All Forum Posts by: Courtney Robinson

Investment Info:

Single-family residence fix & flip investment in New Albany.

Purchase price: $69,000
Cash invested: $40,000
Sale price: $139,900

Tri level home purchased off the MLS.

Investment Info:

Single-family residence fix & flip investment in New Albany.

Purchase price: $69,000
Cash invested: $40,000
Sale price: $139,900

@Clay Smith thank you. So far your company is the only one who has been able to answer questions and send me documents. Can’t get a call back from one, and have talked to another but still haven’t received documents.

Hello everyone. I have a property that I just finished up rehab. I need to know who you use for property management. I have talked to 3 different ones, but I want to know who you use. 

Also, I wanted to know if it is standard to charge a leasing fee and renewal fee, on top of the monthly percentage and the half of the first month’s rent. This is the first and only rental property I currently own.

Thank you  @Andrew Postell

Who do you successful landlords in Louisville, KY use for property management? One that I’ve called doesn’t even call me back, and another I’ve seen suggested on here charges the standard 10 percent, 50 percent of first months rent plus all kinds of additional fees. This property is almost done and I need to find someone good!

I have nearly completed renovations on a property in Shawnee, Louisville, KY. I have spoken to Vista, Gant Hill, and LREI.  Vista seems to have the lowest management fee and turnover fee, but I still haven’t received their management agreement and a copy of their lease. I would like to hear who fellow investors have had a great experience with. 

Investment Info:

Single-family residence fix & flip investment in Sellersburg.

Purchase price: $40,128
Cash invested: $93,000
Sale price: $105,000

My second deal.

I'm about two hours into the behemoth BRRRR book. I have a question when pulling money out of the home and the one percent rule.

I understand that the home should rent for one percent of the total cash invested. Got that part.

The part I don’t understand is how much cash should I try to pull out? Say a home is worth $100,000, I cash out refinance to get 75,000 back. The home rents for $850 (market rate). With the taxes at $1700 per year and the insurance at $1100 per year included in my payment at 5.75 interest (the going rate with local community banks), my monthly payment is $682. That leaves me little money for property management and repairs.

Do I need to be looking in higher rent areas? I have yet to analyze a deal that would provide a good cash flow over $100-200 a month per unit doing the BRRRR method. I know people are BRRRRing in my area, I just feel like I'm missing something.

Thanks Derek. When I dug further, I found that taxes and insurance were part of the “50 percent expenses”’column, not the mortgage. It should cash flow based on the current mortgage payment. I was including them as part of my mortgage payment. I’m continuing to move forward with the deal, as long as appraisal works out.