All Forum Posts by: Jason Runkel

@Ryan Ventura Thanks Ryan! Hope all is well. 

Looking forward to many more! I eventually would like to get into the BRRRR Strategy.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Racine.

Purchase price: $129,000
Cash invested: $26,000

I closed on my first investment property this week in Racine, WI. It is a multifamily house hack, I'm living in a room I am making in the basement and renting out the other two units. I'm able to use the kitchen and bathroom in the first floor unit.

What made you interested in investing in this type of deal?

Wanting to get my feet wet investing and managing a property.

How did you find this deal and how did you negotiate it?

On the MLS and with a realtor

How did you finance this deal?

Conventional loan

How did you add value to the deal?

House hacking and negotiating closing credit to make immediate improvements.

Hey Joe, welcome to Racine! My partner and I own a painting business in the area and aspiring real estate investors. Although our primary business is high end residential, we also work closely with investors and property managers in the Racine and Milwaukee area painting rentals and flips. We also offer some clean out services. We are in the process of trying to get our first investment properties, putting together plans and networking in the area. Would love to connect sometime!

- Jason  

Just curious, for property managers, what kind of reports you provide your clients with (i.e. Delinquent Tenant Report, Tenant Screening Reports, Rent Roll, Etc.), and how often (i.e. Monthly, Quarterly, Yearly)?

Thanks in advance!

@Kenneth Garrett That makes a lot of sense. So how do you score and weight the categories to ultimately reach the score? I appreciate your help!

@Kenneth Garrett Awesome thank you so much for your help! If you don't mind me asking could you go into more detail on your point system? What categories do you use and how do you work your system?

@Jonathan Taylor Smith - That sounds like an awesome strategy and a good way to not miss out on some potential good tenants! I appreciate it!

Hey Everyone,

My partner and I are working on our tenant screening guidelines for the property management portion of our business, renting properties in generally C+ and above neighborhoods. Some things we have included that we have seen common include:

• Makes 3 times the amount of monthly rent payment
• Has 3 or more good years of rental references
• Has no prior evictions
• Has not made excessive late payments
• Have not filed bankruptcy or been foreclosed on in the last 5 years
• Has a good credit score (any one have any specific number they don't typically go below)
• Does not have any drug, violence, theft, fraud, capital or sex offender convections
• Has no breeches of leases
• Has no history of damage to property
• Must be neat, clean, prompt and courteous 

Any one have any others they would add to the list? If so which and why?

Thanks in advance!

@Sam Shueh I agree with Sam. Semi-gloss is probably your best option as far as sheen. It’s very durable and washable. It’s a few more bucks a gallon but will save you a ton in the long run.