All Forum Posts by: Bridgette Delva

@Meghan J. I've only used Zillow for tenant screening but I can say that Zillow is set up so that the tenant pays the app fee and can pay their deposits, down payments as well, if you want it to be set up that way.  Their fee is $29 and includes a background and credit check.

@Suzette T. as landlords, I know it's hard not to want to solve every problem that the tenants throw our way but unless you have obligated yourself in the lease to install speed bumps, you are not obligated to do it, especially if the other neighbors aren't interested in it.  Maybe as an alternative, let the tenant know that they are welcome to buying those "drive like your kids live here" type of signs.  If it's truly a problem, they'll buy the sign - they're sold in hardware stores and dozens of places online and shouldn't cost more than $25.  Hope this works out for you but it's truly not your problem to solve and by offering them a solution that they can fund, you are covering your bases. Good luck!

@Serena Tillman okay makes sense so then I'd absolutely maximize the rent by adding the finishes that will get you the most rent.  I'll be on the look out for your PM. 

@Serena Tillman as someone who is very much a risk taker, I also know the numbers don't lie.  As many other BPers have mentioned, don't let your emotions lead your deals.  If it's not a good deal now, there's absolutely no guarantee that it will be a good deal later.  In fact, it might be worse later.

If this area is truly up and coming as you mentioned, are you sure you've taken the correct rent figures into consideration? One thing that we've found is that if you may be able to charge more if you put a little more into the finishes and fixtures. 

What if you did it as a fix & flip, would the deal make sense?  Did you use a BP calculator tool?  I'd be happy to take a look at your analysis if you have any doubts about it but adding in a % for PM fee is recommended, but not required when you're self managing.  

@Shannon Beavers do you have any correspondence to support that you hired them to do a specific project? Like email or text messages stating the scope of the job. If so, print them out or send e copies along with a detailed letter explaining your contract-project based relationship with the individual as a response to the letter.

Also, this so called friend would have had to file for unemployment and provide your info even though they know you’re not their FT employer so I’d use the term friend very sparingly in this situation.

We had a situation with another of our businesses where a subcontractor tried to file for UE benefits but the only thing that saved us was the fact that we made them sign a subcontractor contract upon getting hired, this releasing us of liability as a FT employer.

@Jetmir Arifaj my first question is what have you got to lose?? No advertising = no renter. So list it and see what happens, worse case is you take the listing down but if you don't list it, you're guaranteed to not get a renter. We rented our SFR at the rise of the pandemic for top dollar so not everyone is unemployed.

@Justin Robinson-Howe just realized I addressed my original post to someone else, oops! One thing to add that I didn’t realize is that BP allows non pro members a limited number of uses to their calculators so head on over to the tools and test drive it with your current deal!

@Christopher B. Yes! Definitely factor refinance into your financial assumptions. I'm not sure if you've looked into it yet put the BP premium membership gives you access to the BRRRR tool which basically does the calculations for you and shows you net cash flow. You can save analyses and reports.

We’ve found Brandon Turner’s free Wednesday webinars to be helpful and he’ll usually offer a discount code for newbies who want to sign up for a premium membership.

If that doesn't interest you, I'd recommend downloading or buying a hard copy of Brandon's "The Book on Rental Property Investing". This has been our go-to and talks you through how to do many REI analysis calculations manually.

We’ve found both the book and the online tools extremely valuable so I’d encourage to look into them! Good luck!

@Benjamin Papet the primary purpose for BRRRR is to help build your portfolio so the refinancing step is intended to accomplish a couple things: 1) affords you with lowering the cost of debt and 2) most importantly, it provides you with the funds for your next deal, hence the "repeat" step.

There is a delicate balance with how much debt and leverage you should have so that is a personal choice based on your affinity for risk and how much reserve you have.  

Hi Clay, in addition to the comments from our fellow BPers, I'd add that the actual process of going through an inspection is EXTREMELY valuable to a new or inexperienced investor.  By that, I mean you actually walk, crawl and climb alongside the inspector into every crevice and inch of your prospective new property.  You learn so much from doing this - not only about your prospective property but also what to look for in future investments.  1000% recommend an inspection! Good luck!