All Forum Posts by: Justin White

Hello,

I'm having trouble figuring out how to receive a security deposit. I am required to hold it in an escrow account and inform the tenant of the location. I use chase bank and TurboTenant software to manage the rental. Turbo Tenant can only deposit into checking accounts. I'm not sure if the deposit can be held in an account with only my name on it. I'm also not sure if the deposit can first be transferred into a personal checking account and then into a savings account. Anyone use Turbo Tenant that can help with this? Thanks.

Thank you both! We decided on turbo tenant for now. First property so it will be easy to switch if it doesn't work for us. Thanks again!

My wife and I are about to lease our first SFH. We will be self managing until we leave the area. What app do you use? What do you like about it?

Does anyone have an expense tracker for rehabs/flips that they would be willing to share? Preferably in Google Docs. I would like to start totaling receipts, but don't want to reinvent the wheel as I know there are a lot of smart people that probably already have one. Thanks!

Hello Rickey and welcome!

To answer your question about where to start: I suggest narrowing down what type of RE investing you are most interested in and search the site for related information. There are numerous blog articles, books, and forum posts by some very experience people that will help get you started. The beginners guide to real estate book is an excellent place to start and will help you get a foundation. Don't be afraid to ask questions in the forums. Also, the Bigger Pockets Podcast is awesome! 

Best of luck to you!

That makes sense, do what the makes the numbers work for you. 

They typically allow up to 70-75%, so 60% would be fine. I wouldn't worry about how conservative it is, just focus on what works best for you. If property values are going down in your area, then a more conservative approach may be appropriate. If not, maybe you want to finance the full 70% and get yourself another deal. 

Most financial institutions will only let you finance 70-75% of a property's assessed value, therefore leaving 25-30% equity with the home. If the banks are comfortable with that, it will likely be good enough for you as an investor who is trying to leverage your money. 

Additionally, when leaving equity in the property, don't forget to look at the cash-on-equity return. If its too low, your money isn't working hard enough for you. 

Best of luck to you!

Hello All, 

I am also in the Saint Mary's area. Question: how have you determined your rent prices? I am about to finish up my first BRRRR, single family, and want to price it appropriately.

Thanks in advance, Justin

I see, I have done a lot of driving for dollars. I particularly look for vacant homes and search public records, but usually don't find phone numbers. Often times if an address is listed for the owner it is the same address as the vacant home so it leaves me at a standstill. What has been your overall response from the cold calls?