All Forum Posts by: Lauren Cooper

My ideal rental payment management software would include:

• Receiving rent payments from tenant (Autopay or not autopay from checking account or credit card)
• Able to add fees as needed (Pest control, minor damages, late fees ect...)
• Reminders/Notifications of late payments for landlord and tenant
• Automatic deposit into bank account (Preferably with ability to split between 2 accounts)
• End of lease notifications for landlord and tenant
• Automatic notifications for landlord and tenant for specific maintenance items (Change hvac filter, reseal granite countertops, ect...)

Do any exist that do all of these things? I only have one rental at this time, but I working on getting more.

No. I found a good roofer and a good HVAC guy. I might also have a good plumber. I am still looking for a good GC and some other good subcontractors like electrical, framing, drywall, ect...

The ones that are comparable sqft are around $550k.

@Nathan G. The problem is that there's not any good comparables in the area. It's a 5248 sqft home on 20 acres. Right now there's no homes for sale or that have sold that are comparable. Some that are nicer on a lake for $800k-$1m and some that have comparable sqft on 3-5 acres.

@Nathan G.

I need somewhere to live in the meantime. The $350k also includes a 2br 1ba home that I will be renting out. I'm not getting a mortgage on that one.

I'm having trouble getting anything more than an estimated ARV. How do you suggest getting an accurate ARV?

I just sold the house I'm living in for a large profit. Because I lived there for 2 years, I avoided paying capital gains tax on it.

I found another house that needs updating that I want to live in for 2 years then sell like the last one.

I am paying $350k for it. It needs $100k in repairs/updates.

Which of these would you do?

A) Pay $350k cash, do repairs only for $50k cash, then get a mortgage (For around $400-$500k) and do remaining updates over the next 2 years?

B) Pay $350k cash, do all repairs and updates for $100k cash (which is all of your liquid funds), then get a mortgage on the full ARV ($500-$600k)?

C) Pay $350k cash, get a mortgage (for $350k),then do $100k in repairs/updates?

D) Pay $350k cash, get a home equity loan for repairs/updates for $100k?

I would like to use some of my cash for purchasing houses using the BRRRR method, and other investments in the meantime. My goals are to grow my wealth and portfolio as fast as possible. I want to do this full time.

@Wayne Brooks

My goals are to continue to build wealth and my portfolio as fast as possible.

I just sold the house I'm living in for a large profit. Because I lived there for 2 years, I avoided paying capital gains tax on it.

I found another house that needs updating that I want to live in for 2 years then sell like the last one.

I am paying $350k for it. It needs $100k in repairs/updates.

Which of these would you do?

A) Pay $350k cash, do repairs only for $50k cash, then get a mortgage (For around $400-$500k) and do remaining updates over the next 2 years?

B) Pay $350k cash, do all repairs and updates for $100k cash (which is all of your liquid funds), then get a mortgage on the full ARV ($500-$600k)?

C) Pay $350k cash, get a mortgage (for $350k),then do $100k in repairs/updates?

D) Pay $350k cash, get a home equity loan for repairs/updates for $100k?

I would like to use some of my cash for purchasing houses using the BRRRR method, and other investments in the meantime.

Does anyone know any good contractors in the Atlanta Metro area? I'm looking for someone who works with investors/buy and hold/flippers.