All Forum Posts by: Derrick Lewis

I use TurboTenant for their other features (and tenants submit maintenance requests there), but haven't seen anything about a partnership with Lula until now.

Lula doesn't cost anything for the property manager as a subscription normally, you just pay on a per-job basis. What's the benefit of the $149 sub through TurboTenant? They talk to the tenant for you and do maintenance without you even hearing about it first?

 No one (besides you) should have to pay for that as it's your fault for there being an unlabeled switch to the boiler in a common area that you also didn't know could be the issue to get it resolved over the phone. For all you know, your contractor who was there the day the heat went out could have flipped it. Or any friend or kid of either unit.. which is why there shouldn't be a switch there.

Are you trolling with these posts? 

In many towns around me, a licensed electrician isn't required but the work needs to pass an inspection. We often use our own workers and have the work inspected afterward to make sure it's all up to code.

Is that an option for you? Costs us $120 to get inspected, work is good, verified, and 10x cheaper than a licensed electrician.

 I've gotten 80% on cash out refinances with HouseMax Funding, I'm in NY but I believe they're nationwide.

 I'm not sure why you would relocate, we live in a particularly affordable market with plenty of growth opportunity. 

I helped with the rehab of a triplex in Cicero, north of Syracuse, and the investor refinanced at an ARV of 250k (in 2020). It would be worth quite a bit more now, prices in the area have gone up since the announcement of Micron building down the road. You could live in a unit and still have a little cash flow at that price.

I'm not sure the rent prices in Ohio but I don't see how you would be cash flowing too well at 400k for a duplex. I've bought 3 duplexes around Syracuse, 2 being in not so great areas of the city rented to section 8 I wouldn't recommend but I do cash flow over 1k/month on those I bought for a little over 100k. The 3rd is north about a half hour in a decent small town, easier to deal with tenants and cash flow around 900 a month.

All 3 duplexes were turn key? No improvements needed that could drive up values (and your equity)?

@Louisa Seales

If you have a good relationship with your current tenant, maybe try talking to them about coworkers who may be interested. Or call the company itself and explain it to them, you might just get someone who will pass it along. 

The more of them you get the easier it should become to get more through word of mouth, as long as they're happy there.

 Is there a reason you're choosing to build out the building next door as offices?

 Is there a reason you aren't looking at hard money lenders?

For rehab loan draws? I got an ad for Dominion in the mail the other day and was thinking about checking them out, 100% PP and 100% rehab sounds nice. The lender I mainly use now does 70% PP but the rehab draws are very easy, wired within a couple days of your request.