All Forum Posts by: Mitch Brunette

@Alysia McDonald

Good Morning! If you want to shoot me a private message I can send you my phone number and would be happy to chat in a little more detail.

I purchased one single-family rental in the small town market and it has gone really well for about 15 months and I have no concerns about it going forward.

I am potentially going to buy three or more houses down there by the end of the year however I am looking at a different business opportunity at the moment that is holding me back temporarily!

@Wendy Smith

I refinanced a 30 year traditional with 35% equity (my original down payment + 15%) at 3.125% fixed. Was at 5.125. I closed on that note 4-5 weeks ago.

@Peter Nikic

Hi All. I was considering offering my tenants (two good tenants) a 15% rent credit for rent due on April 1st. But must be paid on 1st (they always do pay by the 1st-3rd T latest).

I have 2 years unused reserves in CAPEX, Vacancy and Maintenence. Thats how good of tenants they are. One could be impacted by hardship but maybe not, the other is a nurse and is probably working her butt off.

We saw it as a “we are all in this together” moment and maybe “its not all about the money” moment but are also concerned about setting a precedence.

I’ve seen syndicators proactively offering one month free. I can’t do that but thought the gesture would buy good faith and avoid being taken advantage of should legislation interfere with evictions soon?

Thoughts?

@David Wallace

Welcome aboard, good luck!

Hi Bjorik, I tried to sign up on meetup but every time I clicked that I was attending it said it wasn't able to process the request.  See you and others there next week.

@Justin Scott thanks for the quick response. I remember hearing a Tim Ferris podcast where someone said "if you can cap the downside, the upside will often take care of itself". Had nothing to do with real estate but that mantra has stuck with me and I've enjoyed it here in regard to REI. short term its been great as described above and longer term on my first deal rent went from $1700 to $1750 with next tenant and that tenant took an increase this year to $1775. Nice to get extra cash in bank incase rents ever go back down for some reason. Market is higher than $1775, maybe $1850-1900 but wasnt worth getting a new tenant when I have on time payers who have needed $600 in maintenance their first year (washing machine transmission and a couple closet door tracks) and would have to pay $1400-1600 in a new tenant leasing fee along with 8-10 days vacancy and any turnover costs and MY TIME. Good luck on your hunt. Im bored now while building capital since I just bought my second deal.

@Justin Scott

I self scouted and searched to get my own range and made my two deal decisions based on low end of my range. Audited with property manager after making my own range and in both cases PM knew more than me, and got me $200 more in rent on one, and $115 on the other with qualified tenants.

@Kirby Davis

One suburb Minnesota SFH achieved 11% year one and is on its way to 14% in year two (lower than planned expenses, and rent increase w/great tenants). Another SFH in a remote market in Minnesota but good population of 18k, I'm 2 weeks in and year 1 projection is 20-22%. Time will tell on that. Both are minimal cash in on repairs/maintenance and primary cash in was down payment/closing costs. Both coc above are after accounting for all expenses short and long term, vacancy and property management. My next deal I aim to BRRRR and get at least 60% of my cash out but aiming to achieve 100%.

Hi Everyone!

Closed my second deal, took me 18 months after my first one.

1,600 sq ft SFH 3/1. Room to add a 4th bedroom or turn basement into second unit in the future.

MLS FSBO is where I found it, initial list price was $69,900. Final price $63k. Negotiated without realtor and using some tactics from "Never Split the Difference" and the BP Podcast with Chris Voss.

Rent $950/mo and tons of traction already on the listing. Or $1,025 with pets.

Renovations: very minor had a open attic unfinished space sheet rocked off primarily for safety hiding nails, but also a cool little reading room or desk space for someone. And painting the whole inside.

Future plan: after a couple tenants upgrade Kitchen and Bath, consider duplex option if it make sense. It already has a perfect layout for separate entry.

@Shannon McLeod

This isn’t a driving for dollars scenario but I own one side of a twin home that is my first rental.

I looked at county records and found the owner of the other unit is an LLC. I googled the LLC some and found 3 different addresses. I mailed the same letter to all 3 and got an email from the owner.

She didn’t want to sell her rental (bummer), but was glad I reached out since we own a structure together and I just assume eventually she will sell to me.

Not that finding owners is always that easy but worked for me.