All Forum Posts by: Gavin Davie

Yeah - 10% of rents is worth it for a good prop manager. That said - to your other questions, Wilmington proper doesn't require inspections, a few of the greater Wilmington suburbs do (Elsmere for example). I don't think Wilmington itself requires you use a property manager - my guess is that it's a requirement from your lender. If you need one, I have a prop manager that's fantastic, send me a message.

Edit: the smaller boroughs only require it on a change of tenant (not yearly) - yearly is only section 8 as far as I'm aware.

Also - if you own the property, the deed usually lays out the size of the property and boundaries. Take a read through - something to the effect of: "Starting at the NE corner of such and such street the property stats 80ft. south on the west side of the street, etc."

I think the term just means a regular mortgage - there are basically 2 types of mortgages - conventional and commercial. You can have up to 10 conventional as an individual, and as many commercial as you can get approved for. Conventional are usually much lower APR and a good way to start out (but you need commercial if you want your LLC to own the property/etc.) - if you go through big banks you get the people we are not used to dealing w/ investors and may refer you to the wrong places - good options for conventional for investment properties are Finance of America, and if you want to go commercial - Lima One. I've used both and zero issues.

Yeah - find a realtor that's used to working w/ investors - they can give you MLS access and let you setup your searches.

So bear with me here - here's the plan, hoping y'all can help me figure out ideas for the best ways to fund/finance these type of deals -

Details:

LLC (I have a partner I'm working with) - our plan is to buy land and place modular, container style homes on the land and rent it out. Currently we have the cash in the bank to buy the land and not much past that, I know to get hard money loans that you flip to a mortgage or refinance post-construction you generally need a decent pile of cash in the bank, looking for ideas here on either type of lenders or better ways to approach this. Thanks!

@Jesse Dejesus - DM'd you

I'd rec Ideal Property Solutions from my previous post (https://www.idealsolutions247....) - I have never heard of either of those you mentioned. Hedgeville is.... ehhh... But again it depends on your strategy. I think a lot of that area is Section 8, which can be very lucrative but high maint. Some prop. mgmt companies won't even manage properties in certain areas of Wilm.

@Jesse Dejesus I've been investing for 2 years now, I have 2 duplexes in Wilm. I use a property management company - Ideal Property Solutions - run by @Jessica Stiner - can't recommended them enough. I already have a full time job, I don't need another one. 

If you know where to look there are a lot of great rentals (also something Jessica can advise on). Wilmington has some very depressed areas too so be careful if you're not familiar (or maybe that's your investing strategy - I don't judge).

Hey Jesse, welcome to Wilmington, great place to invest. Let me know if I can help at all - are you from the area or just investing here?

@Brandon Kegarise - this is a pretty straight forward BRRR sounds like - you'll be into it for 77k w/ an ARV of 105k, but only owe about 30k - you'll need to pay off the owner to pull any cash out, find a lender that will do a cash out refinance - it'll pay off your current seller mortgage (hopefully you don't have any pre-payment penalties) - you should be able to pay them off and pull out a good chunk of your cash. Lima One has a good product for this or you could drop a post here looking for a cash out Re-fi, should have no problem finding someone.