All Forum Posts by: Mike Gordon

I started an application with Neat Loans and they advertise a good rate and low closing costs for an investment property refinance.

It looks like they were a company that was rebranded into Neat Loans this spring and some of the old reviews that refer to to previous brand were negative, especially about them not being able to perform the closing after the application is submitted and approved.

Has anyone had experience with Neat loans?

@Joel Patterson that sounds really high. The properties I've bought (mostly SFR) have needed a $1000 or $2000 earners money deposit. I don't know the rules in Florida about buyers backing out and getting their money back but maybe they're very buyer friendly.

I would probably offer $2500 and no more unless the property is a stellar deal.

@Mindy Jensen I manage one of my properties myself and get a whole year of checks in advance from my current tenant, but thinking of switching to zibo.co

As an investor, when taking a relatively large >$500k portfolio loan which option would you choose and why?

5/6 ARM at 3%, $1800 in points + $1000 closing costs

30 yr fixed at 3.5%, no fees and closing costs covered by rebate except for prepaids

@Luciano A. Are there keypad door locks that don’t require wi-fi to function? I don’t want to keep internet service on in a vacant unit just for the door lock and when a tenant moves in they change the WiFi anyway.

I’d be interested in hearing about remote solutions that don’t need WiFi access.

I also don’t want prospective tenants in my units unattended. I think there are liability concerns too - what if they don’t return the key, have a party, and the place burns down?

It would be nice, however, to be able to let contractors in remotely.

Also how do you set these door locks up with tenants so that they have access and you do too? Wouldn’t they want to change the code or not allow the landlord to open the door remotely?

@Raphael Collazo I’m also looking for a contractor in Louisville if you still know one. Any chance you could send me some info?

@Canaan Knigge did you ever find a contractor? I’m looking for one to do some work to turn a rental property - replace shower/tub plumbing and retile it in a bathroom, carpet, paint, and some dry wall replacement.

What have others found for average costs in Louisville, KY for paint, carpet, dry wall, and plumbing? More specifically I’m looking for:

Price/sqft to install carpet

Price for painting a 1500sqft house

Dry wall per sqft or linear foot

Replacing bath/shower valve and hardware

Tiling an average sized bathtub

Anything somewhat related is interesting to me. I’m turning a rental around and have some repairs, paint, and carpet to do and want to know what it might cost.

Thanks for the advice! I’m closing on one in the next few days and potentially looking for more.

I own a couple of SFR and I haven't consistently raised rent the last few years. I've readjusted the rents to just under market while vacant. Both are in relatively strong rental markets (Los Angeles, Tucson). As a landlord do you raise the rent every year or do you wait a few years to step up to a new rent? I'm planning on raising the rent on both houses next year when the leases are up for renewal but this would be the first time in 2 or 3 years for each.