All Forum Posts by: Craig Cotton

Hi, we are in the market for a new property management software. Preferably free but open to reasonable fees. We have a small portfolios of 4 single family properties but working to grow our business. Currently using Apartments.com.

Any suggestions for a property management platform? Here are our must haves or wish list for a new platform;

Free or low fees, user friendly, has a mobile app, can create website, and the basics (submit work order to handle/report issues, tenant screening, collect rent, etc.)

Any advice would be great.

Thanks

KCR

Hi, I posted this in a different forum but thought why not here also. My fiancé and I are fairly new to investing. I currently own 3 rental properties, 1 in Charlotte NC and 2 in Atlanta Ga where we live. All conventional loans. My fiancé owns the home we live in and it also has some good equity after 1 yr. Also a conventional loan. We are very selective in where we buy, whether to live or invest, in hopes to increase our rental income and/or increase our equity. 2 of my homes, one in Charlotte and the other in Atlanta, has approx 120k worth of equity. My fiancé home has approx 45k in equity. So in total we have 160+ in equity between 3 properties. We are now wanting to buy another property to possibly flip but we need a way to come up with the down payment as our cash is currently tied up in our current real estate portfolio. We just established our LLC partnership and would love to purchase under the LLC but not sure how that works using equity from our personal investments. Knowing that you when you take out a equity line and use the money, its basically a loan that you now have monthly payments to pay back. This adds to our monthly debts until we get renters or flip and sale the property so we have to cover this loan along with the mortgage. How does one use equity in your properties for down payment considering you have to pay back the loan or equity line when used? Does 100% financing exist? What about construction loans? I know there are many creative ways to use equity but we are not sure how it works. Especially if we want to buy under the LLC. We are even willing to buy in finance name, with me as a co-borrower, if that makes more sense being that she only has 1 property in her name but agin there is the down payment hurdle. We both have good jobs with good income and great credit but we are trying to figure out this down payment issue by using what we got to get what we want which is another investment property located in Charlotte.

Any advice, direction, referrals, etc would be very helpful as we learn this process and would like to move pretty fast on the purchase. Even open to hard money lending but again bonito familiar with that process and would rather try with what we have on our own first before going the hard money route.

Please advise....

Thanks

CC w/KCR

Hi, my fiancé and I are fairly new to investing. I currently own 3 rental properties, 1 in Charlotte NC and 2 in Atlanta Ga where we live. All conventional loans. My fiancé owns the home we live in and it also has some good equity after 1 yr. Also a conventional loan. We are very selective in where we buy, whether to live or invest, in hopes to increase our rental income and/or increase our equity. 2 of my homes, one in Charlotte and the other in Atlanta, has approx 120k worth of equity. My fiancé home has approx 45k in equity. So in total we have 160+ in equity between 3 properties. We are now wanting to buy another property to possibly flip but we need a way to come up with the down payment as our cash is currently tied up in our current real estate portfolio. We just established our LLC partnership and would love to purchase under the LLC but not sure how that works using equity from our personal investments. Knowing that you when you take out a equity line and use the money, its basically a loan that you now have monthly payments to pay back. This adds to our monthly debts until we get renters or flip and sale the property so we have to cover this loan along with the mortgage. How does one use equity in your properties for down payment considering you have to pay back the loan or equity line when used? Does 100% financing exist? What about construction loans? I know there are many creative ways to use equity but we are not sure how it works. Especially if we want to buy under the LLC. We are even willing to buy in finance name, with me as a co-borrower, if that makes more sense being that she only has 1 property in her name but agin there is the down payment hurdle. We both have good jobs with good income and great credit but we are trying to figure out this down payment issue by using what we got to get what we want which is another investment property located in Charlotte.

Any advice, direction, referrals, etc would be very helpful as we learn this process and would like to move pretty fast on the purchase. Even open to hard money lending but again bonito familiar with that process and would rather try with what we have on our own first before going the hard money route. 

Please advise.... 

Thanks

KCR

Normal long term rental.

Hi, does anyone know of a good smart lock that I can remote access from a different state (GA to NC) once installed? One with the ability to have a master code, create codes for potential tenants to view the property, and then allow a tenant to create their own code once they sign a lease? Also, once installed, should I include power and wifi in the rent to ensure the locks are always operational in case I need to change locks remotely?

Any suggestions would be great.

Thanks

CC