All Forum Posts by: Harold Albertson

I am considering funding a deal that my son is looking into. It is a cash only as is fix and flip. He has about half the cash needed and I would be loaning the other half through an LLC that I have with my brother. My question is how to structure the loan. Is 10% a fair rate for a personal loan and would you charge any points? The time period should be 3 months but could stretch to 6 months. Would you put a lean on the property?

We self manage a cabin that we live over 400 miles away. With today’s technology there is no reason to not self manage. We have a Nest thermostat to monitor the temperature, a Ring floodlight that covers the entrance door and a digital lock that I can change to code for the door. The most important thing is to find a cleaner that you trust. Ours also does handyman work for us.

We had a property manager for a STR we had in the past and the reason we sold it was there was no way to make money when they take 30%. Also, I care more than they do and can give great service to our guests. Our experience has been much better self managing vs using a property manager.

We use vinyl plank in our rental units on both concrete and wood subfloor. The only issue we have had with separation is when the floor is not level. As long as you get your floor level by using floor leveler you won’t have an issue.

We only use flooring with a 20 mil wear layer. Anything less does not hold up. We tried laminate flooring and it was junk.

Thank you Chris for sharing the website. I found all the information I needed to make a decision. 
Aaron, the reason I do my own background checks is that I own c class apartments and prospective tenants do not want to pay for background checks. I have had great luck doing my own quick checks and it only takes me a couple minutes.

We have a potential tenant who is from Pennsylvania. In Indiana we have a government website where I can do my own background check for free. Does anyone know if Pennsylvania has a similar website?

@A Schwartz, local banks seem to have more flexibility. The bank I am currently working with initially told me 30% but when I told them another was willing to go with 20% down they matched it. We are also able to use other properties in our portfolio that we have no debt on as collateral.

@Kwun Ho, I have recently started using Innago and really like it so far. It is completely free to use and their customer support has been fantastic. I looked at the others that have been mentioned here and this one seemed to fit our needs the best.

@Nandy B.

Cheapest home we ever purchased was our first BRRR. Purchase price was $14k cash sale. We put $5k into it for a rehab and when done it appraised for $37k. We took out a loan for $27k and it has a nice positive cash flow to this day.

Yes I would do the deal again. The rehab was pretty quick and painless.

@Kenny Dahill my top priority is software that will help in rent collections and keeping track of who is late and who has paid. Would also like it to work with Quickbooks.

@Tj Hines I will have to check it out. We have been doing everything old school and definitely need to change.