All Forum Posts by: Dylan Thomas

@Jonathan Feliciano

If you already have an FHA loan, and you want another, you'll need to refi out of your first fha so that you can get a second one

@Frank Mwaisaka

Day 1. Put a lock box on the thermostat and call it a day. I’d never let them touch it. Ever. You’ll drive by on a 10 degree winter day, and all the windows will be open, and the thermostats will be set to 85 degrees haha

@Malachi Johnson

I do direct mail, and retargeting ads online. I built a brand though. That’s a major key. A local, recognizable brand.

@Drew Bursey

Get over the feeling of a “low ball” offer. I just bought arv of 200 house for 92k. Needs 30k in work. The family is thrilled because the house is costing them a lot of money, and they can’t afford it. In my opinion, the deal made sense to me. It wasn’t a low ball offer. Some other guy offered them 70k. That’s a low ball offer. He was truing to take advantage of them. Some other dude offered them 100k. They went with me because of trust and the fact I’ll close. Other people don’t close. I told them straight up I can do it for 92k, I’ll make money, you’ll make money, and we will both be happy.

@Austin Smucker I invest in Harrisburg. Finishing up rehabbing my 2nd triplex this week, while flipping a SFH and wholesaling another. Hit me up. I'm always down to talk Real Estate

Love it. Keep em coming! Hard to believe all that was only $26,000 worth of rehab! Seems like you got a lot of rehab for you buck. Congrats man

@Nick Troutman

There’s never a bad time. There’s deals out there. I submitted 2 offers just today. Get out there, run numbers, make offers, and see what happens. Just keep making offers and you’ll get something at your price point.

@Jay Hinrichs

I only have 3 units, but I collected all 3 rents. I’m going to attribute this to my screening and my no bs policies. At move in and through the showing process I am very very clear with my expectations of how the lease is going to go. I go through the entire lease with the tenant at signing. I also am authoritative with the tenants, but not in the sense of being a jerk. I just flat out tell them exactly what I expect, and the consequences of not following the rules and terms of the lease. I ask them if they have any problems or concerns about the lease. And talk through the concerns or issues with them. So far so good!

I was not a fan of landlords sending out emails saying you don’t have to pay rent, they can get on a payment program, or that they understand the hard times? Like really? You’re inviting your tenants not to pay or make excuses for poor financial literacy on their part. I decided not to say a thing. I decided to handle it on a case by case basis. And guess what? Because the tenants were told firmly in the beginning what I expect, they delivered. My bank still wants its money. I do as well. No bs. We will see how next month goes.

@David Chapoell

Your calc is wrong. You never entered your down payment. You need to enter a % you’re putting down on the property. You mentioned $18k from a Heloc. I’m assuming that’s a 20% dp so you need to get that into your calc to make it accurate.

Also unless you’re getting seller help, or paying cash, or seller financing, closing costs are going to be more than $2k in my experience. Bank financing is expensive. My past 2 mortgages have been $10k and $12k in “closing costs”. Random things like doc prep, prepaid escrow, school taxes, inspections, flood certs, title company, attorney fees, etc etc. it adds up quick unless you can snag some seller help.

I have no idea your market, but I never run numbers at max rental amounts. If I think I can get $800 a month on a bad day and $900 on a good day for a unit, I always run the numbers at $800. It’s safe. If you do get fortunate and the market is hot, or it’s peak leasing season and you can get someone in there for $900 then great! You’re making extra cash. But prep for worse case scenarios and go from there. If the deal makes sense at your worse case scenario, then go for it and it may be better than you think if you can get those higher rental amounts!

For example. I have a 3 unit building that’s now finally 100% occupied. 2 units I knew I could get $700 and $750 for and I got them filled before COVID-19 hit. The other should be going for $900 in June/July aka peak season. But because of the crises I had a great applicant that I really wanted in, but they said they couldn’t afford the $900. So I settled and got an amazing tenant at $800. I’m not sweating over the $100 because I’ll never hear from this tenant ever again. Young IT professional straight out of college who can work from home and won’t lose their job. Plan worse case, and if you get best case then great!

Good luck man.

What is the date of this event?