All Forum Posts by: Jacob Chapman

Thanks Christopher, that does help a lot.as I understand this property is in Forclosure and is bank owned. Seeing as it is still on the market with them creeping down on price, I assume that they are looking to sell ASAP. As I am new to forclosures, I was informed that to get a banks approval it can take a long time for an approval. Is that true?

Hey BP!

I am thinking if doing my first Forclosure and wanted to learn from your experiences if possible. I know forclosures can take months and even up to a year or more to go through, so before I get too deep, I wanted to hear from you.

A house is listed for 80k, but has been on market for 3 months. Based on an amortization calc and when it was bought the bank likely has a note of 55k still due.

My thought is to offer 65k, and just resubmit the offer every other week or so it is on the market. What are your thoughts on this - is this unprofessional? Or a waste of time as forclosures often take months no matter what? I would love to hear your thoughts on this

Thank you so much! 

Hey BP, I am thinking about taking out a HELOC to get started on another project. Does a HELOC need to be with my primary mortgage company, or can I do it with a local bank? If both, is there a benefit to each? What have you done with your HELOCS?

Thank you everyone for such great advice! i just worry that if you get something free, it will likely be worth that much as well, so your insights definitely help me know which way to pursue a little more without just hitting the grindstone blind.

thanks again!

@Daniel Reyes Thanks Daniel! i had not heard of Yardi Genesys, i will have to give that a gander! 

Hey BP!

So a little bit of background - I have EXTENSIVE experience with Yardi as a property management program for my 9-5 job in apartment management. I can tell you from experience that a great property management program can help make or break a business. I also know that the best way to not fall into complacency about your rentals is ensure it is NOT a hobby and is a business, and one of the best ways to do so is to treat it like one from day ONE.

Now for the advice... I will be closing on the first 2 doors of my portfolio and would like some advice on property management programs that you have used and what has really mattered most to you! I know SimplifyEm and CIC are inexpensive, but I fear they are not useful as such... I know Rent Manager has a single license purchase you can get for about $650 which sounds great, but you lose out on a lot of the online stuff so that might kill it..

in short, what programs have you come to 1) love, 2) have said no to, and 3) what do you find most important to you.

thank you in advance for your advice!

And by "edit that post" I meant the one you just sent to Wesley. Basically TLDR; Make sure you are not disclosing private info, feel free to discriminate however you want us non-protected classes as long as you discriminate equally, and when you deny, do so by providing ALL qualifying criteria and just say you apologise but they didn't meet the minimum qualifying criteria that exists on your 1 page of minimum reqs. You don't need to mention if it was money, work experience or anything, just hand then the minimum reqs and say they don't meet them. If they are curious they will read it and find out themselves.

@Alyssa K.a Hey Alyssa, So I am in professional property management. 1) you will want to edit or delete this post as it reads as if you are stating her personal situation which is a breach of privacy. I believe you meant to write this as a hypothetical situation for future knowledge. 2) something no one has yet pointed out - Fair housing regulations ONLY protect official and legal. "Protected classes" from discrimination. Mental or physical imparement is a protected class, tried, but you CAN LEGALLY DISCRIMINATE for any other reason that is not protected? That's why you can reject smokers. The fact that they threatened you is something you can discriminate them for. You can LEGALLY SAY to a judge "I discriminate against all applicants who brag about or threaten legal action on any current or past persons (landlord or otherwise). And as long as you don't rent to someone who has done that, then you are fully within your federal rights. The key for Fair housing is to just treat everyone equally. 3) to answer your question about their denial, it would depend on how far it went. If you ran credit and criminal, then yes you have to be detailed. You don't have to say "you were denied due to XYZ" but you can say, your application was unable to be accepted, factors pertaining to this decision are XYZ. It's little but it illudes to that and more 4) if you disqualify anyone pertaining to not meeting even the minimum criteria, I would just send them your list of qualify criteria (which should always be part of your application or you could also get in legal trouble) and simply state that he or she did not meet the minimum requirements as set by the qualifying criteria. You don't need to say anything more than that! Of she tries to lawyer up, you don't have to but you can then say she didn't income qualify with 3x or so rental income.

Hey BP! I am living with my father in law for a we weeks and it's become apparent that he wants and needs a remodel in his home. I have contacts for almost everything BUT the kitchen, which would include ripping out and replacing cabinets, Wich can accommodate a microwave, stove/range and dishwasher - I know pretty basic stuff right? But I don't really know where to start. Any tips on who to contact for the if I don't want to just call a general contractor? I have no problem managing people or vendors for my father in law, but I wasn't sure really where would be the best place to start. Or! If you are a contractor in AZ and want to help a guy out, feel free to PM me!