All Forum Posts by: Orion Patenaude

 Yes my experience has been similar. Though Ed ( mentioned below) has reached out to me personally which is a touch i can appreciate. So in the end i have stayed on rent ready and use it in its most basic form. Names and rent collection and the passing of some documents... Honestly since my last time being active on here i have educated myself in book keeping and accounting. (caught my book keeper stealing) and since then i do most of my rentals in Excel wich was very easy until recently because i have many entities. but since we have grown i think its time to just pay for Quick books and track rentals in there. Sorry you're having such an annoying experience. 

Hey jamien, if you are gonna move out of your first primary residence and you get someone to sign a lease that covers that mortgage it can be used by a lender like myself to remove that first mortgage or a percent of it from your DTI. (freeing up space for you to borrow the same way again on another primary.) feel free to follow and of course i lend in all states except NY and WY so dont be a stranger

Hi Neel, I believe what the others have said to be true. However as a residential mortgage loan originator and as an investor my advice is to pencil out the deal both ways. Then compare which one fits your plan or goal better. i wouldn't bank on lower rates in five years but with an ARM you can bet you will probably pay higher rates after five years. I got started just like you. i used a res loan fixed 30 year to get my first place and live in it. I specifically purchased a place that would make an excellent rental and then after a year i did it again using an exit lease agreement. this is the legal and right way to use res loans without committing fraud for housing. Anyways i would say that if the deal works at a fixed 30y rate than i would probably do it that way. then in 5 years if rates are lower you can always refi. Im sure you already have a finance guy but if you ever wanna chat or need another lender who is also an investor with wealth building goals, please feel free to reach out. i am located in WA state but i operate in all states except NY and WY. Good luck on your journey to freedom Neel

its collecting rent like it should but thats it so far. im gonna look at Avail after a friend suggested it.

 Well the Founder of RentRedi reached out to me via phone and that truly helped me feel better about them as a company. However i agree there software has bugs they need to work out. I think Rentredi is fine for some one who adds a few tenants a year but any more than that would frustrate me. I am giving them another shot though before i make the swap. Only because Ed Barron's phone call though. i will follow up.

I can tell you Rentredi is a huge time waste between issues with the apps and lack of service. big thumbs down and im honestly surprised they are promoted on here. 

I HAVE NO IDEA WHO IS HAVING A GOOD EXPERIENCE WITH RENTREDI BUT AFTER 3 MONTHS OF NOTHING BUT ISSUES I HAVE CHOSEN TO CANCEL. 

You will not have a problem getting them on the phone to buy rentredi but that is the last time you will recevie real service. bugs with the app, terrible service and angry tenants have lead to extreme losses of time. 

Update: Rentredi has proven to be absolute garbage! full of bugs in the software and an a team of fools. IM REQUESTING A FULL REFUND AND NOW LOOKING FOR A NEW SOFTWARE. I WOULD LOVE SUGGESTIONS. 

So I am reporting from a neutral stand point on the Rentredi software after 2 weeks of being a member. I would love to hear opinions from others who have more experience with Rentredi. I will update this post as time progresses. 

I was contacted by a Rentredi Rep after expressing interest. He was very well spoken and sold me on both the program capabilities and  the "24 hr customer service" Also he did send me the Bigger pockets pro member 50% off code that I could not find so that was great! 

After paying for the service I did have some difficulties mostly because I was expecting to use Rentredi to list my properties and screen my tenants that first week ( leasing goal the 15th, Jan. 2022)  What I ran into was the fact, you can not list or really use the site until you attach a payment account ( bank account to a property). After adding account I ran into almost week of issues verifying a simple checking account. I became fairly frustrated with the run around between the 4 different service reps. Anyway its operational as of today so i am going to chalk this experience up to a ****** start and hope for the best moving forward. I will update this with my thoughts after some more time using the website and app. 

I would love to know what the popular opinion is for RentRedi from other BP members. looking for assurance or if i should cut my losses quickly? 

tiktok carsandhouses

Investment Info:

Other buy & hold investment.

Purchase price: $680,000
Cash invested: $80,000

Found this Gem on the MLS in the first 3 hrs of being listed! 3000 sq ft single fam with mother in law studio! had a 3000 sq ft shop (airplane hanger conversion) on the property as well as a 1000 sq ft 3 bay garage! while living in the single fam this property cash flows 500-800. if we move out then it cash flows 3000-3500 mnthly !!! i call that a HOME RUN! we threw a party on New Years and everyone that came AGREED... HOME RUN BABY!
my partner and i are pre approved and sitting on another $150k capital and hunting for more!

What made you interested in investing in this type of deal?

I am in a crazy high market so the only way to get a deal is to see value others are missing! thats exactly what this was! repurposed property for better value and ROI!

How did you find this deal and how did you negotiate it?

actually found on the MLS and figured if i captured it fast enough it may slide under other investors noses! thats exactly what happened. I let my Broker negotiate but i did make a phone call to the seller and let him no i was not going to be in any bidding wars and that my offer expired 9pm that night! i did make a very good offer 50k over asking but the rental comps with the shop on the property supported purchase price up to 720K

How did you finance this deal?

conventional with 11% down

How did you add value to the deal?

renting out the mother in law studio, two 12 x 25 storage units and 3000 sq ft shop

What was the outcome?

we are still leasing up but we have action at prices above my conservative estimates!

Lessons learned? Challenges?

There will always be surprises! be conservative with ROI estimates to give yourself room. HIRE EXCELLENT TEAM MATES NOT CHEAP LABOR! Your results will be a direct reflection of the actions performed by your entire team! From the owner down to the cleaners!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

YES!
PRMG residential lending in Puyallup WA! they rock! look them up and ask for Jesse shoulders! you wont be disappointed!
www.homeloansbyjesse.com

Broker: Madison Del Vigo (Top 5%) Coldwell Banker Evergreen Olympic Realty, Inc Tumwater WA
You will NOT find better!