All Forum Posts by: Sean Rhodes

@Steven Griffith Thanks the property is in Shreveport, Louisiana

Hi BP!!

Well I think I’m finally going to pull the trigger on some long distance real estate investing. I’ve found a place that looks pretty promising for monthly cash flowing rentals. So now one of my biggest fears is finding a property management company that I can trust. I know there are a lot of them out there that do not have my best interest at heart. So basically I’m just looking for some of the most important questions to ask while I am vetting these companies.

If anyone has any tips or suggestions on this it would be greatly appreciated!!!

@Remington Lyman seems like a pretty simple fix. If the contractor left the door unlocked when he left your property and something was stolen due to the fact that he left the door unlocked then it seems to me he is liable. Of course he may dispute this and you will most likely be suing his insurance for the damages. But that’s the way of the world. Good luck!

Hey everybody just finished my first BRRRR!! So I purchased my first property 1 year ago for $290,000 and bought with an FHA. During that time I did a bathroom addition and did some minor rehab and paint. With these upgrades my appraisal came back right at $380,000. So this gives me right at my 20% mark of equity. So I'm able to drop my pmi, also I dropped about 1 point in interest. Oh and I forgot to mention I was also doing a house hack during the BRRRR, so I'm renting the rooms out.

That being said I decided to not do a cash out Refi and by doing this I was able to get my payment down significantly. At this time in my life I need as much cash flow as possible. That being said I have a problem with the county tax assessor. They did there assessment before I did my Reno and the price they came up with was $430,000!!! So the way I figure it, with my new appraisal they should be lowering my property taxes. And I called them today and they said they would document the new appraisal but it wouldn’t change my property taxes. Does anyone have any experience with this? Is this the way it’s done or am I getting the run around?

So all that is great I’m I am super happy about the way this first project has turned out. And I truly owe it all to BP for teaching me all of these wonderful real estate strategies.

@Mark Lira me personally I would rather they pay late so I can get that 10% late fee. It’s all the same to me as long as it s paid before I goto the courthouse.

@Shaun Weekes the amount owed is like 280k

@Shaun Weekes initially I paid 295k for the home in 2018. I didn’t get a lot of appreciation over the last year. Most of the apps say the value is 310-320k. So I did a bathroom addition making it from a 5/2 to a 5bd/3bth. I’ve ran the comps myself and it’s looking like most 5/3 in this area are near 400k.

Hi everybody!! So I am currently in the process of refinancing my house. When I purchased the property originally the lender I used stretched my numbers to the max. ( meaning I got approved for the most amount of money that I could possibly get). So now I am in the same situation only my numbers have gotten a little tighter. Also I did an addition to the property so I have to get an appraisal done. And my refi is dependent on the results of the appraisal. So my question is basically do lenders get paid only when the loan goes through? Obviously I’m concerned that if the appraisal doesn’t come back as high as I projected will I be stuck with a bunch of fees from the lender?

Thanks for the advice

@Rob B. I didn’t get the option you were talking about??

Hello all!!

I’m currently self managing my 7 bedroom house (house hack what!!!) And I am also on the hunt for another house identical to this one. So I’m wondering if anyone knows of the best software to use for this dynamic. I would like to be able to have digital lease, rental applications, and would be open to payment systems. Although I am happy with the Venmo collection that I am currently using for that.

Thanks for the input BP!!