All Forum Posts by: Marcelo Bellinaso

Thanks for all the responses! I'll definitely check BECU, Umpqua and Banner Bank. First Tech has a great HELOC product for primary residency but not option for HELOC on rentals.

Looking for a lender that can open a HELOC on a rental property located in Redmond, WA. Any pointer will be much appreciated. Thanks!

Looking for a lender that can open a HELOC on a rental property located in Redmond, WA. Any pointer will be much appreciated. Thanks!

Thanks @Peter McDonough and @Mike S. Yes we were evaluating the 5 4-plexes but a visit to the property and the lack of verifiable info to complete the due diligence pretty much killed our interest in this property. 

Looking for someone who currently owns multifamily properties in North Huntsville to ask a few questions about the area. I'm working on a MF deal located near Chancellor Square and Winchester Rd NW but have some concerns related to school quality, crime/drug activity, average income, tenant pool, etc. Do you mind sharing your experience investing in this area and expectations for future improvements? Feel free to contact me directly if you don't feel comfortable sharing with the broader group. Any help will be very much appreciated!

@Tal Simpson @Robert Gilstrap Renters warehouse managed 4 units of my WA portfolio for 12 months. Overall the experience was positive and their their low, fixed monthly PM fee saved me quite a bit of money in 2018 (~89/house/month vs. ~230/house/month). In my experience, the main difference in their approach is that they split the traditional functions of a property manager across different individuals/teams and invest heavily in self-service platforms and technology to ensure information flows timely and correctly across all parties involved. While this was OK with me I did have to pay close attention to how maintenance issues were handled to avoid execution problems. I also noticed that some my tenants were not very happy with the need to interact with different actors required to get their requests resolved. They have an opportunity to super-charge their model by improving internal communications as separation of functions have the potential to create disconnects if the right tools are not in place or employees are not training well. I decided to transition back to a more traditional PM approach (one point of contact for all things PM) for 2019 as my new job will be demanding and require travel but if nothing had changed I would probably have stay with Renters for the foreseeable future. I hope this help... let me know if you have any questions.

@Robert Gilstrap This is a fascinating discussion and I really appreciate your insights. In my view, the assumption that % of rent alone can ensure a property manager will do their job well is flawed. I'm far from an expert in real estate but my observation is that the real estate industry is being disrupted and new business models are emerging. Scale can change any game (Amazon is an example) and some providers will to bring to market things that were unthinkable a few years ago just to reach enough scale and market share to disrupt their competitors. The question for me is 'can they fulfill their promises and build trust in order to get the chance to and continue playing the game?' That's what I'm trying to learn about Renters Warehouse.

@Robert Gilstrap 2 things attracted me to Renters Warehouse: fixed monthly fee for property management and fixed fee for lease renewal. If they are able to deliver with quality, this fee structure would help me improve the cash flow situation in my portfolio. 

Hi Seattle community- any comments/feedback about Renters Warehouse? I'm considering testing their marketing & property management services in one of my properties. Looking specifically for comments about their fee structure (hidden fees that are not disclosed on the website) and quality/effectiveness of their property managers over the course of a lease. Thanks in advance!

Hi Seattle community- any comments/feedback about Renters Warehouse? I'm considering testing their marketing & property management services in one of my properties. Looking specifically for comments about their fee structure (hidden fees that are not disclosed on the website) and quality/effectiveness of their property managers over the course of a lease. Thanks in advance!