All Forum Posts by: Josh VanSetten

We have collected all of our rent this month in full.  We are lucky to be in central Montana where it has not spread widely as of yet.  Our tenants also do not work in non-essential areas.  We reached out to them a a few weeks ago and said to let us know if they would be having trouble and we will work with them.  Most likely paying what they can and splitting the rest up over the rest of their lease.  If we do end up having no rent come in we will apply for assistance and whatever we can qualify for we would not require from our renters (if that makes sense).  We only have four single family homes so we are small compared to a lot of you.  Good luck to everyone!

Currently re-reading Rich Dad Poor Dad, and Miracle Morning for my "study reading" and Charlie Wilson's War for fun.  

I think it may have been an issue since the well (Sandpoint) itself was in the basement rather than a cased well outside the house somewhere.  No matter we did enter into buy sell on this one.  Waiting for title work to be done.  

@John Warren, thanks for the reply. My banker said that if the loan goes on the secondary market, it would perhaps be an issue.  We are using commercial loans to finance properties so we have a little more flexibility.  I really appreciate your input.

I am looking at a property in my small hometown.  It has city sewer but the water is on a well with the pump and pressure tank in the basement.  Someone told me this may affect the ability to finance the house.  Anyone have any experience with this.  I will be calling my banker tomorrow but thought I would ask you all.  I am not sure why it would matter

@Nathan Shankles I am in Montana and have properties in a couple of towns in North Central Montana.  2 in a small town called Choteau where I live along the beautiful Rocky Mountain Front and 2 in Great Falls the closest decent sized "city".

Depending how that units floorplan is, a ductless mini-split heater/AC would be a good maybe be an option.  Then you get a new efficient heat system and add AC to that unit.  

The last two deals we did are. Purchase price 74,500 rent 1,200. We did rehab it for 25,000 ish. So not sure how you calculate that 1200/99,500= 1.2. Some may say that is a bad deal, but we BRRRR'd all our money back out so I am happy. This next one is move in ready under contract for 45,000 rent for 700. 700/45,000= 1.55 this one is move in ready. I think a "good deal" is somewhat relative. If you are playing the long game a lower percentage may work good for you. I am happy with both my deals even though they are very different from each other.

@Nik Lee,. Thanks!

@Jerrett Wilson good luck on the search!  Let us know how it goes.