All Forum Posts by: Scott Bartlett

We are currently at 12 Units and have been considering adding wholesaling to our real estate strategy going forward (while adding more doors).

We want to prove our thoughts/methods in a 6 county radius around us, (within an hour drive of us or so).

- Direct Mail Campaign (Listsource or Propstream)

- Driving for Dollars

But what we are looking for initially is not to wholesale, but generate MORE LEADS regarding MULTIFAMILY properties (3+ Units up to small apartment buildings).

Here's what I am looking for:

- CRM Software that can incorporate a business phone system and lead tracking with automation for follow up

- A Lead Generation system (similiar to purchasing a list from Listsource) and have the ability to send the letters directly from the software. So I want to buy a list or generate a list in the software, and then click what addresses and etc I want to send a letter/post card to

- A software that also allows me to do Driving for Dollars and select that property within an app and send a letter if it is not in my database

- Skip Tracing

- Automation/Scheduling - Contacts cold leads every 60-90 days.

I've never used any of the following softwares, and my experience is limited to buying properties off the MLS and rehabbing them. The software I'm looking at are: Profit Drive, REI Blackbook, DealMachine, REIPro and REsimpli. Any suggestions out of the group or other suggestions that might be able to handle everything I want?

Thank you everyone!

I am checking out each of the suggestions, so far it appears Buildium is the leading favorite, but I will be doing my due diligence on the others that have been mentioned.

Hello everyone! We currently own 12 Units and have graduated from excel sheets to Stessa, which has done us WONDERS...

However, as we prepare to scale, we are looking for an App/Software that is capable to handling Accounting & Property Management. I've read a LOT of reviews and there are so many options that have been mentioned on BP. So I asked myself, WHAT AM I LOOKING FOR?

Here's my list:

1. 1.) Must have an App (for tenants)
2. 2.) Accounting (similar to Stessa)
   1. The ability to upload or sync with bank accounts to pull transaction
   2. Assign them to Property and Unit
   3. Ability to upload receipts to transactions
3. 3.) Document Storage
   1. By Property/Unit (Leases and etc, similar to Stessa)
4. 4.) Online Rent Payment Portal
   1. Payments are directly deposited into the bank account
   2. Automatically charges late fees (daily)
   3. Does not accept partial payments
5. 5.) Online Tenant Portal for Maintenance Requests
   1. Generate Work Orders that are assignable
   2. Tenants can submit maintenance requests
6. 6.) Online Tenant Communication Portal
1. Tenants can communicate THROUGH the portal and not text/call
7. 7.) Online Property Management Portal
1. The ability to communicate with other members of our team through the APP/SOFTWARE
2. Assign roles to our team members
8. 8.) Tenant Screening
9. 9.) Tenant Applications

I know this is a lot to want in ONE APP/SOFTWARE, and most of the apps I find do not have the Accounting features included UNLESS you want to manually upload each transaction. I really appreciate any feedback or suggestions! Thanks!

Quote from @Kash Jawed:

Quote from @Scott Bartlett:

We purchased our first 4 Unit Building after a successful Triplex property. We came across a property with the ability to financing using seller financing, and noticed that the property was severely mismanaged and low rents. So we seen a good valuation here:

I've included a screenshot of how I came up to our valuation:

We are planning on raising rents again once some capital expenditures are completed and after some vacancies to paint and update the units with new flooring and etc.

So if my figures are correct, by raising our rents and NOI, our valuation of the building has increased from $110,000 to $148,290 and then eventually $193,760?

This is really the first time we have started investing in Multifamily buildings and honestly never bothered with CapRates or Valuation (SFH are pretty simple, COMPS). I just want to make sure my figures appear to be correct and our beliefs are correct that we found a decent deal.

This method also allows us to track our progress on "paper". Any issues with my calculations?

Any reason why you’re increasing income over time but not expenses?

 Because I'm basing my figures off current conditions and expenses. Once a vacancy occurs, more improvements will be made. This wasn't intended as a long term evaluation model.

We purchased our first 4 Unit Building after a successful Triplex property. We came across a property with the ability to financing using seller financing, and noticed that the property was severely mismanaged and low rents. So we seen a good valuation here:

I've included a screenshot of how I came up to our valuation:

We are planning on raising rents again once some capital expenditures are completed and after some vacancies to paint and update the units with new flooring and etc.

So if my figures are correct, by raising our rents and NOI, our valuation of the building has increased from $110,000 to $148,290 and then eventually $193,760?

This is really the first time we have started investing in Multifamily buildings and honestly never bothered with CapRates or Valuation (SFH are pretty simple, COMPS). I just want to make sure my figures appear to be correct and our beliefs are correct that we found a decent deal.

This method also allows us to track our progress on "paper". Any issues with my calculations?

So we've bought our first property 9 years ago, and since then have bought a total of 4 properties, 9 Units.

Most of the time, we purchase distressed properties either for cash or seller financing due to the condition of the property. We do about 98% of all the work ourselves, including drywall, painting, flooring, plumbing, electrical and etc, depending on the size of the project. 

But with this particular property, it appeals to me due to the size, layout of the property, demand for rents in the area, and price of the property. The issue? It is in SERIOUSLY degrading conditions, and will need to be gutted down to studs, and new subfloor along with a new roof (main cause of the issues). The scope of work is too big for us to handle ourselves, and we've always wanted to slowly transition the work/rehab out of our hands and into the professionals, and I view this as the perfect opportunity to do so

Without having a quote/bid for rehab costs, what is our best way forward?

The issues that I have currently are:

-Need to find a lender willing to finance the property and rehab, preferably over 30 years, but will go as low as 15 years. Thinking of a HML for this, or Rental Loan such as ones that LimaOne offers.

-We've never managed a construction project like this, and if we did pursue this further, what advice or suggestions do you have to better prepare for managing contractors?

-What kind of offers do we make if we wanted to start brining in General Contractors in for quotes/bids while leaving a contingency open to back out if the rehab costs comeback too high, or no GC's want to take on the job?

So here are the details:

Potential Purchase Price: $45,000

Renovations: (Estimating at least 135K)

Potentially 9 Units, 2 BD/1BA @ $650 monthly, total income: $70,000 annually

Loan Servicing: $1,500 monthly - 30 Years, 180K at 9%

Taxes and Insurance: $3000 annually

Utilities: $4,000 annually

Right now, I see possibilities, just need someone to take the blinders off and start pointing out the flaws and or next steps to confirm if the deal is a good deal or not. The biggest issue I see is needing a General Contractor give me a real quote and start from

@Kevin Romines

I would be interested in finding a lender for a DSCR loan in NW Ohio or Ohio in general.

Just learned about them today and I am looking to explore this option more with a lender.

Anyone have any recommendations for a Mortgage Broker or Mortgage Lender in NW Ohio? I'm out of Fremont, OH and looking for a go to lending institution or broker for when I need financing. Tired of dealing with banks that only want normal cookie cutter mortgage loans.

We have two SFH properties right now, one free and clear, and one that has a Cash-Out Refi Mortgage on it and we are looking to buy a Triplex that needs some serious work, and most "big name" banks won't lend on it due to one of the units not being inhabitable.

Never used a Mortgage Broker, so I'm thinking of going down that route, any tips?

We currently have two SFHs in our portfolio, and are looking at adding a MFH (Triplex) where one of the units is inhabitable and needs full repair.

SFH #1 (Cash Out Refi Loan - Approximately 15K left on loan out of 35K)

SFH #2 - Free and Clear

MFH - Seller is offering Seller Financing

We are looking at the best way to:

1.) Get capital to complete the renovations needed on the MFH Triplex

2.) Convert seller financing to a more conventional loan

3.) Possibility a blanket loan combining all three properties to one loan and generating capital for another purchase

The only mortgage loans I'm familiar with are Conventional/Refi and Cash Out Refis, any help is greatly appreciated! 

Thank you both for your replies!

How many BP members have ever been sued and lost with damagings exceeding what the property insurance policy would pay out?