All Forum Posts by: Hamed Rahimi

There are some out there who will still do 80% if the property/FICO qualifies. Like Alex said, you’ll see a difference in terms and rate from 75%. Happy to look into it for you, feel free to connect. 

@Hamed Rahimi congratulations on having a home and executing on the BRRRR Method. Now, I need to be straight on this - talking with 2 lenders is not enough. Most of us are speaking with 20...and sometimes over 100 to get what we need. Be aggressive. Do not take "no" for an answer. Keep reaching out to other lenders. There are lenders that lend up to 80%...but can you qualify for those loans? Hard to say until you speak with one that WILL lend up to that LTV.

My recommendation here is usually the same - we need to go local for this.  Meaning, local real estate investors.  The OTHER investors in your market had to find the same thing you are looking for.  Chances are, they already know who to connect you with!  We just need to go and meet those investors.  Try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

@Hamed Rahimi We have a program that will do 80% cash out for investors with at least 3 deals experience in the last 3 years but rate/cost are leaps and bounds better for 75% cash out.  I actually invest in STL myself too.  Would love to connect some time. 

 Hi Hamed! I have always used a PM, but that was primarily because I was out of state. If you are looking to do it yourself, maybe check out RentRedi? BiggerPockets recently partnered with them. 

With so few properties, you'll spend more time learning how to use the tools than you will save from using them.

Software is a common question on BiggerPockets. Here are some things to consider:

1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
2. Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you really need that for your one rental?
3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each of those apps online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they really function. Do one task at a time in each app so you can compare apples to apples.

• Load a property with pictures and details.
• Market that property.
• See what your marketing looks like from the public's perspective.
• Submit a fake application to see how easy the process is.
• Run a credit/screening report on yourself.
• Enter a maintenance request, assign a vendor, attach a fake invoice.
• Enter charges to the tenant's ledger.
• Enter recurring charges and automatic late fees.
• Sign documents electronically.
• Run owner reports.

After testing a few apps, one of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.

@Hamed Rahimi

There are no mapping programs to transfer data. All you get is what you can export/import via CSV file:(

We use Propertyware, have experience with Buildium, and have played with Appfolio and RentManager.

Buildium is for smaller companies.

The other three are tied, the differences being how much automation & customization you want to do.

If you don't see yourself growing beyond 150 units, go with Buildium.

If you're not very techy and plan to grow over 150 units, we'd recommend Appfolio.

If you're techy and plan to grow over 150 units, we'd recommend Propertyware or RentManager.

Of course, schedule some demos, take GREAT notes and them make your decision.

FYI - there are MANY new options on the market, RentRedi, TenantCloud, Apartments.com, Hemlane, Rentec. The unknown is, will they survive?

Here are some BP topics on this: https://www.biggerpockets.com/search/topics?term=property+management+software&filter%5Bauthor%5D=&filter%5Btitle%5D=Property+management+software&filter%5Bbody%5D=&filter%5Bforum_id%5D=&filter%5Bdate%5D=

with only 2- 4 props you really do not need anything. ALso you should send them to a PM CO now, why deal with the headaches