All Forum Posts by: Dana Hendrix

Thank you! This was very helpful!!! 

I am current searching for my first set of tenants for my second rental property. My first property is currently rented out my best friend so I didn't have to go through the actual process of finding a tenant. I have put my listing on Zillow, Truila, Apartments.com, & Facebook Marketplace. My listing has been out for about 48hrs now and have gotten about 60 inquires. For each inquiry I have been responding with a brief message and a PDF of my rental application. I'm just curious if anyone has any best practices for this process. Should I schedule a showing with everyone that inquires and provide them a hard copy (this doesn't seem to be the most efficient method) or should I just send each person my application and screen them first and only set up showing with the people that make it through? 

My wife and I are currently working on closing our first duplex. We have quotes for mortgages on the property for 15 years & 30 years. Since this is our first rental property we need advise on which term length is best. We know that our cash flow will be better with the 30 year, but with the 15 year we will have the mortgage paid off much sooner. What is yall's advice for us new real estate investors? 

Thanks, 

Investment Info:

Single-family residence other investment.

Purchase price: $50,000
Cash invested: $15,000

This was a BRRRR property that is a 1,600 3/2 house on a 2 acre lot. The Property appraised for $150,000 and I took out a loan for $100,000 in August on 2020.

What made you interested in investing in this type of deal?

This was my grandparents home.

How did you find this deal and how did you negotiate it?

This was my grandparents home. They had both recently passed and none of the other family members either wanted the property or had the means to purchase it. Since my wife and I didn't want to see the bank foreclose the property we decided to purchase the property. We told my aunts and uncles that we would pay them whatever the land appraised for since the house didn't meet the current code, and we couldn't get a traditional mortgage on the property.

How did you finance this deal?

An 3 year balloon payment land loan for 25% down.

How did you add value to the deal?

We had an appraisal done.

What was the outcome?

We remolded parts of the house and brought the property up to code mostly ourselves. We refinanced out $100,000 getting our original investment plus some out. This property is currently rented out for $900 a month.