All Forum Posts by: Robert Calabro

Have you looked at an SBA 7(a)? This loan can finance the purchase and renovations or PIP. You'll bring a downpayment based on the total project cost and you can get seller financing to help with some of the equity injection. 

I'm not familiar with the market in this area, but as an agent I think the best incentive is to know that if I spend time and money finding off market opportunities, the buyer will preform & I will eventually get paid for my work. 

I'd suggest building a strong relationship with an agent who's familiar with investment strategies and partner with that person to find off market deals together. 

I think the agent needs to know their hard work will eventually pay off. Giving them the opportunity to list the property on the back end of the flip is certainly an incentive as well. 

Thanks Greg. I did signup for a Propstream trial. The data is good so far. Much better then mojo for the multi-family category. It also lacks in a lot of other feature compared to mojo. They are really different systems made for different types of users. 

I've been using mojo's neighborhood search for a while and generally liked the data, but recently realized they are not providing the best info on SMALL and MID-SIZED MULTIFAMILY properties. I've heard propstream is good, but haven't been able to find out how it does specifically with multifamily data. 

Can anyone share their experience with propstream or any other platform with is good for the small and mid-size multifamily properties? TIA

Thanks for the reply! I think a smaller refundable deposit is a good idea. 

What do mid-term renters prefer when it comes to security deposit? I'm leaning towards a smaller non-refundable deposit vs a full month rent that is refundable. I would love to hear what others have experienced with it. 

Secondly, is it common to do a normal application fee for background and credit? My current platform charges $55. Should I keep doing this or is there something better for mid-term stays?

Lastly, what is the preferred method for collecting rent with mid-term stays? I'm currently using Avail.co for my long-term rentals. 

TIA!

This might be a bias answer, but a good agent is almost a necessity when you're out of state. They provide you all of the market data you need, and they can physically visit properties and neighborhood on your behalf. 

spot crime .com has always been my go-to for referring people who ask about crime. I'm not sure about the data or accuracy. Outside of that, I tend to agree with the above comment. There is no replacement for simply being familiar with a location from personal experience. 

I have not found many options for lenders willing to do a something like that on a non-owner occupant property. I would be curious to find out if you come across anyone.

If you don't, you might consider looking at Union Savings bank for a cash out refi. It sounds like your hesitation is based on rates, and I was able to get a very good rate recently on a 5/1 arm for a cash out. Much better than the average daily rates that you're seeing right now. I will message you the info. Best of luck! 

I'm researching multiple markets, and AirDNA seems to be very pricey if you want access to multiple markets. Any suggestions on sources that are good for quick analysis before you dive deep on a certain property?