All Forum Posts by: Tim Czarkowski

That sounds pretty close to what I'm looking for. I'll have to check it out.

I have Dot Loop for managing contracts. It has electronic signatures and all that. I don't really need anything else for contracts. This is basically for showing the investor how I came up with bids, comps, and just general info on the properties coming to auction. These are for the county foreclosure auction so there are no contracts involved, it's more like an expensive eBay auction, lol.

By the way I highly recommend Dot Loop for managing contracts. I'm not sure what they charge for someone independent as it is included along with a marketing program and a contact managing program through my brokerage, Keller Williams.

I took a look at the Yardi website and that looks way out of my league. I probably don't want to know what they charge, lol. Hopefully one day I'll need something like that.

I kind of had that in the back of my mind and it would certainly work. I have Cute PDF that I use to print to PDF. I also used a program called PDF Split and Merge at Keller Williams. Both of them are free from what I remember because we were to cheap to buy Adobe. lol

It would be really nice if I could just drag and drop things into a program and it would combine them. If I average four properties a day with four or more documents that's a lot of printing to pdf and combining to do but I guess it would be worth it to have it all in one place. I could have sworn I read or heard about a program that let you organize all different types of documents. I certainly can't be the only person who could use a program like that.

I just need to pull down a couple deals so I can have an assistant do it and then just review and edit as necessary ;) One day I guess, hopefully sooner rather than latter.

P.S. I also wish I could change "tiypes" to types. lol Why do spellcheckers always skip titles?

I am preparing bids for properties coming to auction and I would like to be able to send one document to my investor with all the pertinent information on the property. For example the web page of the property record from the property appraiser's site, a pdf of the comps, an excel spreadsheet of the bid, pictures etc. Trying to send all of that for multiple properties at a time is way to unwieldy. Is there any software that you have used that would work well for this and is not too complicated? I appreciate the help.

I just thought about it but he has his license so I could just give him a referral of half the commission so that would not be an issue. It seems like an easy fair way to handle it.

Well that sounds like a good way to handle it, at least for me. That is how we have the flipping business set up so I don't see why it wouldn't be fair to handle it basically the same on the holds.

I have someone who I am partnering with on flipping properties. We were easily able to come to an agreement on how to handle that. However my partner also wants to hold some of these properties long term. He would be putting up all the cash and I'll be locating the properties and managing the rehab. Neither of us had an idea on how I should be compensated for managing the rehab.

The property we are currently looking at is a 6 unit apartment building that will need somewhere around $100,000 in repairs, so not a small job. I will obviously get my commission on the buy side and then after the rehab I will be managing the property and we have come to an agreement on that. Should I get a percentage of the rehab cost? If so what would be a fair number? Personally I was thinking about it and I think I would prefer a small ownership position. That way he wouldn't have to pay anything out of pocket and I would get a little cash flow and a portion of the upside if/when it was sold. It would be a small enough ownership that he would still be free to do what he likes with the property. What would be a fair amount? It would hopefully be the first of several. I expect the rehab to cost $100,000 and the ARV to be around $360,000.

Any ideas will be much appreciated.

Colby Miles I'm not sure if you know or not but anything over 4 units requires a commercial loan. This generally means a higher rate, a shorter term,a larger down payment, and often a balloon payment. You should consider that in 5 or 7 years when you are forced to refinance rates will likely be higher and possibly much higher than today. Buying long term assets with short term debt can be dangerous.

Norm M. I made a decision similar to yours a couple years back. I bought a home 3/2 2000 sq ft home that also has three 1/1 apartments, two in the basement and one on the side. I think it was a great deal as my entire mortgage payment is made on a much nicer home than I would have ever bought.

However the big difference I see is that you plan to move out after a year or two. This place is nice enough that I plan to stay for a decade or two. I understand your need for a good school system but down here it's has to be private school anywhere as far as I am concerned. If I did not plan to live here for so long I would not have bought this place. I get much better returns on my other rentals but I wouldn't live in any of them. If I was moved out and rented the main home I would cash flow but not like I should.

I recommend that if you do go forward that you at least manage it for a little while. You get experience and being that it sounds like a good area you might find that it's no big deal. My tenants bring my rent to my door at the beginning of the month and that's about all the contact I have with them for the most part.

All in all I love the setup, I have no mortgage and have only utilities to pay. Which gives me peace of mind, freedom, and the ability to save large portions of my income.

I'll throw my vote in for Florida. There is plenty of hotels and convention centers in any major city here. It's always nice and warm. Lastly I could drive there lol. I'd love to make it if I could. Are the majority of BP members from the west coast?