All Forum Posts by: Kurt Phillips

@Jason Zhao, yes we do background and credit checks on every single tenant over the age of 18 unless they are still in school and with their parents.  High school that is, not college.

@Val J. if you wait for the tenant it may never get done.  Its your asset and in your best interest to have that property secured.  I recommend getting a hanyman out there tomorrow or do it yourself asap.  Then bill the tenant.  Add the bill to the rent due and treat it as part of the rent.  If they pay the rent but not the bill its considered late.  If they make arrangements with you to pay it off in payments then I would personally be ok with that as long as they made the payments.  First one missed and its on to protocol of a 3 day notice to comply and then proceed with the eviction.  

Hope that helps.  Good luck.

@Marty Summers you said a mouth full in that last sentence. 

"so this next purchase is real important to launch us to the next steps."

What is the next step? Is it out of your job, vacation fund, retirement money added to a 401k, taking care of aging parents....You determine what the goal is and the answer will become crystal clear. I personally like SFH in my area for appreciation. But I own all multi family properties because, while smaller multi families (2-4) don't appreciate in my area, I buy them for cash flow which is my priority number one. The more doors, the more cash flow.

That is obviously my very simplified strategy.  But define what the end goal is you hopefully that will help you.

A networking opportunity for local investors, landlords, wholesalers, and such. Have a property to sell, looking to buy, or just want to learn then come check us out. 

Any updates regarding this company

I'm looking at cashing out on a property and I'm having a heck of a time getting the refinance done.  I came across Visio Lending and found this thread.  The terms don't seem too bad for what I'm wanting to do. 

Hello @Eric Edwards welcome to Bigger Pockets!  Up until 2 years ago I was a UPS delivery driver and my route for 9 years was in town Logan.  Good shot our paths may have crossed if you have been there for any length of time.

We meet on the 3rd Wednesday of every month at 6:00.  

A networking opportunity for local investors, landlords, wholesalers, and such.  Have a property to sell, looking to buy, or just want to learn then come check us out. 

I have had 3 specific investor CRM's referred to me for keeping contact with leads as they come in:

REI Blackbook

Investor Carrot

Lead Propeller

I'm curious if anyone has had experience with one or the other of these.  Or even with another one not mentioned.

Great advice @Kelly Iannone, as I was reading your post @Zoisa Marsden I was planning to respond with the same advice Kelly gave.  Just be patient and save your money.  Knowing you have a loan in place where you only have to put 3% in is fantastic and should be a huge encouragement to you.  Finding a private lender to put down the 3% for you still does not give you any cushion for repairs, cap ex, etc.  

Also, if you were to get a hard money loan or private money loan be sure the numbers still work because they may not.

Great points @Anthony Gayden although commercial lenders are leaning less and less on net worth and more on cash flow.  At least that has been my experience over the last few months on a deal I'm working on.

SFR are easier in alot of ways and more desirable to future tenants. You can add value to them much easier than a multi family property and they appreciate whereas you smaller 2-4 units don't seem to appreciate at as fast of a rate. Obviously that is all based on the market you live in and where you end up investing. I really like residential multi family sfr, especially starting out because you can learn the game quickly instead of dealing with syndicating and dealing with commercial lenders which is a little more advanced.

Although I will say, invest hard and go all in and your learning curve from beginner to advanced can happen quickly!