All Forum Posts by: Ryan Howell

Hey, I just started using RESimpli, which so far is great.  Customer service is great and so is the tech.  I do have one issue that I haven't been able to work through.  It requires a property address to import and most land I'm looking to market to doesn't have an address.  Has anyone figured out a good workaround for this?

@Glenn Barlow - Wow...we are in very similar positions.  I have a similar portfolio of C class properties and I'm having the same debate.  I've always had the mindset that C is a great class to own because as times get difficult, A class tenants will go down to B and so on so rents will get squeezed more in A class, but I don't think that's the case we are going to see in the next few years. I think we will see A and B class continue to keep pace with inflation, but I feel that C class is going to struggle due to high inflation and wages not keeping pace.  I see this causing rent growth to slow relative to A/B and delinquencies rise.  That said, I'm not opposed to C class, but I watch very closely how the rents compare to the wages for a given market and I'm looking to add B class to my portfolio to diversify.  My $0.02.

Nice.  Congrats!

You could look into a cost segregation study and factor in bonus depreciation, but it may not be worth it on one single family home.  

In my experience, commercial lenders offer on a spread based on their cost of funds and risk. I've always seen it closely tied to SOFR+3% or 3.5% and they don't tend to offer a buy down with points, although I wouldn't be surprised if it was something you could negotiate. Many no-doc / DSCR lenders do offer buy downs, but typically their rates are much higher than local banks to start with. You can maybe put more down and lower the LTV and they'll probably be more willing to come down on the rate.

@Jordon Doddy - happy to chat and help however I can.  It will depend on a lot of factors, such as specific location, property condition, etc.  We work with a lot of out of state investors and would be happy to chat further.  We can discuss also doing 30 day plus rentals that are furnished  which offers a happy medium and works well depending on Homestay rules within the city limits.

I second @Derek Robinson is your guy 

Don't ever focus on the commission, but focus on their interest.  It is a balance, as sometimes they need to be pushed as emotions cloud their judgement on making good decisions to reach their goals.  Sometimes the best thing for them is to back out of a contract, keep a house instead of listing, etc.  Always focus on their best interest and they'll appreciate you in the long run.  Some of my best clients are ones I told not to sell their house or not to buy a certain house, even though I lost money in the short term.  Our team's values are to always put the client and our relationship with them at the forefront.

Normally, they will count 75% of the long term lease as income until you have tax returns in my personal experience.  I see this issue if the income is vacation rental income, but not typically long term.  I would ask them that and ask other banks and mortgage lenders before trusting their answer.