All Forum Posts by: Robert H.

Does anyone have any more reviews they would like to share about positive experiences with pm's in Toledo?  I have checked with the ones mentioned in this post and just wanted to check and see if anyone tried them since. 

 I am following on my earlier posts on this thread- I had a bumpy start with flex but decided to stick with them and things went along relatively smoothly until recently.   Jim was upset that I posted negatively about flex so I reached out to him at both email addresses I have on file first before posting here.   I have not heard from him.  

When I purchased the property Jim had only re-done half of the roof and said that the other side had a lot of life left in it.  It has been a little over a year and I have recently found out that there are leaks and it needs to be replaced.  Flex never mentioned the leak/leaks and initially just sent me an invoice for 7,400 to do the whole roof with no explanation!  I contacted flex and told them that half the roof had been done already.  Their response was that maybe the contractor missed it because he only did a walk around from the ground and didn't inspect it up close.   I can go on and on, and it gets worse, but I want to keep this post relatively short and focus on moving forward.   

This was my first purchase and despite these bumps in the road I am happy with it and still think it's a good deal (just not as good as I thought).  I have learned from these things and they will be easier to avoid in the future, hopefully this forum thread will help others avoid them from the start :)

...

Yes, the LTV from the beginning was 60% and the property appreciated about 25% so it was no problem meeting the terms of the loan (11.5%) and covering all the extra expenses.

Thanks again for all the replies on this.   I just wanted to update that after two bankruptcy claims a foreclosure sale finally went through and everything was paid off.   I was a little nervous for a while but I had a good lawyer on the case and everything worked out.  It was a good learning experience and I am now looking to buy more 1st's, of course with better due dilligence this time :)

I had been looking for something in Central Fl for a while and finally pulled the trigger on my first multi and second purchase overall in Leesburg.  Will update on how it's going.  

Well, good new/bad news.   

The good news-  the tenants paid the following day on the 30th.  

The bad news, the tenants paid on the 30th, so the next payment is already due.   

Bobby, have you looked into other property management companies in the area?  It sounds like you are ready for a change, and I may be looking too, but not yet.  I will wait and see how things go from here, but if they are as bad as some reviewers claim then the area should be ripe for a quality company to pick up the slack.

Well, it looks like my experience is turning out to be similar to the OP.  I am 3 months into my purchase/lease agreement with the tenants and received an email on Nov 24th from Flex Realty that they had not received November's rental payment and apologized for the delay due to upgrading their accounting system.    They didn't provide any details so I will call and find out tomorrow.   Will update.   

Hello, I currently have a day job with W2 income, but like many others here that have already taken the leap or have plans to, I would like to free myself from the rat race somewhere down the line.   I have talked to my lender about using passive income i.e. notes/rental income to be counted as income for conventional financing and he said it shouldn't be a problem as long as the income is established and consistent for some time.  

Can any bp members tell me what your experience has been after 'breaking free' in getting financing post W2?  How long is long enough to have established passive income?

Im sorry to hear that, hopefully things will work out with the current tenant.  Did he pay a significant down payment for the lease option?

 For the one I am looking at it's a couple that is putting $5000 down.

Bobby,

I am in SoCal as well looking at an almost identical deal with the same company all the way down to the lease option.  Did you ever pull the trigger?  if so how is it going?