All Forum Posts by: Stephen Torti

Is DoorLoop the only software that has dedicated features for sec8 rents?  It seems to be but the pricing is just way higher than the alternatives.  TurboTenant is $10.75 /mo for the full boat package.  

I have been using them for about 2 years.  I just keep waiting for a UX/UI upgrade they say is coming.  It's been extremely underwhelming, not that costly but it's pretty bad.  None of those "notifications" they say they'll send every make it to my phone because it's not really an app, it's just a website as an app.  I'm looking for alternatives, I liked LandlordStudio actually but I hate the name, seems so impersonal to the tenants and not in their favor.  

@Kashif Khan Assuming there is no time constraints on your money, I would buy 1 or 2 small multis and see what you can do with them, give it a year or 2 and then you'll have an idea on what you're good at.  Either take the rest and the saved rent and go bigger after that or, depending on the market conditions, sell it and buy what you really like.

Live and breathe it, go to meetings, talk to people, walk properties as much as you can while you're learning.  Then go all in, make that big bet once you're comfortable.  

@Michael Kotylo I agree.  I've had an off market seller try and tell me "you don't make money at first, you wait for the market and rents to appreciate"  lol, not doing that, k thanks.   

Makes sense.  thanks for the insight @Steve Vaughan

Ah, I knew someone would have done it! Ok, good tip on the return on equity being the main metric to track. 

Ramsey is great for a lot of people, not trying to knock him but man, it's pathetically stupid to keep your rental portfolio only to what you can afford to pay if no one pays rent and to not use debt.  It's a surefire way to take forever to get financially free.  If you have 20 apartments and they all stop paying rent at the same time there are much bigger problems in the world than dollars. 

@Colin Kelly-Rand do any commercial loans ever fix their rates?

@Colin Kelly-Rand, monthly but it's rough numbers of trying to payback the loan in the 3 years it would take me to burn through it.  It's not even close so I didn't bother breaking out interest and expenses. 

@Don Konipol great thoughts and I agree, I like the term harvesting as well.  The other question I would have about this, assume the numbers work on multiple properties and they say you're not paying taxes because it's a loan and not income, which, on the surface makes sense, but you're also paying taxes on the income from the properties that pays off the loan.  I guess you can write off the interest expense so that's a little but still you'll have to show some kind of profit most likely.  It seems like a very intense game, could be fun haha. 

I've heard about this and I find it interesting but I haven't been able to get my head around the payback.  Is anyone practicing this strategy either locally in New England, Providence, Boston, etc. or nationally?  It seems NE and Ohio have similar markets so maybe someone from Cleveland, Akron or Columbus as well?

My question is about this financing strategy that I've heard called "Buy Refi Die."

The part of this I’m not getting is the payback.

For example If I refi a fully paid off $300k house that nets me $240,000

I take $80,000 /year to live my life or buy more.

That gives me 3 years with a mortgage payment north of $7000 before taxes, insurance, repairs, vacancy. The house only brings in $3000.

So my question is, is this just a volume game were you have to do it with multiple properties?

Thanks for the help... 

Steve