All Forum Posts by: Cassidy Burns

Thank you everyone for the great advice.  I am going to report back following research on which platform I decided to go with!

Hi BP,

If you have $60,000, what is the best approach in using this money?  Purchasing 1 rental property for cash in full?  OR using the 60k to put down multiple down payments on rental properties?  Examples and number breakdowns would be greatly appreciated!

Thanks!!

Hi @Wade Williams, @David Light, @Chris V., 

Thank you all for the very helpful responses.  To answer a few questions.  I am trying to respond but the main purpose for getting the platform for only having 1-5 units is because the 2 Duplex units will be out of state.  My mother will be managing them, but I am trying to find the easiest and most efficient way to manage these.  I will be conducting research, as I am probably to thorough sometimes.

Thanks again for the help and any other advice is greatly appreciated.

Hi BP,

I am currently searching for a property management platform.  I currently only own 1 rental property but hoping to close on 2 Duplex's before the end of 2016.  I want to have all the systems in place before I begin to expand.  Good idea to go ahead and get this platform set up?

Also, which do you prefer: Buildium? Appfolio?

Thanks in advance!

Thanks @Chris T.

Hey BP,

Just wanted to share my first bump in the road as a landlord and how I handled the situation.  I received this email Friday evening.

"Finally, we bought a house!! Randomly, we saw a place online Friday afternoon, had our agent get us in Friday night, and put in an offer Monday. We heard last night we were the successful bidder. We've requested (and the seller is okay with) a 60-day close. So our closing date is set for December 9. I know we have a six month lease with you and we are very honest people. So a couple questions:

1) Would you be interested in moving in sooner (assuming you still plan to move in here)? Our thinking is we would pay through December (assuming you're okay with this) and move the week before or the week after Christmas.

2) Our agent has another family similar to ours (dual income parents with two young kids who are selling their place) that need temporary housing while they stage/sell their place in Tacoma Park and buy a new place. They would be willing to take over our lease but would potentially need it longer than thru Feb. Like us, their timing is dependent on selling their place and buying another. I realize uncertainty of timing isn't ideal."

These tenants are great people.  They have treated my place better than I would.  This is how I responded.

"-First off, I appreciate you giving me sufficient notice for your move out, and for sourcing a prospective replacement. Unfortunately, moving into the unit by February isn't going to occur for me. I am inclined to select option two under the following condition:

1. You will pay through the month of December, and I will also keep the security deposit for breaking the lease early.
2. I will need to connect with your agent and the potential tenants in order to interview them, and also to communicate with them that they will need to also sign a 6 month lease under the same conditions so I can renew in the summer months.

You and Casey have been great first tenants and I am grateful for your honesty, because that's not always easy to come by. "

Feedback?  Thanks BP

Hi BP,

Can someone please help clarify the difference between a HELOC and a Home Equity Loan?

Shamelessly my mother is going to be my first partner, as she wants to get into real estate investing as well. She owns her house free and clear (i'm guessing worth around $75,000), BUT had to take a home equity loan of $12,000 four years ago. She currently owes $6,500. How do we go about getting this LOC out? Can she even do this while the loan still has a balance?

Thanks in advance for any help!

Hi @John Hannula, great to have you.  I also am a real estate agent and investor in Washington DC/Bethesda area, looking forward to connecting.

Talk soon,

Hi BP,

I have been on bigger pockets for around 3 months now, and the knowledge I have gained has been priceless.  This website has not only increased my interest and drive to invest in more properties, but also has made me a better real estate agent.  I am able to comprehend and explain concepts to clients that many agents can not due to having access to the unlimited information on Bigger Pockets.  Thanks again Bigger Pockets.

To many deals in the future.

Cassidy Burns