All Forum Posts by: David I.

So Zillow just took down my pictures for my rentals today. My question is - not only do I use Zillow (only occasionally now with the recent $9.99) to post rentals but I use it as sort of a showcase for my rentals.

For example when I talk to a lender I send them Zillow links with pictures to the properties I have rehabbed. I will send links to prospective tenants while I am rehabbing a property to show them what the finished product looks like.

With Zillow now removing my pictures what other sites do you all use to show your rentals?

Thanks.

Hi all, I have a tenant that has sought out local government assistance to help him pay his rent. He said they are asking me to provide a W9 landlord certification.

I have all of my properties in my own name at present, not an LLC (I know, need to fix this). Is this a generic form I can find and fill out or would it come from my tax preparer? I don't see it in my 2019 taxes file.

Just went to help him get this rent assistance however I can.

Thanks

@Rick Pozos thanks good points (and thanks to everyone).

RE investing is part of my long term retirement plan I want to grow into this business as well. I work in cml lending and see how people can be very successful (and I also see the mistakes people make). I certainly see your points about not jumping in too fast. I’m very picky about the properties I purchase - like most of you I’ll look at hundreds before I see one even worth considering that would fit the model.

Just want to explore financing alternatives to jump on a good deal if I see one.

How do equity partnerships work?

Thanks everyone again.

@Christopher H. thanks - the model has been:

Property in good area that will attract stable renters

20-25% down payment 30 yr mortgages

Purchase below market value (no more than 70% of ARV) needing rehab

I do some of the rehab myself and have some reliable handymen that do the rest 

Refi after 6 months and get my cash back to put into the next deal as a dp

It’s been successful but I also see the upside of larger cash flow on multi family as well as multiple renters paying the mortgage instead of just one. Appraisal based upon income generated (I have been successful with higher than market rents due to location and improvements) versus just comps. 

Yes I also know the risks of 100% financing just trying to explore alternatives as I don’t want to necessarily put in 75k dp on a 300k multi family purchase. 

Yes @Scott Wolf on the DP I thought of that too, could sign a 2nd mortgage with them however I know that’s not as secure on an investment property.

Hello everyone I have been investing for about two years and have six successful rehabs under my belt. I am a buy-and-hold investor, started with single-family recently purchased a duplex and want to go bigger.

I know this topic has been discussed before and I searched the forums, but the question is how do you find a private lender in your area and what do they really loan?

Really what I’m looking for is a private lender who would loan the down payment for a larger multi family.  I can get the financing fairly easily I believe, but I don’t want to use up all of my funds for a large down payment.

The only advice Ive been given so far is “ask everyone you know”. Other suggestions are seller financing, but how common is that? Is that something you can suggest to the seller?

Thanks for the advice, I really want to move up to bigger properties.

We have 6 rentals now and I joke that if we didn’t have a water or pipe issue a week after closing then somethings wrong (buy the water company insurance on every property if it’s offered).

Just rented my 6th rehab last week and yesterday the full grown tree in the backyard falls on the neighbors driveway and house during a storm. Thankfully most of it landed in the driveway and I made friends with the neighbors as I was rehabbing so they are cool about it.

Things will go wrong I keep telling myself. There are days I come home and say why did I get into this - I keep looking at the big picture and my overall long term plan and tell myself there will always be bumps in the road the best you can do is anticipate and prepare for them. If it was easy everyone would do it.

@Joel Williams Would agree with this realtor part 100%, my realtor is a friend of mine and like you said knows exactly what I’m looking for. Knows not to waste time with something that doesn’t fit the model, And sometimes I get really excited and ready to buy a property and she will give me 10 reasons not to.

@Patrick Froehlich started last spring at 46 and wish I had sooner. Wife and I talked about it forever then just started. Took 100K out of stocks for down payment on 2 properties. Yes I paid taxes on it but got me going.

My strategy is buy at least 70% of value or less, rehab, refi after 6 mo. I get my down payment back to purchase the next one plus some, then I hold and rent it out. I’m getting ready to purchase my 6th. I do a lot of the work myself and have a small team that helps me.

Knock on wood I’ve had 0 trouble getting traditional loans or rehab loans. Yes probably has to do with age capital and experience, people I know. Again wish I had started sooner. Just start!

Hi all, I have several sfr rentals and want to move up to 4 plexes. I’ve been doing 30 year mortgages on my rentals. Question is - do any lenders only require 15% down.   I know the risks but the properties I am looking at are in good areas and go for 250-300k - and go fast.  I have 50-75k in cash but don’t want to throw all that on one property down payment. That would handicap me for improvements and other properties.  

Id like to stick to a 30 year for cash flow purposes and I know you can on a 4 plex.  What types of financing is out there?  Thanks.