All Forum Posts by: Jefferson Simmons

Have never used Rentspree. I loved Cozy.co as an option for a self-managed portfolio. 100% free and has all the features you need. When I began managing property for others, I switched to Buildium which has been great so far!

Hey Bernadeau! My local lender does 15% all day long. You do incur PMI until you get up to 18% however.

One of the most successful strategies I have used is offering tenant referral bonuses. I usually offer $250-$300 for each unit I get a lease signed for and just credit it towards their next month's rent. Has been very beneficial for me!

Check out Brandon Turner's "The Book on Rental Property Investing!"

I would say this largely depends on where you are in your investing career. If these are your very first properties, I sure wouldn't want 11 fixer uppers dumped on me all at once. Managing that many rehabs while dealing with holding costs sounds tough. If you already have a stable, performing portfolio, it could be a great option!

Ask the seller about owner financing!

Hey all! I have used Cozy for the past several years, love the software and it's great for smaller portfolios. I doubled my portfolio in 2020 and have switched to Buildium, not free but has many great features - highly recommend! 

A big thing to watch out for when purchasing new construction are special taxes. These can kill your cash flow and will be attached to your property for 15-20 years!

Hey Craig! 2-4% seems pretty normal to me. Of course, it depends somewhat on what parameters you are using. If you are strictly mailing to absentee owners this may be on the low side, but if you are just doing mail blasts to everyone I would say this is a pretty acceptable response rate.

I would always rather keep great tenants than trying to squeeze them for more rent. $200/mo annualized is $2400. I would consider what your turnover costs will be for advertising, cleaning, and  maintenance if they were to move out? Also, what will it cost you if it goes vacant for one month? Or worst case scenario, you get a bad group in there that either damages your property or refuses to pay rent. It looks like eviction morotoriums may be getting extended. I would hang onto great tenants!!! 

Hey Sarah! Love your hustle with the YouTube business and your interest in real estate. I would start out by continuing to browse BiggerPockets and reading educational materials until you're 18 because you won't be able to sign legal documents as a minor. Use this time to sharpen your axe and be ready to hit the ground running when you turn 18 and can start buying property!!

Great place for new investors to start is a house hack! Minimal capital required to get into your first investment and you'll be front and center to a great learning experience in your own home!