All Forum Posts by: Scott Skinger

@Todd Dexheimer @Michael Le Your feedback is greatly appreciated! I appreciate both of you and all of the helpful information that you dish out on BP.

@Todd Dexheimer and/or @Michael Le just curious, but what might a bridge loan scenario look like? For example, let's say that you have a building that qualifies for a Fannie/Freddie except for occupancy. Bridge loan from a community bank? Private lender? After you have the property at 90%+ occupancy for 3 months, is the Freddie/Fannie process the same? Looking at closing on the refinance in 60ish days?

I'm really curious how this process works (or the pitfalls) if you buy a building with a bridge loan or you pay all cash with the ultimate plan being to refinance into agency debt.

@Matt R. Very interesting chart...simple but very telling. Thanks for sharing.

It's a tight market. I've run numbers on buildings in Chicago that I need to pay $2MM or less for to make sense and they are selling for $2.5MM. Combination of reasons IMO:

-some people not knowing what they're doing and wanting to buy something

-some people knowing more than I do and seeing upside potential that I don't 

-some people's investment strategy is based on future cash flow and appreciation, they are ok with the building not cash flowing for the immediate future

Be patient and buy right. Don't lower your standards just because it seems like everybody else is.

I'm not in the area but it would be generally helpful to give a few more details. What is the closest major market or sub-market? How old is the property? General condition of the property? How's the neighborhood?

I think I read it in the BP Landlording book or from Jake & Gino but the idea is to be very regimented and have a clear system in place. For example, you might do something like the following:

-rent is due on the 1st with a 5 day grace period

-on the 6th it is considered late, $50 late fee, every day it is late after is $10 per day

-payments only accepted for rent + all late fees, online systems can be configured this way. Or all payments are applied to late fees first and then towards rent

-on the 10th a notice to evict is sent.

No emotions, this is business and the way the system works. Paying rent first before other bills becomes a top priority for the tenants then.

+1 on Michael Blank's tool. Check out this thread for more details, https://www.biggerpockets.com/forums/432/topics/53...

"Who do you know that I need to reach out to in other states??" There are 49 other states and lots of RE pros in each of them...narrow it down for us a little bit. ;)

@Gino Barbaro Thank you. I haven't got to the laundry podcast yet...listened to a few today, all the way back to your early days in 2015!

Expanding on these ideas

9. Pet deposit/fee and monthly pet rent

10. Covered parking

11. Reserved/Preferred parking (stencil numbers on pavement)

12. Enforce strict late fees

13. Charge more for preferred locations/configurations/larger sizes

14. Charge by the student/room instead of unit (i.e. $500/room instead of $1200 for 3 BR unit)

My gut says that you could probably squeeze a little more revenue out doing it yourself, but at what cost and how much effort? I would go with the service. I've heard @Gino Barbaro mention using a laundry service in their buildings on his podcast a few times and he can probably elaborate with more details.