All Forum Posts by: Erin Church

 Hey Griffin,

To my knowledge, these are a hunt online kind of thing. :) You wouldn't be able to look up terms in most instances, you'd need to actually talk to someone with the company. Honestly, I'd suggest setting aside a couple hours (maybe not all together), looking for the companies that are recommended on BP and by other investors in your area, reach out to them, explain what you hope to do, and see what's possible. Some will ask for an address so they can run numbers for you. It's fine if it's a house you're just considering for them to run numbers (obviously, make it clear that you're not UC). Also, @David Paull makes a great point, so make sure you ask if you need to close in an LLC or if you can close in your personal name. (You may want to close in an LLC regardless.)

Very good luck in finding a lender that makes sense for your next deal! :)

I was going to ask if you checked the difference in insurance, but I feel like @Doug Smith already hinted at that. 

If you're looking for a 0.0075 rent to cost ratio, there should be some of that in Augusta. Of the markets you mentioned, Augusta area is the least expensive. Depending on what class of neighborhood you're looking for, you can do better than the 1% rule in Augusta. 

Hey Griffin - There are private and hard money lenders that will do rehab loans (a percent of the purchase and a percent of the rehab). They'll obviously be a little more expensive than conventional financing and there's a second closing that has to happen to get into permanent financing, but it's a way to get the money to get the deal. :)

I agree with a lot of what Richard said (he's a pretty smart dude!). :) 

For me, the largest chunks of money I've made are doing live-in flips. So, I'd consider buying a very dated house that is a great price in a great area, then fix it up while you live there and sell after 2 years. The money you make is tax-free if it's your primary 2 out of the last 5 years (if you rent it for a while, I believe there are some taxes, but it's prorated on time based on what I remember - not tax advice). A single person can profit $250k without paying taxes. 

If it didn't appreciate enough/you won't make enough to be worth selling, it will likey make a pretty good rental. (Again, if you bought well and did the work over time, should be a pretty good value.)

You mentioned, "Family tenants are safer". Unless you are house hacking, please don't rent to family... or friends... or friends of family... or family of friends. This goes sideways sooooo often - professional lines are easily blurred (or erased) and bad things for the property owner can happen. It can still be risky when living under the same roof as the owner but seems to be terrible less frequently. :)

I would also suggest avoiding an HOA - it's an extra expense obviously, but their rules can change (like rental restrictions).

I have them fill out a prescreening form. I have about 20% of folks fill it out. Here's an example of the email I send (and the link to the form I use). 

Hello <Name>,

Thank you for your interest in the property on <street name>! Our first step in the process is to have all potential renters fill out a free, prescreening Google form. It does not ask for any sensitive info (no birthdays, socials, etc).

Here is the link:
https://forms.gle/nU7JGMdXUqstAac86

Please let me know if you have any additional questions.

Thanks!
Erin

I've found it helpful to have folks fill out a prescreening Google form. Tons of folks won't do it, but quite a few will. If they don't meet my requirements, I don't show them the property. (For instance, having people that make $3k/mo wanting to rent a $1700 apartment.) It has helped save a good chunk of my time - the folks tend to show up if they filled out the form, and I'm not showing the property to lookie lous or folks that are never going to make it through the application process. 

If you're not paying utilities, I don't know why it matters if they're doing a legal activity that requires a lot of power. I think of it similarly to wanting to keep it 65 degrees in summer (only without the HVAC wear and tear). :) 

I list out that they can't do these things:

- Parking on grass

- Store campers, boats, aircraft, unlicensed/insured cars, 

- working on cars, 

- using any part of the property for business purposes (including childcare, baking)

They cannot have:  fish tanks, water beds, fire pits, trampolines

I don't think any of that is too crazy though. :)

My apologies on the delay!  Check out  https://www.soshomeoffers.com/

Again, not sure if their position(s) are local. :)

 @Jason Na If you can find the right property, live-in flips are definitely a wonderful way to make a lot of money. It being tax-free makes it "more valuable" money as well. :) A live-in flip is how we were able to purchase our first duplex. They aren't for the faint of heart, but a wonderful strategy to eventually get a chunk of capital, learn about rehabbing up close and personally, and you needed a roof over your head anyway. :)

Hey A.L. 

I don't know what area you're in, but there are some wholesalers in the Augusta area that are actively hiring. I believe you need to be local, but I'm not sure. 

I'd look for the wholesalers in your area, try to get with a medium to large operation (as they're more likely have training), and reach out to see if you can work for them. :)