All Forum Posts by: Preston Quinn

So I have decided to manage 1 of my properties myself. I have property management on my others. I currently have a few applications. I am planning on calling their current landlords and asking them a few questions. Am I out of line by asking about the applicants behavior, payment promptness, and cleanliness?

@Kevin Christensen

I decided to stop until I had a feel for what the economy was going to do and what the banks were going to do. I didn’t want to put a pile of cash into the house and not be able to refi or sell it.

@Joe Splitrock

Very very very valid points. I may pass on this applicant based off of what you just said. Had not even considered those factors. Thank you.

@Joe Splitrock

Thanks Joe. Can I ask why you say that? Not questioning you. But for my knowledge and understanding. Is it due to more work being created on your end?

Thanks for your time.

@Dillon Dale

A small local bank. This is a commercial mortgage. 20 year term. 4.25%

Darius, 

It hasn’t been updated since the new work has been done. Remember, this was a $29k purchase. With a tax assessment of $40,700. 

I was actually off on my tax expense. It’s really $19 currently. It’s $228.66 per year. 

@Kevin Hunter

Thanks Kevin

@Kevin Hunter

This one took forever plus a day. I completely stopped all work on this one and another project I had going when the COVID-19 thing started to unfold. I let both projects sit for about 6 weeks. I purchased this property in feb of this year. And just refinanced it. Tenant has been in there for 10 days.

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Investment Info:

Single-family residence buy & hold investment.

Purchase price: $29,000
Cash invested: $30,000

This was a brrr deal. We paid $29k for the house with cash. We spent another $30-35k in renovations. Appraisal came back at $115k.

Rents for $1100/month
Mortgage payment of $525 ($85,000).
Tax $360/year
Insurance $425/year
Gross profit $510/month

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

I wanted to build a portfolio faster than I could save up and make down payments.

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

Bought this from a local wholesaler.

How did you finance this deal?

Home equity line of credit.

How did you add value to the deal?

Renovated the entire house.

What was the outcome?

Walked away with about $15k in my pocket after refi. Created $30k of equity, and a gross profit of $510/month

Lessons learned? Challenges?

This was a huge rehab. I learned I am not very organized. That would’ve helped me a lot.