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All Forum Posts by: Britt Smith

Britt Smith has started 16 posts and replied 29 times.

@Ray Hage  I'm in Florida but the project is in Michigan. 

Thanks Ray, I appreciate your insight. Do you ask your contractors to provide a copy of material receipts? 

i recently bought my first out of state property which needs a major rehab. I've narrowed my GC + crew down to 2 options. 

If you are an out of state investor, what are some lessons learned and advice you can share? Did you hire a GC or Property Management company to oversee the rehab? Did you hire a Runner? 

Much appreciated! 

@Robin Simon can you elaborate on 'good lender'? Who do you have in mind? 

Guys, I've been hearing/reading people are having trouble financing their short-term/airbnb rentals because the banks will not use the income due to inconsistency. Now maybe I am oversimplifying this but IF and ONLY IF you own the home in your legal name, couldn't your LLC simply lease the home from you? Now obviously you'd need to be able to show payments from the LLC to you but this is totally doable..right? Am I missing something here?

Working with a seller on seller financing options. What type of balloon or prepayment terms are you most comfortable?

I've seen some STR for sale and am wondering, if it is cash-flowing why would someone want to sell it?

Depending on where you're at, the local government office can be easy or a challenge to work with.. especially when it comes to inspections. The process to get signed up can be lengthy but onces you're approved as a section 8 landlord it gets a little easier. Section 8 has standards to ensure the tenants are living in a home that is up to code. 

For tenants, generally it takes a long time to get approved so tenants usually work hard to keep their end of the bargain. Most tenants stay for a very long time as well because it is hard to find good homes with good landlords. As long as you're under contract and the home is up to code, you can almost guarantee you'll get paid. When vetting tenants, you want to select those who are working and not 100% reliable on government assistance. They also need to have skin on the game and this is where you find the good tenants. 

Post: What's up with Michigan...

Britt SmithPosted
  • Posts 30
  • Votes 8

I've been reading that certain cities/suburbs of Michigan are growing. 

What is your take? 

Post: Why buy if I can build?

Britt SmithPosted
  • Posts 30
  • Votes 8

Thanks! You guys are awesome!