All Forum Posts by: David Chwaszczewski

@Jayson Hinkson  I would double check your taxes.  SC is not a investor friendly state when it comes to taxing non owner occupied properties.  I have several properties (singles and duplexes) and can tell you that the taxes eat up most of my cashflow.  

Here is how SC works for investors:

Assessed Tax Value X 6% X Millage 

Here is just an example of one in my area for 100K:

100,000 X 6% X .3926 = $2355.60 per year

@Dillon Loomis  don't get hung up on the future.  This business is forever evolving for investors.  I start the year doing things one way and then grow and next year end up doing something else.  Until you have the time to commit to watching every penny just do the best you can.  You already made the hardest decision in this game, getting your first rental!  So Congrats on that!!!

@Dillon Loomis  Just find an excel sheet for now.  There are plenty of users who manage multiple properties with just excel.  Many users here are excel savy (not I).  One property you can manage with that and its free if you have office suite.  When you have multiple properties then you can explore options. 

@Account Closed I use mint for personal finances.  Thats about all it is good for.  You need to get a better report generating software to manage your business.  Currently i am using Quicken for MAC.  Its not great, but i have used before for personal finances and am familiar with it.  I paid $35 on sale from intuit.  I tweaked it a bit so we can track all of our business accounts and generate detailed spending reports. I am not saying it is the best our there, but works for me for now.   

 I agree with this.  If they are not able to apply online because they forgot or got distracted i dont want them anyway.  What will happen when it comes time to pay the rent online?  I filter most of my inquiries by directing them to my website and look at our rental qualification sheet and then make them fill out our app and send back to me.  This cuts out 80% of all the calls i get.

@Walter Key Same as most. Loans are usually 75% LTV. You can try shopping around, some may be different.

I knew a guy who flipped a home and covered up termite damage in Pennsylvania and ended up getting sued by the buyer months later and lost tens of thousands of dollars to get everything repaired. I would imagine that this would go the same way.  

As-is clause may be the best route. 

@Walter Key  Try an asset based lender.  I have used Lima One and does not matter how many loans you have since they lend based on the asset.  For small loans their fees are high, but getting the loan is half the battle.

@Varinder Kumar  go to LOWES and get a HILLMAN RENTAL SIGN.  This sign works well.  You create an account at registersigns.com and enter in the info you want the potential tenant to see.  It will post to several sites all at one time. Also if they text your info to the number on the sign it will send them information right there.  Its great and you can use more then once for multiple properties. 

I am using Dwolla and so far so good.  It integrates with landlordstation and that is what i use to manage my properties.