All Forum Posts by: Scott Henrikson

If I create $8000 a month in cashflow with 30 properties and quit my job will I still be able to get bank loans to finance additional properties with no additional income?

@Ricardo R. Just drove by the property today and one unit has a broken window and a mattress stored out back. I’m concerned that the tenant in this unit is going to be a big problem and that is why they are wanting out. Thoughts on if I have to evict.... this seems like it could be a mess. They placed this tenant.

@Ricardo R. They billed me for three different small repairs each well under $100 then said that the property wasn’t in good enough shape for them to represent.... but they placed tenants and the condition is pretty good. New flooring, interior and exterior paint, new roof and all new water heaters.

My property management company cancelled our contract after placing three tenants in my triplex. Should I be nervous and what should I ask for in terms that f documents? Has this happened to you?

Looking for a new bank in South Dakota. Anyone have specific names that have been investment friendly?

@Jamie Heinz you won’t qualify for a loan on the secondary market but you could still do it with commercial loans. More expensive and different terms but still doable.

@Shiloh Lundahl access to money is more important than money in brrrr. It’s always a better idea to have some reserves but you can do a lot with 20k cash and some loan partners.

@Eric Mielke $250 cf ltv of 75%. 7 year arm and a couple of commercial loans am over 25 years.

@Gil Segev average was around -5k meaning I actually got money back. This is skewed a bit by two really successful properties. Several were a straight wash with no money in. Holding costs on a couple made it a little more expensive then planned.

@Jaron Walling the appraisal is always the most unknown. I buy houses that have a very stable end value so that helps mitigate the risk of a low appraisal. I also get to walk the property with my appraisers which go a long way into helping with the value. My last one I provided my own comps to justify the value before he ever stepped foot into the property.