All Forum Posts by: Bridgette Delva

@Ebony Brown attend all of the free BP webinars you can fit into your schedule.  In addition to the RD/PD book, I'd read his Cash Flow Quadrant book as well.  That was a great book for us when we were in the beginning stages.

The Book on Rental Property Investing  by Bigger Pockets' own Brandon Turner; I've listened to it twice and refer to it often. I've read many books but this one has been the most practical and real-life applicable to me.

@Teresa Cardin what city in Atlanta?  I would say a 3/2 in most markets would get the job done but I think a 4/2 in the Atlanta market is almost an expectation, depending on the region.  We have a 3/2 ranch with a full basement in DTR Roswell but ranches are highly sought after in that area. 

It's hard to recommend one option over the other without pics but I'd say a stunning master suite will absolutely get you top dollar so if you can pull that off in budget then go for the suite in the back of the house. I don't think sunrooms are a highly sought after feature in north ATL (unlike Florida).  Is it a ranch or 2 story? (sounds like a ranch). 

Sorry I can't be more helpful but pics would definitely help. 

@Daniel Kramer I don't think it's mortgage fraud unless you don't live in it at the time...circumstances change and no one can predict what our future situation holds!  We refinanced in Sept of last year and moved in Jan of this year, new job and a relocation so what can you do.  To that point, I'd say refinance by all means and take advantage of these record low rates!  Your current circumstances qualify you for the refi so what's stopping you?

@Christina Russo I don't have experience as a PM but as a property owner, I can say that I would 100% trust the process of my PM and not expect to be bogged down with hand picking tenants.  That defeats to point and counters the process our PM has in place.  I would totally support a PM firm who told me that they do manage the entire process from soliciting through to securing a tenant and I don't see any reason you shouldn't make this change to your practices unless it's just unheard of in your market.  Go for it, do what's best for your business and maybe figure out a way to ensure your client's requirements are met even through the new hands-off process.

Welcome @David Pelich! Buford and Gainesville should produce some fruitful LTRs, SFRs and MFRs so good luck!

Hi @Alex Pham we use BBH Insurance Agent for our landlord insurance and have used for standard home insurance in the past. I've done market quotes in the past just to make sure they keep our rates competitive and have generally found them to be competitive for our Roswell home.

I haven't gotten any quotes for house hack situations so I'm thinking they can get you a competitive rate.  I'll DM you the info.

Good luck!

@Sergio Velazquez month-to-month might work in your favor in this situation!  I'd give them two options, both with 30 days notice: 1) Notify them that rent will be increasing to $850 and a 12 month lease is required OR 2) if you are okay with them staying month to month, rent will increase to $900 for a month-to-month lease arrangement.

Whatever the number you choose, just make sure that your MTM rent is more than your LT rent option.  These two options are sure to send the tenant running but just be prepared for rebellion, resistance; they may not want to move since I'm sure they know they're underpaying. 

You may have to consider a creative strategy to get them out like a pay to leave situation if they resist: offer to pay for the moving truck or application fee for the next place or even give them the last month for free...anything to get them out and get your unit up to market value so you can maximize your cash flow.

A few points to note before you take action - be sure your area doesn't have any rent controls or laws restricting landlords from raising rent.  Confirm if there is a written lease and ensure you comply with the terms. 

Good luck!

@Greg Gerken Okay thanks for clarifying. Unfortunately bank loans, including the 203k loan would require a specific GC that knows that process BUT private money lenders don't have those strict requirements. One other type of financing to explore is BRRRR lenders but there may be an expectation that you rent it after rehab. In both cases (private or BRRRR-friendly lenders) the expectation would be that you use the loan to rehab the place and refinance into a more traditional home loan to pay back the loans, usually within 12-18 months.

We are using private money (business partners, family, friends and coworkers) plus our own cash to rehab a duplex and then will finance into a more traditional loan to repay the private money and replenish our stash. The terms for our private loans are 12 months.

Have you done the analysis for how much you'd need to buy & reno and what the after reno value would be? 

@Greg Gerken are you saying that you are planning to buy the house cash and then want to get a loan? Or are you looking to get a rehab/construction loan upfront?  I assume the place is uninhabitable without the rehab, correct?