All Forum Posts by: Preston Quinn

@Theresa Harris

Good point about more work. That’s not my objective lol. I think if I agree to the two payments per month deal I will negotiate that it is only allowed if paid through Venmo or direct deposit of some sort. I don’t want to have to go to the bank every 2 weeks to deposit checks.

Good insight. Thanks for responding!!

@Steven Wilson

I have honestly never thought about suggesting this to all my tenants. That would almost fine you as the LL a heads up if trouble is in the air. If you don’t get the 15th “early” payment. There’s a chance that the on time payment is going to be late. Not a bad way to do it.

Thanks for your time.

@Will Fraser

Thanks Will. I don’t think I like the thought of a 19 day grace period. But I do like the thought of having two payments due in one month. It simplifies it for me and the tenant.

Thanks for your time. I appreciate it.

What’s up BP.

So I have decided to take one of my properties and manage it myself. I have a PM for the rest of my properties.

I have one applicant that meets all my screening criteria. Listed below

Income 3x rent (3.7 is where this applicant is)

Credit score of 600 or better (629 score)

Employed with same employer for 12 months (14 months)

No evictions (none)

No felonies (none)

No judgements (none)

I was talking to the tenant and they mentioned being able to pay the first or the fifteenth as his job pays on that schedule. And I thought why not allow this happen. Half on the first and half on the 15th.

Has anyone tried this? How did you word it in the lease? I would still want to charge a late fee after 5 days late.

Thanks

I’m in Lynchburg va. My in laws live in Charlotte county. Which is pretty close to south Boston. I see there are some wholesalers and turn key companies in the south Boston market. I have seen some decent deals there. But I haven’t looked any further than Zillow. I’m not sure what kind of jobs are in south Boston. My initial impression is it wouldn’t be a great market to invest in. But I could be completely wrong. 

@Llewelyn A.

Well said, this is pretty much what I am doing. Full time construction in early 2000s. Laid off. Back to school. Machinist full time. Achieved top pay in 3 years. Started construction company. Sub everything out. Making decent money for side hustle. Introduced real estate to my life. Have 4 doors now and looking for more with some cash stashed back to get through this. My life is hectic. But I love the crazy.

@Jay Hinrichs

Holy crap. All I can say. Had no idea you had your hands in that much. I knew your operations were big. But no idea that big.

@Christian Walker

If in your name, you'll probably need to wait 6-12 months for "seasoning" if held in an entity it can be refinanced immediately. This is assuming your DTI is in line with your banks lending criteria. This is based off of my personal experience. Your bank will have their own set of rules. Find out what they are and play the game by their rules.

It’s always easier to know what your rules will be. As they’re probably going to differ from anyone else’s.

@Christian Walker

Is this held in your personal name or an entity?

@BRIAN CUBERO

I have personally used the same bank on a brrrr. I purchased the house for $35k using a portfolio lender and I had no portfolio. What I did have is flipping experience though. I put 20% down on the initial loan to buy the house. (I used my heloc for the 20% down) then I used my heloc for the rehab on the house. I put roughly $30k in the house. Went back to the same bank and told them I wanted to refinance. She said that it would be better for me to modify the loan. (Fees for the modification was around $1200) the house appraised for $89,000. This bank wouldn’t allow me to pull out more than I put into the house. There’s a loan for $65,000 on this property now. Got all my money back and looking for another deal now.

Now how did I do this? The key for me was the relationship I built with this bank before I was ready to invest. I built my personal house through this bank with a construction loan. I flipped a few houses with this bank using commercial financing (in a llc). So when I was ready to buy and hold they knew I could perform. I have sent people to this same bank with no experience and they were turned away.

Moral of my story, is you HAVE to build relationships with people every step of the way. Always try to serve people and what you need/want won’t be far away.