All Forum Posts by: Ryan Garrison

I hung my license with eXp, and have used their Workplace apps to connect with company agents all over the country. 

Referrals, connections. It is pretty easy to get what you need with the state groups. Also, if you decide to get your license in multiple states there is only one cap, so they don't make you cap independantly in each location.

How much more can you charge by having the hot tub?  

For my STR, the spread was small, so we decided against it.

It would be cool, but just for my family. 

Hot tubs can cause more harm than good.  We have a lot of trees by our cabin. If needles get in the hot tub, guests complain that it is dirty and want a credit.

If it breaks, the guest wants a credit. 

Yes, there is an additional expense, but that is not the reason I do not spend the money. 

I have considered locking the hot tub, and charging people an extra 150 per day if they want to unlock it.  That is the only way I would justify the extra headaches.

Check out Pace Morby, Ron Legrand, William Tingle or any of the other tutorials on YouTube. 

There is a ton of free educational content out there.  Obviously, they all want you to pay for their premium content, but you can find enough info to walk you through a deal. Another option, as Pace puts it, is to "squad up" with an investor that can help show you the ropes on your first sub2.

Here in WA, we usually close deals at Title companies...but I had issues getting my title companies to do it. They were scared of the Due on Sale Clause. So, I have closed mine with attorneys. 

I hope you have more luck in UT. 

Did she see the unit before she signed the lease? Did she do a walk-through?

Even if she hadn't, I would never worry about it. 

I think you did everything you needed to do. Do you have an early termination fee on your lease? Whether you do or you don't, offer to let her out of the lease. She probably won't take it, but if she really hates it that much you might be dodging a high-maintenance tenant.

This is a State-specific question, and can even be a county/city-specific question. 

For example, WA has very tenant-friendly laws for this stuff, but Seattle has stupidly friendly laws for this stuff. 

Seattle law takes precedent in landlord-tenant law if the local law goes above and beyond state law.

Your local REIA or Investor FB group can probably connect you with a good landlord-tenant attorney in your area. It may be worth paying for a consultation and add the attorney to your team.

When you build that relationship, the right attorney won't charge you for a 2 minute email that answers your question.

In my experience, it would still be a SFR/Duplex residential loan.

No commercial until 5+ units.

You may also be able to get a reasonable DSCR loan with current rents.

I just refinanced a rental at 3.875% using the asset and current rent.

Are you asking so that you can avoid taxes on your rental income? Just take cash and keep it in your mattress :)

If you want to upgrade your payment system, there are a few apps that seem to do great.

Being a professional landlord, you need to keep professional records - and you will probably have to pay some taxes from time to time. We also get great writeoffs.

I would not recommend the apps you mentioned for rent, because they don't help with record-keeping very well.

I have been using apartments.com (formerly cozy) to have my renters pay me.  My favorite thing about it is the automatic late fee you can setup. 

If they don't pay on time, it tacks on a fee and sends an alert.  

You don't have to listen to some sob story about why it was late each month. I was bad about letting people off on the late fees, now "it's not me, it is the app. It is automated. If the app made a mistake, I am sure they will reimburse you."

There are some other apps, including one mentioned in the bigger pockets podcast. Was it RentRedi or RentPerfect?

You can also keep your expenses in there too. 

We get all the benefits of depreciation, appreciation, debt paydown, cashflow...so, I like using rent payment apps to keep good records of income. 

The records help a lot when applying for a loan as well, I just send my mortgage broker a printout for the properties they request.

Easy Peasy.

@Yakir Sheli

I can't help but think that it has something to do with Stewart title buying propstream.

Do you have any agents on your team or that you work closely with?

Have you tried property radar?

@Christophe Mandell beenverified and idi are pretty good places to do one off skip tracing. They are very affordable.

@Elias Munoz

I would recommend not asking them directly. "would you be interested in investing in ____?"

Instead, describe the opportunity and ask that they might introduce you to friends that might be interested.

The FOMO usually makes an investor say something like "I might be interested in that. Why didn't you think of me?"

😁