All Forum Posts by: Daniel Desrosiers
Daniel Desrosiers has started 11 posts and replied 40 times.
Post: Akron, OH Title and Escrow Company
- Investor
- Posts 43
- Votes 26
Golden Eagle is terrific!
Post: Looking for a relationship-based Real Estate EA or CPA
- Investor
- Posts 43
- Votes 26
Quote from @Chelsea Monk:
@Steven Hamilton II is who you need
Sounds like you folks are who I need too!
Quote from @Bob S.:
Quote from @Caleb Barney:
Quote from @Bob S.:
Quote from @Daniel Desrosiers:
Looking for a detailed inspector in Akron. Please PM recommendations. Thanks
Hello, why do you need to spend 450 on an inspector ?
Is this a serious question?
Yes, I have done about 500 deals out there never once using an inspector nor do my clients. All you need is someone from your team to walk it for you
All the best
wow
Post: Has your turnkey Co. every charged a fee to find first tenants?
- Investor
- Posts 43
- Votes 26
Quote from @James Wise:
Quote from @Daniel Desrosiers:
This is my first time working with this relatively well known turnkey company. Their website describes a turnkey rental property : "Our expectation for a turnkey property is a home that has been rehabbed, leased to a tenant, and has all the systems in place for management to take care of any item that comes up." As I was speaking with the PM company, she went on to explain they charge a fee equal to the first months rent to "market and screen tenants." I said, well isn't that included in the whole turnkey experience. She paused, said thats interesting and advised me to contact the turnkey company directly. I sent them an email explaining my concern and the owner replied explaining the fee as a cost of doing business and pretty much talked down to me saying there are often unexpected expenses in this arena. When I replied, they went on to say they would work with the seller in regards to the fee. The seller is a great guy and it should not be his responsibility. It is marketed by the turnkey company as the "product" that they are offering and in my opinion this fee should be covered by them in the fee they receive from the seller. Am I wrong here?
While I am completely aware of "unexpected expenses", I am just looking for input from other investors to see if they have experienced the same fee in the past. I completely understand this fee for future tenants after the original. This has left a bit of a sour taste in my mouth. I would like to buy more from this seller in the Akron area but I am not sure I would be willing to go through this company again. Thoughts?
Thanks
You're not really getting a turnkey property from a turnkey provider. A true turnkey experience has everything under one roof. What you are doing is just buying a property from a dude who rehabbed a house and then hired a company to sell it who then referred you to another property manager.
bumping for visibility
Post: Local Lenders in Cleveland for out of state investors
- Investor
- Posts 43
- Votes 26
Quote from @John Anderson:
Hello,
I am looking to do a refi on an investment property in Cleveland, OH for a BRRR property. If anyone has any recommendations on lenders I would greatly appreciate it.
Post: Has your turnkey Co. every charged a fee to find first tenants?
- Investor
- Posts 43
- Votes 26
This is my first time working with this relatively well known turnkey company. Their website describes a turnkey rental property : "Our expectation for a turnkey property is a home that has been rehabbed, leased to a tenant, and has all the systems in place for management to take care of any item that comes up." As I was speaking with the PM company, she went on to explain they charge a fee equal to the first months rent to "market and screen tenants." I said, well isn't that included in the whole turnkey experience. She paused, said thats interesting and advised me to contact the turnkey company directly. I sent them an email explaining my concern and the owner replied explaining the fee as a cost of doing business and pretty much talked down to me saying there are often unexpected expenses in this arena. When I replied, they went on to say they would work with the seller in regards to the fee. The seller is a great guy and it should not be his responsibility. It is marketed by the turnkey company as the "product" that they are offering and in my opinion this fee should be covered by them in the fee they receive from the seller. Am I wrong here?
While I am completely aware of "unexpected expenses", I am just looking for input from other investors to see if they have experienced the same fee in the past. I completely understand this fee for future tenants after the original. This has left a bit of a sour taste in my mouth. I would like to buy more from this seller in the Akron area but I am not sure I would be willing to go through this company again. Thoughts?
Thanks
Post: Business Credit Card for RE Business
- Investor
- Posts 43
- Votes 26
Quote from @Stephen Daniel Pace:
Hey BP family! I close on my first property this week and after closing, I'm wanting to get a business credit card to use for rental expenses purposes, particularly the things I'll need to purchase to prepare it for renting. Is it better to go through the process to get an LLC and EIN and then apply for the business credit card? I don't plan to transfer the ownership of this property to the LLC since I'll eventually want to refinance the 30yr conventional loan that I'll have down to a lower interest rate. (I've heard there are challenges with getting a conventional loan under an LLC). Or is it better to apply for a business credit card without an LLC and EIN and just use my personal info on the application? TIA for your reply! :)
You can absolutely open a business card as a sole prop. Chase Ink's are my favorite.
https://www.referyourchasecard...
Post: Navy Federal HELOC Payment Structure Help
- Investor
- Posts 43
- Votes 26
Quote from @Brandon C.J. Grimes:
Hello All!
I haven't been able to find a clear and concise explanation; so I'm hoping those with an NFCU HELOC could explain. I understand that the payments on Navy Federal fixed and/or variable rates HELOCs are $100 or 1% (whichever is greater) of the HELOC balance. However, does this include interest?
For example, if I had a variable rate HELOC with interest at 7.5%; and if I pull 50k to use; would be payment then be $500.00 + interest on the $50,000? (interest would be around $318)
I feel like my math is off here. The payment wouldn't be $818 dollars correct?
your payment is 1% so its 500 which is then split up between p&i.
Looking for a detailed inspector in Akron. Please PM recommendations. Thanks
Post: Property Manager for Akron
- Investor
- Posts 43
- Votes 26
What are you Akron folks seeing for PM fees? I am looking at one that charges one months rent for finding and screening the tenant, 10% for collecting the rent and $75 per incident plus labor and materials for boots on the ground at the property for any reason.
Thanks