All Forum Posts by: Sebastian Gast

For anyone that stumbles upon this, Loandisk has worked pretty well for me so far.  I tried a couple software packages and Loandisk was what I was looking for at a fair price.  It is tailored towards microfinance but works well for real estate.

Try Insightly for lead management. It has a free starter account so you can try it risk free.

+1 for Podio. It's customization is incredible and in most cases it is free!

I recently started doing private loans for investors in Houston and I am looking for a better way to track them other than in Excel.  Basically I'd like to know basic loan info, track payments made, track overall performance of both closed and open loans, etc.  I don't mind Excel at all, but it starts getting a little hectic when managing multiple loans at once.

Is there any program/software out there that is designed for private lenders?

I have noticed that the market has fallen due to the low oil price, mainly evidenced by the visible increase in inventory.  To make matters worse, people are still in the "top of the market" mentality and are asking for absurd valuations on their houses (at least where I am, within earshot of downtown).  The influx of people into Houston is probably slower in this oil environment so there may be a market correction here and there, but I don't see a 2006 sized bubble being formed - just a shift back to "normal" prices due to lower buyer demand, even-ing the playing field between buyers and sellers.

Opinions wanted!

Purchase price: 77k

Repairs: 20k

ARV: 115k

Rents for: 1200/mo

Taxes: ~167/mo (2000/yr)

Insurance: ~83/mo (1000/yr)

P&I @6% interest: ~465/mo @20% down of cost (77k+20k=97k)

This house will need a new roof in the next year or two.  This would be to keep it as a rental.  Thoughts would be greatly appreciated.  

Treat is as an investment. If you were to pay $7k additional to get paid (same thing as saving) $67/month, you would net $804 ($67 x 12) per year. That is just over 11% rate of return on $7k. Pretty decent. Only time I wouldn't do that is if you need the cash or can use that $7k to get higher than a 11% rate of return on a different investment.

Be patient! If it's not a good deal, don't do it. Simple as that. I got burned real bad on a questionable deal because I was TOO eager to take action. Keep at it and good things will happen (that's what I tell myself anyway...) but stick to your numbers and criteria. Can't stress that enough.

Give Spearhead Insurance a try.  They are investor friendly and have outstanding service. But like Shawn said, there must be a reason why companies are reluctant to insure the house.  I would try to find out what that reason is.

Welcome @Caressa T. You have some awesome experience that will help you in your REI business. Best of luck to you and don't hesitate to ask the community questions... we all get to learn that way! :)