All Forum Posts by: Patrice Boenzi

If this is your first property and you do not have a flip team in place that could be a bad combination. Do you know how to run numbers on a flip, figure out the rehab budget and the ARV etc? If not, then maybe a rental would be better. You still need to be able to run numbers to see if the rental will cash flow etc. With inventory extremely low, you need to make sure you know how to run your numbers accurately. Have you explored you financing options? I love discussing this stuff.

@jonathanklemm Thanks! I will look @johnwarren up.

We started out by helping our son buy his first duplex to house hack. We bought our first out-of-state duplex and a SFH 2017. We have flipped many homes both in Illinois and Michigan. A few years back, we branched out and did some commercial investing. I hold an equity position and did some hard money lending on a commercial project near Grand Rapids. The ride has been amazing...I love cash flow and creating generational wealth. I love to educate my buyers and help them understand it is all about the numbers!

@Jonathan Klemm Thanks so much! Appreciate it. 

Drew,

Thank you for your response and you are correct. All my rentals are out of state, so just looking for a starting point I will be helping my client with the interview questions for the property management company.

I have a client who is looking to rent his moms condo. He needs recommendations for a property management company. Thanks for your help.

@Michelle Truong have you joined the towns FB? Niche, Schoolgrades are great websites. My buyer is it an area that we suggest that they call the nonemergency number the police department and ask about stats.

@Sean McKee I think the ban is up at the end of June. My attorney friends are telling me that landlords are getting paperwork ready and getting into the courts to be in line for when the offer. There is going to be a huge shortage… where are all the displaced renters going to go. 

@Matt Ference house hacking works great for that, try to go conventional because an older duplex that needs work may not pass FHA inspection. Before COVID I had lenders that would do a 1% conventional loan. Right now, from what I am seeing, the cash our refi loan appraisers are tight. We just did our properties, but had to switch lenders due to appraisal numbers with the first one. Our son house hacked with a FHA loan to get started. He has moved out has done multiple deals since including a commercial deal in a short time. I am in Geneva so let me know if you want to chat.

@Nick Talarico I think you may be talking about two different things: 1. Zoning 2. Who is living in the property. Let's talk zoning first. You need to understand how the property is zone i.e. residential, commercial, legal non-conforming etc. You can find this information from the tax records, but I always have my investors call the city zoning department and see what they have on file. Next, it is important to know who is living in the home. If it is the current owner, then you know they will be vacating at closing and you will not have a tenant in place. If there is a tenant in place then you inherit the tenant and the current lease; as well as, the eviction moratorium rules right now. If there is a tenant in place, you want to see the lease and see payment history. It would be important to know if they are on a month-to-month lease and if not when their lease ends.