All Forum Posts by: Rhett Kelton

@JayCinta Henry Facebook Marketplace? It takes a little more weeding through, but if your pm is the one in charge of it, then you shouldn't have a problem. I do it myself though.

For every 100 requests about "Is this still Available?", I get back and forth communication from 25 of them, then 5 of them fill out the actual applications. That's for me personally though. All in all, it takes about 4-5 hours of communication (replying to requests), then 2-3 hours of meeting face-to-face.

@Sanjeet Dighawa I think he would be a great tenant, especially if it's a 2-year lease. More than likely, he will be able to help you as far as clarifying any lease or legal issues, and then we'll have solid financials as well.

If you start off on the right foot, he will probably be a lot more helpful than hurtful, other than being a little nitpicky.

 Thanks Stepanie.  Makes a lot of sense.

Can you let us know what ended up happening with this?  I'm very curious...

I'm moving away from conventional loans and into commercial loans. I think I would like to get a DSCR loan for a couple of BRRRR deals, and wanted some recommendations about who and who not to try.

One of the properties is a SFR with a DADU (making it a little hard to appraise via sales approach in my area). The second is a 5-unit multi-family. (5 separate electric and water meters) Depending on appraisal method (income vs sales), I should be able to pull almost all my cash out at 75% ARV on both properties. The DSCR ratios should also be between 1.25-1.50. Both are full with current leases between 8-14 months. My credit score is 740+. I have 4 other rentals within 2 miles.

Recommendations?

A slightly different take. First of all, the down payment issue is definitely legit. You would want at least 25% down on a deal this size.

Now, I don't think you should try to interpret their reasons for doing something. People are weird.  If it makes sense for your goals, do it. They might be trying to build a portfolio to sell off to auction off to various hedge funds, might be banking on the appreciation, or maybe they see something you don't. Just consider if it's a good deal for you, and meets your long term goals.

I remember listening to a podcast and they were talking about someone overpaying for a house at an auction. The auctioneer ended up asking why the (experienced) buyer purchased it, and the buyer just said that he had to keep his crews busy or else he would lose them.  

Have you looked at all into Manchester/Shelbyville/Rockvale?

Thanks for the advice.  I'll download them!

Good call on 356

I'm getting ready to take a road trip, and wanted some recommendations on your top 5 episodes.  I've listened to a bunch of them, but wouldn't mind listening to past episodes again.  I don't really care what the format is. 

Thoughts?