All Forum Posts by: Sean McCluskey

@Jennifer Torino what are you doing in this rehab? I guarantee you can spend less. You need contractors who don’t charge “custom” retail prices, and you need rental grade materials.

Can you share the scope of work and prices?

@Brett Sayers I looked at QB but decided to go with Quicken Rental Property Manager instead. It’s all set up for tracking rental properties, and also much less expensive.

@Ben Spader are the tenants all on month to month leases? If they’re not, you’ll need to wait until their leases are up for renewal in order to ask for a higher rent.

And if the other commenter is correct, you might be capped at an increase to $860, +20% from current rents.

@Miller McSwain ah ok great, thanks. $249/month huh? I have signed up for a package of 3 sites from investor carrot for $99/month, which includes their SEO optimized sites and a CRM. I also get Liondesk for free as a CA Realtor.  I'm interested in the skip tracing though, and not sure how much that costs from other vendors.

I chose investor carrot before BP came out with this service, in large part because I looked around and all of the first page results of home buyers in my area were all using it. So I took that as a sign that it's possible to make it work and show up on page 1 of google results.

@Joseph Grullon I heard Brandon talking about pro leads on a webinar yesterday, but I cant find out anything about it. What is it / where do you go to learn about it?

@Brett Danehey You don’t need to use a commercial lender. Just call around different mortgage brokers and most of them will probably be able to use the rents from your rentals, before 2 years have gone by. That is an overlay, a restriction out on the loan officer from the company that they work for. A lender with no 2-year overlay will use the rents.

@Brie Schmidt Do you mind sharing the name of your lender? That’s a phenomenal rate

@Kim Hopkins They would get to stay in the house until the eviction moratorium ends, and then while you wait at the back of the very long queue of filed evictions. And then if you do anything incorrectly during the eviction process, they would get to stay while you file again with a lawyer. And then....

Hi @Gil Keren, I know exactly where you're coming from. When I started underwriting deals I was doing a direct capex calc including the estimated remaining useful life of the major systems, etc.

But in a hot market like Indy (which is now much hotter), it was hard to find deals that priced low enough to make that work.

What I decided was to have a moderate allocation and take a portfolio approach. If you have 5+ houses, you can reserve less from the rent from each, and keep an emergency fund via a HELOC etc. So when the water heater goes out a 1, you can pay for that from that months cash flow (or worst case, from the emergency fund) and not have any issues making your mortgage payments.

@Brian Stutzman Hi, try PenFed credit union, they offer investment property HELOCs.