All Forum Posts by: Sheena Blankenagel

Hello All,

Have you successfully lined up a revolving credit line on your entire portfolio?
I have a lot of equity spread between my multiple properties, and I'd like to find a bank that will extend a line of credit collateralized by the full portfolio. I have some meetings set up with lenders already, but I'd LOVE any suggestions on bank/institutions that you have successfully done this with. Thanks!

@Aaron Bihl - did you find a solution for this? I'm in need of the same type of loan product and am having very little luck so far.

-National Asset Mortgage is good for owner-financed notes
-SN Servicing Corp does residential and commercial, 1st and 2nd position, performing and non-performing
-Allied Servicing for smaller portfolios
-Evergreen Note Servicing offers complete servicing for multiple note types
-Note Servicing Center, Inc. service all types, big or small

Hope this helps!

Hey All, we'll have a table today at lunch in the Exhibit Hall. Come find us!

@Bob Malecki, I'm attending and looking forward to meeting you all!

Hey @Joshua Johnson, nice job at being so thorough! Many new investors don't take a hard enough look and end up with a property that doesn't cash flow, so it's awesome that you're doing this much due diligence upfront.

I reside in GJ and have many local rentals, and I'd say that your rent estimate is spot on at $1,200.

Your insurance quote seems a bit high, most of my landlord policies equate to ~$40-$50 / month. You can certainly talk to your agent and they'll give you a specific and non-obligatory quote on any property you're interested in.

The rental market in GJ is pretty great right now with vacancy ranging from about 3-5%, so I'd say your estimate of 10% is a bit too conservative. Honestly I never even have a vacancy on any of my properties, they are always turned over immediately between tenants.

IMO repairs and capital expenditures are very dependent upon the age of the house and it's current condition. A house built in the 70's will certainly need some upcoming repairs if they haven't been taken care of already (roof, water heater, furnace, etc), but I believe that carving $240 out of your monthly cash flow is going to make it hard to cash flow on any deal...looking at this house on Hall it seems to be pretty much move-in ready. Perhaps just budget to replace one large item per year? Just a suggestion though, nothing wrong with being conservative.

10% for property management is pretty common here in GJ. If you have multiple units managed by them sometimes they'll cut you a better deal. 

Yep, generally tenants pay utilities on SFH, and be sure to let them know what you expect on yard maintenance (and have those expectations written in your lease). And then be prepared to be disappointed, because most tenants don't have a care in the world about keeping your yard in good shape. ;)

Hope this insight helps!

Thanks for the referral @Scott Elkins!

@Lucas Manning - keep me posted on your deals, and feel free to join us at the wCAREi Holiday Dinner Party this Thursday, it's a great place to network with other investors. 

Follow this BP link to check out our website: https://www.biggerpockets.com/rei/colorado-real-es...

@Samuel Hall, estimating around a conservative $190k sales price and your projection of $20k in rehab, I'd imagine you'd need to pick this house up for around $115,000. That's based on a 15% profit margin, you could perhaps pay a little more if you were comfortable with a 10% profit. 

Are you sure it needs a full $20k in rehab? I think you should definitely keep the matching pink toilet, tub, and sink! ;)

Rich Moody

@Victor Vazquez, fabulous letter! 

Love your message, I'll bet you receive a great response rate with this.