All Forum Posts by: Lee Stephens

@Sid Montero Sid, I would definitely shop around for other lenders in your area as 20% is typical on a first SFH rental property. The only difference is the rate you'll get. The best rates you'll see on rental properties are in the low 5s right now. Hope this helps! Good luck!

@Hans Christopher Struzyna Thank you for the input, this helped a lot. I think it all comes down to having trust in your PM to make the right decisions based on the agreement that was made. 

@Terrell Garren Agreed.. bad tenants can SOMETIMES be trained but nothing beats a good tenant from start to finish...really appreciated the advice! 

Hi BP,

Looking for recommendations for plumbers, electricians, handymen, and/or someone that can fix appliances in Northwest Indiana.  Any help is greatly appreciated. 

Hi Peter @Peter Tverdov I have been going back and forth and understand where you’re coming from. I think it’s going to depend greatly on the quality of tenant and will go from there. I also think I will be getting a lot of value by going through the full process of it.

@Timmi Ryerson thank you for the input! I’ll look into the software. What’s your opinion on managing a property that far away?  I get mixed opinions from both side.. like I said, i’m far from being a handyman which is frightening. However I do understand that there are a lot of other components that go into managing.. 

Thanks everyone! I understand that most property management companies aren't the greatest and would love to manage myself; however, I'm about 45-60 minutes out from the property, work full time and have little handyman skills which frightens me.. therefore my plan is to start off self managing but also want to have a plan B in the event that I feel it is needed

Hi BP,

I'm coming close to owning my first buy and hold rental property and came across a question regarding management. I'm going to self manage myself; however, in the event that I would need to transfer management to a Property Management company, what would need to be done? Would I need approval from the tenant? Is there any other important information I should know regarding this process?

Thank you!

@Harjeet Bhatti thank you - to clarify, low 5s are the best rate for investment properties right now? 

Hello,

I'm putting 20% down on a property that's around 100k and just learned that lenders charge higher rates for smaller loan amounts. I'm looking at low 5's compared to low 4s..  Are there any ways around this to receive a lower rate? What's the typical minimum loan amount to obtain the cheapest 30 year fixed rate? Any advice is greatly appreciated!

@Adrien C.Just sent you a message

Appreciate the feedback and like your perspective on this. The long term goal is real estate; I need to break it down from long to short term and see what makes the most sense.