All Forum Posts by: Peter Philando

What @Kyle J. said is correct. If you want to get creative with the HELOC and try to pay off properties early, then check out velocity banking (it's not for everyone, but of course everyone can execute it). This young guy is really smart with the numbers

The cash for keys idea was the first thing that comes to mind, however, you've done quite a bit. I don't think I can add anything else to your efforts so far. I just purchased an owner-occupied property from auction.com is now in the same boat. It was a great deal in a neighborhood that I already own in and really like. We are going through the closing process, so while I would usually be on top of the process, I've taken the role of dragging out the closing as long as possible. This is one of the reasons why I started focusing predominantly on Section 8 and Military tenants. I would definitely start having a conversation with any mortgage companies, if necessary. Sorry I couldn't offer any more solutions to you.

@Dan Bosak

I believe there is a national moratorium on evictions, by the CDC, until the end of the year.

https://s3.amazonaws.com/publi...

I started out using property managers but was very dissatisfied with the services. I have built a good team on the ground so I figured I can do just as bad lol. I now manage the properties via Tenantcloud.com. There are 2 properties still with PMs but as soon as I can get them back with breaking the contract, I will. I was in Montgomery for 3 weeks recently and went to Bham to scout. I am marketing there but nothing as yet. As for the nextdoor app, I joined the neighborhood where I bought my last property (Woodmere) and neighborhood lead was saying my account was going to be deleted because I don't live in the neighborhood, but I showed him the nextdoor app rules and that was the end.

@Bryan 

@Bryan Hartlen I'm on my 10th property here and have solidified my strategy for Montgomery. I am exclusively dealing with Section 8 and military tenants. I want guaranteed monthly rents because when I purchase my main focus is cash flow, then equity in the form of added value (renovations, adding extra bedroom, etc). I focus a huge amount of time on tenant screening and providing exceptional property management/customer service. I would also suggest to use the nextdoor app for every neighborhood where you own property. You get to know whats going on, what issues neighbors are having, get service/repair person recommendations. The Police Department (MPD) post update to the app. For example, the first property that brought me to MGM is in Regency Park (I overpaid for property and overpaid for rehab) but I'm cash flowing nicely and property values have gone up. The police department just posted on Nextdoor app that crime is down 29% in that area because of initiatives that they have implemented so now they will be implementing the same things in Capitol Heights. 

I just register for this seminar from DLP lending. I know they do cross-collateralization with properties that are free and clear.

https://dreamliveprosper.zoom....

I just got an email from Lending One touting that their rental loan and refi LTV has increased so you might want to check them out. I screenshot the email

I am a big fan of TTP. I am currently using TTP and Dealmachine to source deals. I just pulled a list yesterday and had it skipped traced and will be calling today. I am currently in my market (Montgomery, AL) staying in a house that I purchased by cold calling an ABSENTEE OWNER list. I cold call in Dec 2019 for a townhouse that the seller's son was living in but she was waiting for his to move. I followed up earlier this year and end up buying the seller's main home and is guaranteed to get the townhouse once to son moves (any day now). I offered $78K but end up paying $83K +$3600 in repairs. It will rent for $1200 and the ARV is approx $140K (BRRRR anyone).

As @Sara Smalls stated, you have to be consistent and intentional with the calling. I am not even that consistent with calling myself but I aim to change that starting tonight with this new list. I will try to keep everyone updated on the progress

All of the different property management software mentioned are great. I used TENANT CLOUD. Although, its only 2 units I think its best to invest some time in one of these digital options, so you can easily add your 3rd, 4th, etc. 

This is the latest sent to my email from RCF  

https://www.realtycapitalfinance.com/so/67NBSolV-?cid=0afdfd03-9b57-4a96-937c-d257efb40f0d#/main