All Forum Posts by: Shawn Wainsely

Good recommendation, I tried multiple times to use my last broker who originally helped me with the loan. Like you said, they are focusing on new purchases.

Crazy climate right now, reminds me of the last market bubble. Not to sound arrogant but I was really surprised on the difficulty to get a loan as a person with 10+yrs job history at the same job and 10% dti.

I have a rental property at 4.75% as an investment property, obviously rates are much much lower now. 

I have been calling around and can't even get calls back or get a hold of mortgage departments because of how hot the market is. I got a refi quote from my current provider at 3.25%, problem is, they were giving me a lot of push back and did not want to approve me claiming high debt to income ratio. My debt to income is 10% with only one liability which is the mortgage. Point being, they were giving me a hard time and not wanting to approve me despite already approving me when I bought the property.

Is there a platform where I can get multiple quotes and get through this process? I know there is quicken but I never had a good experience with those sites, aside from getting a lot of scam calls and emails.

Im actively seeking new tenants right now for a property, since we are dealing with no evictions through 2020, how are you fellow landlords avoiding tenants who may (most likely not, but possible) try to take advantage of the system.

Of course job history, and proper vetting is huge right now, what are your tricks?

Im not a seasoned investor or property manager, if its a nightmare tenant, let them leave and move on imo. If it were me Id try to charge but when it comes to small claims I promise you the time and effort wont be worth the $100-200 to replace the mower. 

Also why not just put it in the future lease that tenant is responsible for keeping up with the landscaping...that or raise rent $50 a month and include a mower service.

Thanks for the insight. I shouldve clarified. I was referring to refinance based on loss of value of the home. I dont expect interest rates to be significantly less, lower 3% is still great. Im not renovating. Im referring to househacking as living in the house and renting out other rooms to help pay the mortgage. Not planning to Brrr or anything like that.

Im mostly speaking to the value of the home, if it drops significantly.  

Im in a unique position here, new investor. Have one investment property.

Im moving to a new market that I know decently well, looking to utilize an FHA and house hack with roommates.

My dilemma: The housing market here is slightly inflated right now, Im expecting for prices to drop. Househacking with roommates even at inflated costs will be cheaper than my other option which would be renting an apartment while I wait for houses to drop.

It it smart to buy when prices are high and expect to refinance 5-6 months down the line?

For the love of God, call every property manager in the city and talk to them in depth. Dont be afraid to sound dumb and be annoying. Ask them how they maintain properties, what do they do if rent is late, what if a tenant needs eviction?

Im new to investing, began investing out of state in the U.S. Had an amazing realtor, went with her agencies property manager and she was hot trash. It was a nightmare to me and now were slowly ironing out the kinks. 

In my opinion, expect hiccups and expect to make adjustments. Its tough to manage from a distance in all honesty, I opted for a property manager but sometimes even they need to be managed.

I just wanted to update everyone. I spoke to the owner of the management company who was extremely apologetic and unaware of the problems within the company. She took full control of the problem. I agreed to give them a chance, mostly for them to handle the eviction. We went on to evict the tenant who really was a horrible tenant, left the house in awful shape, did not pay rent, etc. 

Management company is under close watch and has since rented out the property. Will keep everyone updated as time goes on. 

Now the story has changed, now the tenant is getting the blame when prior to this the full blame was on a change of po box and mail man blame. I received an email saying the tenant hadn't paid on time, he will be charged a late fee, etc. I didn't get any additional income from late fee last month. Further, a change of story means the PM is lying when we should be on the same page and working together. My stance has not changed.

Based on what Im seeing, I think its PM laziness and I don't personally think the tenant is being irresponsible and think that he would pay on time. In case he doesn't, I will do research on eviction process as an out of state owner. I will be canceling my agreement with PM this weekend with a 30 day notice. Making February the first month I'll self manage. I appreciate all the advice and info from you guys. Its a learning process, more that goes wrong the more I learn, hope to level out the process and have better systems in place moving forward.

Thank You everyone, this is amazing advice. As of now I have requested tenant file for my records and for tax purposes, my goal is to get this information before hand. I have no contact from pm and have a feeling that Im going to get pushback for the month of December.

As of now, as soon as I get tenant information, Im going to give 30 days notice this week by which I will need tenant file, deposit, December and January rent. From there I will make tenant contact and let him know how to pay rent and make maintenance requests.

Am I missing anything?

I will be new to managing and specifically managing out of state but at this point Im spending more time trying to manage the PM. Any advice is welcomed and thanks again!