All Forum Posts by: Joe Podwats

Good evening BP community!

Besides the fiduciary responsibility of an agent or perhaps a financial advisor, is there a similar fiduciary responsibility of a property manager? If so, where might this be written? I fully expect some opinions on this question and I welcome any and all feedback to this open ended question. 

And, did I spell fiduciary right? I know I can usespell check or AI, but where’s the fun in that?!?!?

Thank you for everyone’s contributions to the community.

~Joe

@Joseph Waitkevich and the rest of the BP community...

There's another post I typed a similar reply to that discussed Stessa vs Baselane.

I am currently trying to decide between a big name bank, Stessa, or Baselane myself. If you or anyone you know has moved forward with Baselane or Stessa I'd be interested in hearing more about what's working, what's not working, whether you're self-managing, and what your CPA thinks about your reports from both of these banks (Fintech companies).

My situation is as follows:

I contract my property management to two different companies because I own in two different locations. I'm locked into the reports they use. One uses Appfolio and the other uses Propertyware. Neither interfaces or reports seem great from the landlord side and since I would like to start creating more separation between the personal/rental/individual property finances I figured I could benefit from Baselane or Stessa through their competitive interest rates, low/no fees, and property management software.

Thanks in advance!

@Jason Bobby and the rest of the BP community...

I am currently trying to decide between a big name bank, Stessa, or Baselane myself. I'd be interested in hearing more about what's working, what's not working, whether you're self-managing, and what your CPA thinks about your reports from both of these banks (Fintech companies).

My situation is as follows:

I contract my property management to two different companies because I own in two different locations. I'm locked into the reports they use. One uses Appfolio and the other uses Propertyware. Neither interfaces or reports seem great from the landlord side and since I would like to start creating more separation between the personal/rental/individual property finances I figured I could benefit from Baselane or Stessa through their competitive interest rates, low/no fees, and property management software. 

Thanks in advance!

Hi, I'm considering buying a bank owned property in Pennsylvania to use as a rental. From what I see, I would need to submit a very low offer to make the numbers work using a hard money lender. At 65% of asking price, here's what I come up with. Would anyone be interested in sharing whether they would pull the trigger or have any suggestions?

Asking Price: $215,000

Offer: $139,750

Purchase Loan Amount: $125,775

Rehab: $10,000 (or less)

ARV: $215,000

Potential Rent: $1,349

Monthly Management: $108

Monthly Taxes: $330

Monthly Repairs, Maintenance, Vacancy, Cap Ex: $188

The monthly mortgage is estimated to be $1,069 for 12 Months at 9.45%.  

No HOA, very very low crime, and schools are rated 5-7/10.

Thanks everyone!
















































Est. FICO Score720-739










RefinanceNo

Purchase PricePurchase Loan AmountYou qualify for a loan between$65,000 to $125,700.Property RehabYes

Estimated Cost of RehabAfter Repair Value (ARV)Loan-to-cost is 90%.After-repair loan-to-value is 63.15%.Total Loan Amount: $135,775Rates have been calculated

Thanks for the tips gentlemen!

Hi Everyone!

After a long chapter overseas, I will likely be heading back to the states to live in Philadelphia. I would like to link up with some great lenders, property managers, and other professionals ASAP. My goal for the next 60 days is to house hack a multifamily residential using the FHA loan program.

Any suggestions on lenders and property managers? Although I will be an owner occupant, I still prefer to hire a property manager.

Oh, and don’t forget to vote for your favorite Philadelphia food.

Joe

Hi everyone, this discussion is a few years old, but may still be relevant so going back to some of the original
questions...

I am going through an investment HELOC and being told that my state is a "marital property" (community property) state. My wife isn't signed on the original purchase documents, but now is being asked to sign at closing for the HELOC. I can't find anywhere that my state is considered a community property state, but consulting with my attorney, I going through having my wife sign at closing (both of us via POA) rather than rub against the grain. This will add some cost and time to the process, but I value the ability to leverage the equity over fighting a battle that may result in not being able to close.

I did find the following article that may be slightly out of date, but probably also still relevant.

https://www.worldwidelandtrans...

Stay healthy everyone!

Hi everyone! I'm a little late to the party, but just curious if anyone has any info about virtual REIA meetups? I'm living and working in Germany at the moment and we're suffering through partial lockdown still. I've got to break out of the funk. ;-)

Hi @Ryan Guffey

What type of contracting do you do? I’m looking to expand my portfolio of buy and holds in your area and wouldn’t mind connecting to see how I can help you.

Hi @Luther Wilson III

Would you be willing to detail your positive experiences working with these lenders? It can be publicly or via direct message. Either way, let’s connect.

Same goes for anyone else that some experience working with these lenders.

Thanks so much!