All Forum Posts by: Matt DeBoth

@Travis Shelton I used to use Buildium but just switched over to Appfolio. I couldn’t be happier. It’s a pretty automated system and has more reports then I know what to do with.

Im looking for a potential property manager for 20+ units just outside city limits of Des Moines, Iowa. If anyone has any recommendation or can point me in the right direction I would greatly appreciate it.  

If they were a good tenant and were there awhile I would fork over the $100. To me that is cheaper then haveing them move out because of it, then have to clean/paint/advertise plus loose out on a few weeks of rent.

You could always get a VA loan and buy a multi family property (4 units or less) and house hack. The VA has great rates and it’s 0% down and no PMI, and on a 30 year note. That would probably be your best option. If you did get a 4 plex you could possible pay your entire mortgage payment and stash away enough money for a down payment on your 2nd property (or get another VA loan and house hack that too).

Haveing a local locksmith put all the keys on a master key system is the best I have found. He can rekey the locks and that alone saves a lot of money. Also if one of my tenants looses a key the locksmith has that key on file. They show their ID, I give the locksmith a call, and the tenant pays for a new key.

Awesome job!!! That is quite the accomplishment. 

I thought I owned a lot of rentals (50+ doors) and knew everything. I ended up finding one of the biggest REI/landlords in my area and spending every free moment I had with him from asking questions to running errands. It has taught me that no matter how much I think I know or have it’s still not enough. I can’t express enough how much more you will learn from someone who is 20 steps ahead ofyou. I wish I had this mentor when I started, I would have made fewer mistakes.

What I usually do is do a cash out refi for 80% of the appraised value as long as the house will still cash flow. I have enough income from my other properties to live off of. I'm at the point where I want the debt reduction from the renters so the house will be free and clear in 8-10 years. Then I take that cash and roll it into the next house and so on. Usually the houses I buy have enough equity in them that when I refi I get my money back plus more so it really helps on the next house. Everyone has different goals. This is just where I'm at in my career now. Hope this helps.

https://www.biggerpockets.com/renewsblog/2015/02/19/embarrassed-offerhigh/

If you're not embarrassed by your first offer then your offer is to high.