All Forum Posts by: Shawn Ackerman

Hello @Tony Thomas Welcome back.  I took a 5 year hiatus from BP but despite all of the deals, ups and downs I found my way back.  Never once did I cancel my membership though LOL!!! 

Big shout out to you and all of the members that make their way back to BP!

@Tiana Lazard Congrats!!!!

@Paige Gardner HM is a great way to get started however understand that it is SHORT TERM FINANCING 6-18 months. using this form of financing is a great way to acquire/fix a property but if you are looking to hold long term you would want to find long term financing. Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation. This is an Interest only loan product that typically lends at 65% ARV. Keep those parameters in mind as well.

Lastly, A great HML would have options for you to transition into after your loan term ends with them.

Best of luck to you on your journey!!!

@Melinda Dore Welcome to BP!

@Zack Whiting welcome to BP!

Hi @Arthur Tolentino Congrats on getting things rolling. To find value on residential 1-4 unit properties you could ask your realtor to run comps or complete a CMA(Comparative Market Analysis) on a subject property once you find it.

or you can find the value on your own.

We use prop stream to run comps.  You want to look for like/kind SOLD properties to compare so, single family to single family and multi to multi (2-4).  You also want to look for these like/kind properties that have sold in the past 3-6 months within a .25 to 1 mile radius.

This comes with practice so the more you do the better you will become at it.  Finally, if you cannot find sold properties to compare within the timeframe or distance you can go out a bit to find properties to compare.

This will get you started with finding values for residential 1-4.  If your "small Multi" is a 5 unit or higher disregard everything I've written here LOL! you'd find those values a different way.

Best of luck!

Welcome back! @Jonathan Chan

@Edward Barrett it is really a mixed bag.  We are based in Milwaukee WI and have tenants from Milwaukee County and the City of Milwaukee and it's pretty much hurry up and wait.  I can tell you the money is consistent however approvals, paperwork and follow up is what you would need to be good at.  Connect with a housing coordinator if that position is available in your area and stay in contact with that person.  General phone numbers are rarely answered and we are forced to communicate most times via email.

The word of the day is patience.  Regarding the tenants who use the program that too my friend is a mixed bag. screen, screen and screen some more!  

Would I recommend section 8 for a newbie. Sure, because when you take rent payments out of the equation you can focus on the tenant landlord relationship and providing the best experience for the tenant.

All the best!

@Ariel K. Are you seeing a line of cars outside of the property? Wonder if they have started a car wash on your dime?  Kidding man.

I have a 10-Unit that I'm placing tenants in now so I suspect the same diligence will be coming my way.  Very interesting!

I'll be following this thread for sure. 

@Michael Carbonare The rent to own strategy has been good to our business model as a long term buy and hold investors.  I have sold a couple to investors and some to occupants and can't say I have anything to complain about.  I reduced my responsibility to only taxes/insurance while the tenant buyer does the maintenance, pays utilities and makes monthly payments to me.  Wish I would have done more of these earlier on.  

I've actually had an investor give two of the properties back to me after religiously making his payments for 3 years on time but got a set of bad tenants and could not maintain the rentals.  Happy to report I took back possession with well over $140K in equity.

Thanks for shedding light on the creative side of real estate.