All Forum Posts by: Kevin Feng

Thank you everyone. I started looking for a new PM. Has anyone heard of PMI of Memphis?

Originally posted by @Josh C.:

It is typical a PM company to hold $300 or so per unit or hold on to rents until the end of the month. This covers any costs they come up throughout the month like water bills, toilet replacement, etc. Otherwise the PM company would have to float thousands, maybe tens of thousands of dollars for the owners. And most choose not to do this. Can’t speak to this particular company but that’s a common practice.

 Thanks.

@Justin Wotring congrats!

Thanks to all for the reply.  I do appreciate the advice.  

@koleton Daley Thanks for the heads up.  I am considering a new PM and will likely start looking.  I am still fairly new at this so was the process to change PM from Crestcore to another a painful experience?  Since I have a 1 yr contract, I wonder if they are going to make it difficult to switch.

Same question I have myself.  Anyone?

I know in order to show income on rentals, you'll need 2 years of tax for conventional loans.  Other than that, no idea.

My $.02, if you got the $, payoff your primary (liability). Open a HELOC against your property and leverage (private/hard money lender) for REI. Keep growing portfolio for two years. You should be able to apply for conventional at the point.

I use Crestcore in Memphis, TN.  Not a very responsive company. I wonder if it's normal for them to request and hold a minimum amount in my account for repairs.  At least that's what they claim as the purpose.  I am not a big fan of the idea but lack experience to understand.  Does anyone know if this is common or not?  I want to stop this.  

@Jennifer Ryan plenty. I am working with one now. RCD capital.

@Patrick Culleton Nope. Negative cash flow is never good, don't work for free.

@CJ S. Maybe find partner and combine for a house? Get a % back. Beats putting in the bank, otherwise Fundraise is another option for dividend income. P2P lending is an option too.

$10k is not allot but it's not little either. Like many suggested, invest in your real estate education if this is what you want to do.