All Forum Posts by: Martin Neal

@Dave E. It’s hard to open a closed mind. You have to let her come to you when she’s ready. I’m my opinion, that’s the only way. It’s good that she isn’t hindering you from doing deals, at least that way later she could see the gains from real estate.

@Nathan G. I wonder what the percentage was before the pandemic?? Either way, all the landlords I know are collecting 90+% rent. I don’t think it will continue to get worst, but I do believe we will see a big wave of evictions coming. The landlords who are not collecting rent probably don’t run a tight ship.

@Keegan Darby Pros of section 8 tenants: average length of stay is 10 years and rent checks is always on time depending on status of the government.

Cons: inspections can be annoying if you don’t know how to deal with them. Tenants will do tenant things such as normal or sometimes excess KC wear and tear, moving in extra family members.

To be completely honest, they are just like any other tenants. You still need to screen them properly. I’ve done section 8 for years and have no regrets.

@Rhett Miller Short answer is I put the requirements in the listing. It weeds out a lot of unqualified applicants. I always make sure the house is clean and ready to show. No apparent maintenance issues.

@Wade G. It’s all about your financial goals. Some want FI (financial independence) and others want to borrow every dollar they can to use as little of their own money as possible. Do what’s best for you. Just don’t over leverage yourself.

I've completed a BRRR but I am having trouble finding a lender to refinance for this low amount. I looking for any private money lenders who would be interested in being a lender on this deal. I would also like to build a relationship as I do have other deals like this in the pipeline.

I have an appraisal for $90K.

I am looking for a loan of $60K (I used a fix & flip loan to do this project and would like to pay off the lender).

The terms are negotiable but ideally would like to do a 30 year fixed.

This property is in the Chicago IL area.

Please let me know if you have any questions. Thanks in advance.

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@Jeff Lee depends on the size of the deal. Anything $1M and up is probably a hassle to do less than $20K.

@Rodney Mitchell I would lean toward the credit union. Probably the best rates.

@Rodney Mitchell your preference. All are good options.

@Jason Graves Put a cup on the table and fill it halfway with water. What do you see?? While it can be stressful, it can be rewarding too. We choose what to get stressed by. If you’re not forcing your daughter, then I don’t see the problem. Let her choose her own path and adjust accordingly. With a dad as experienced as you, I’m sure that she won’t get too far in over her head and will make it work. I plan on doing the same with my son. Good luck.