All Forum Posts by: Frank Geiger

You probably listed it at the right price with 2-3 good candidates. That's where you want to be at; not having to take the sole applicant. Just give them a yearly lease and raise the rents after that. Or incorporate a rent increase in the lease. 

If they are all 3 good potential tenants, then it just comes down to social skills and who you feel most comfortable with. You really want someone who isn't going to complain, stays a long time, and takes care of the property.

That's awesome. Maybe people would work harder in certain government jobs if they had the private sector incentives.

You might as well buy turnkey with those small returns. You will need to show up with around 20% of the total purchase price plus 20% of repair costs. With 6k in points, 50k sounds right. But this isn't a good deal.

Additionally, thinking that a REFI will happen in a month isn't realistic. 40k of repairs is quite a bit and there is a 6 month seasoning period with most banks.

Take a second look on your expenses. The repairs and CAPEX need to be higher. Make sure you can find a PM for 9% before dipping that low, etc. Which effectively brings the cash flow to nothing. There is alot of risk with little to no return.

Worry about getting the property first and LLC later. Whoever told you it was illegal to get rental income and BAH doesn't know what they are talking about. I get BAH and have been buying rentals for a while now.

I give them a place to live in exchange for monthly rent payments. 

I have good credit and have used personal loans a few times. Usually, I find them from around the 7-8% range. One time, I found a local credit union lending out 30k for 1.9% but that was just lucky timing. So depending on your credit, that may not be a bad deal. 

Attempting to get another bank to get a second mortgage on the property, may be a difficult endeavor. It all comes down to the amount of equity left in the property. If it is a BRRRR candidate, this may be a feasible option.

Are you trying to split expenses or profit? Who has the property under their name and brings the most cash to the deal?

You can find these opportunities in pretty much every state.

Expand your network. Find other people that spend the money and negotiate those leads to find you the deals. A few include REIs, Google, BP, Agents, etc. Add everyone that can find you what you're looking for.

That's strange. I would probably find someone else if they want to nickel and dime you from the start. I would assume they are hard to work with.