All Forum Posts by: Kyle Madero

Welcome to Bigger Pockets. I’m from Santa Clarita as well, but now I’m up here in Boise, Idaho. I hope you find what you’re looking for. Definitely utilize the BP community and books. Good luck to you.

First off I wouldn’t limit myself to “first come first serve.” Ultimately you’d want to find the RIGHT tenant who will have great credit, income, rental history etc. I would choose from as many different applicants as you could so you’re not limiting yourself to 1-5 applicants who were first to apply. Also I would avoid a tenant who is willing to pay for an entire year’s worth of rent up front. There might be some issues with their credit or something else that they don’t want you to know. Choosing the right tenant should always be a priority so don’t limit yourself. The last thing you’d want is to have an eviction on your hands. Then you’ve got who knows how long of a vacancy you have to account for. Be selective and be picky. Good luck.

Yeah, I would definitely take a look elsewhere just to see how other companies operate. Don't skimp on the management fee since you get what you pay for. It never hurts to shop around as much as you can though. 

We split late fees with the owner. 

Also we would never think about keeping anything from the security deposit. I'm not sure what the exact laws are in your particular state but this doesn't sound right to me whatsoever. 

Thank you @Lisa Kohl. I'll check it out. 

I will be moving back up to Boise around 7/22. Will there be future meetups?

We use AppFolio. It's extremely organized and helpful. Also for showings we use Showmojo which automatically schedules online for us. Showmojo works with AppFolio so it's a pretty nice set up. 

Keep in mind that tenants will reach out to you for small and large requests. Response time is key. You may get a call for a leaky toilet that is causing damage to the ceiling upstairs or to their personal items, and the tenant is expecting a quick response. Just ask yourself: "Do I want to be answering these calls at who knows what time of day?" You can definitely do it yourself to save on the monthly management fee, but then you also have to think about the potential headache of a tenant who does not pay on time. Train your tenants, but also be prepared for serving 3 day notices to pay rent and then also ask yourself if you are prepared to move forward with the eviction process. 

Wow. Great job with this one. Have fun on your future rehabs.

One more question, if using a double close would a wholesaler need funds to purchase the property for the A to B transaction to own the property to then transfer title over for the B to C transaction? Example: Let's say the house is going to get under contract for 300k, I approach seller he agrees to that price, then I go to my cash buyer, then we head to title for a double close. What funds on my end as a wholesaler would need to be present? 300k for the purchase price? Pretty confused by double closing since I've heard that you don't need funds for the purchase price but then I heard that you do.

@Nicholas Novak I'm in California. I thought I had a basic understanding of assignments and double closes. I thought that with an assignment, the seller would see how much of a profit I'd be making. When someone chooses to double close, it is to keep the seller from seeing exactly how much of a commission you'd be making. Then there are simultaneous closes that I've heard of. Basically the options for choosing how to close is one of my main questions. I've also seen that not every state allows for a simultaneous closing (which I believe is when you are able to use the buyer's money to fund the whole transaction?) 

@Josh Miller I have definitely been looking at sold and actives within the last 3-6 months. Most of the homes in the area are 3 / 2 or 4 /2. This is a 2 / 1 at about 890 sq ft. A bedroom and bathroom would definitely need to be added which would factor into estimated repair costs and arv. Hopefully since I came across the property while driving around, timing is not of the essence so I can research closing more closely.