All Forum Posts by: Eric Chappell

Well, for software, I would like to stay under $300.  Now that I've had a bit of time to put in some info into rental hero, under the "profit and loss" section, you can save/print a PDF with details.  This did formulate a table of income and expenses and I had the option to include receipts I uploaded for those income and expense transactions.  I would imagine this would be close to a balance sheet.

I'm not sure what my CPA would want, but that looked pretty inclusive since I categorized my transactions into their respective categories, ie property management, and repairs.

Thank you both for your responses.  I started a trial as well, but haven't had much time to tinker around yet.

I have been trying to research the least expensive way to keep my records until I build my real estate rentals more.  I tried to set up quickbooks online, but without paying $720 a year for the ability to do class tracking, it seems like it wouldn't be as beneficial.

I know there are other tools out there more geared towards real estate like xero, etc, but I'm still trying to avoid paying so much every month.

Has anybody used realtyzam or rentalhero (rentalhero.io) they seem to be linked?  It seems like it could be geared towards my needs, but I see no mention of it anywhere.  Maybe it's just a small company.

@Bob Green Yes and no.  I live in Texas and some properties are in the local DFW area.  But, I also have interest in other properties that are in southeast Kansas.

Hello, I am looking to secure a reliable refinance lender for Fort Worth, Texas for LLC-owned properties.

Requirements:

Property Type - Non-Owner occupied residential 1-4 rental investment property

LLC - must loan to LLC as property owner (personal guarantee understood)

Term - 20+ yrs fixed, No ARMs

ARV - 80% or higher

Seasoning period - None

Thank you for your interest,

Eric

I'm thinking about working with a rehab team near Fort Worth, TX since I'm working on an initial buy and hold property.  Has anyone had any experience working with any of these companies in the DFW area for a Rehab?  The first two companies don't appear to offer property management, only rehab.  Then the 3rd looks more like a traditional turnkey company.  Any info would be appreciated, Thanks - Eric

Finishing Touches?

2675 Gravel Drive
Fort Worth, Texas 76118

OR....

Renovation Gurus?

508 Bedford Rd.
Bedford, TX 76022

OR...

Turn Key Real Estate & Management Services?

1500 North Main Street,
Suite 140, Fort Worth, TX 76164

@Waylon Themer Thank you for the advice regarding the effects of using the transfer and the mortgage/closing timing.  I was hoping to use this method for Buy and Hold opportunities on homes that did need some rehab and then refinancing.  Unless the home needs very little rehab, I doubt a conventional loan would be approved for the homes I'm looking to buy.  I was hoping to use private/Hard Money for the purchase and then the credit for the rehab.  The whole balance transfer was a thought just to limit the amout I would have to borrow using hard money etc.  I'm not sure what the transfer balance would do to the potential refinance after the rehab.  

@Andrew Postell I do have a line of credit also, but if it was being held for a longer period, the balance transfer fee would win out ultimately over the LOC rate. If I buy and hold, I'm hoping 18 months will be plenty of time to rehab and refinance.

Assuming the balance transfer doesn't affect my debt to income too much, what potential implications would this have on the refinance?  Higher interest rate?

The only other Fort Worth meetup I saw info about was an original post from about 2 years ago and the most recent post was 1 year ago without any replies to it.  I have been considering heading over to Dallas for a meetup, but if there is enough interest...Fort Worth is much more appealing.  I live closer to Aledo and Benbrook and Dallas is quite a haul for a meetup that I would rarely be able to make.

i would definitely be interested

So, there are obviously a swarm of different lending companies out there, all of which seem to have varying points, terms, and interest rates.  As I have been exploring private lending, hard money, and conventional loans there are advantages and disadvantages to each, but it wasn't until I was opening my mail today that I had a different idea.  While I'm sure this isn't a new idea, a balance transfer deal on a credit card I don't currently use often had a low "transfer fee."

I'm thinking the single transfer fee and full access to the funds without an escrow make less work for me.

Has anyone run into any issues with using a balance transfer for helping to finance a rehab?

Basically the terms are 2% transfer fee (equivalent to points I suppose) and 0% APR for 18 months and I just make minimum payments. This sounds like a world better than paying 2-5 points plus interest using any of the other methods. The limit is only the credit limit I suppose and the elevated APR if its not paid off (but 18 months is substantially longer than hard money), but I'm curious if anyone has run into problems or if this is a good strategy for a low cost mini-loan.