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All Forum Posts by: Brad L.

Brad L. has started 3 posts and replied 177 times.

Post: Cozy.Co Problem .. Potential Major Flaw in their system

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186
In Cozy’s defense, and I don’t even utilize their services, this could happen on any payment platform as the reversal wasn’t done by the platform itself but by the tenants financial institution. Just takes a shady tenant.

Post: What should I know about Fannie??

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

It means they'll only accept offers from owner-occupants for the first 15 (I think) days.

Post: Should I sell townhome and pocket $125,000 or keep and rent out?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

At a quick glance without any detailed numbers, it looks like you should probably cash flow if you kept the property. If I were you, I'd sit on the property and collect the cash flow for 2 years, then reevaluate. Obviously there would be risk involved, as a lot of things can happen in 2 years. However, I'd argue that there is no more risk in holding than there is in pursuing hard money and ending up not being able to refi out.

I'm sure there are those that would say sell and pursue private money or hard money, but if monthly cash flow is $300 or more I'd wait it out.

Post: Acquiring a Primary residence through a 1031

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186
“Must be like properties with business/investment intent.” You answered your own question

Post: first brrrr project. should i walk away?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

I would never run renovation numbers at the best-case scenario from an agent. They know the market, but do you know if they can even swing a hammer? Let alone accurately quote a renovation

Post: Is it okay to scale with your own savings?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

The main thing you should do at this point is calculate the Cash on Cash Return on each property to ensure your money wouldn't be better utilized elsewhere

Post: Multiple Evictions. Time to sell?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186
Originally posted by @Max McNally:

@Brad L. I have another property in Dayton with really good tenants, and great cash flow. My management has done a great job in the past of finding me good tenants. I guess I'm just freaking out a bit about the expense of the remodeling. 

Totally understandable. It all comes down to your comfort level. You say the rehab would take a substantial amount of your savings...does that mean 40%? 90%? If you don't have the reserves left over in case of emergency, then it's definitely not worth holding on to as a major capex or a couple more evictions would easily sink you. If it just means you have to tighten your budget and live a little uncomfortably, I'd stick with it.

Post: Multiple Evictions. Time to sell?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

In my opinion, this is where you really start making money on the property. Yes, you need to rehab the units, but now you get to choose your own tenants (and potentially raise rent?) and increase the property's value. If you have the funds for the rehabs, I think your current misfortune is actually good in the grand scheme of things.

This is only based on the details provided, which doesn't include the class of property/tenant pool.

Post: How should I text message a home owner about buying? Any ideas ?

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186

Unsolicited text messages about buying a house in cash just sounds like a scam and anyone receiving that message will likely delete without giving it a thought. Just my opinion.

Post: Bookkeeping do it yourself or hire

Brad L.Posted
  • Rental Property Investor
  • Manitowoc, WI
  • Posts 178
  • Votes 186
Those of you using Quickbooks, which version are you using? Quickbooks live chat was not helpful. I just need to know if all versions allow for multiple properties to be managed individually, or if some versions only allow everything to be managed as one account. Obviously the only point for me would be to track expenses and income for each property separately as some have their own entities.