thank you,

Billy Bell