All Forum Posts by: Samantha L.

Hey Paul!

I already work in property management. My goals with my degree are not really specific. I may never directly use it to be honest. I simply enjoy learning about real estate, already had an associates in business and thought that I might as well finish it up learning about something that I enjoy. My current class is about commercial real estate investing and I am very interested in it! My long term goal is to build a replacement income in buy and hold investing. However, I am leaning towards a fix and flip for the next property simply because I think it will be the best way to not catch myself in a stand-still! I see you are in Bettendorf. What are your real estate goals and what work to you find yourself in?

Samantha 

I'm not really a new member. I've had a profile on here for years but I am looking to become more active on this site and with investing in general. I am from Davenport, IA. If I pop up in your key word alerts please add me! I own three single family homes and am currently looking to do my first flip. I also work for a major apartment complex and a few classes away from my bachelors in Real Estate Studies. 

Samantha 

Good Morning,

I was hoping to get some suggestions for property management software that are comparable alternatives to Appfolio. Being a small time landlord with just three properties, I cannot bring myself to pay the 200+ a month for management software. Its almost more cost effective to hire a property manager at this rate. That being said, I really love many of the features of Appfolio like the clean and fairly accurate credit/background reports. Many times it has caught evictions from other states that I didn't find. I also like the ability to track maintenance requests and assign/email them to vendors. Help. Anything comparable? It would be a plus if I could also build a website from the software but not required. I heard of one called Mr. Landlord or something like that but I can't find information on it. 

Samantha

 Wayne, if they only counted 75% of rent as income that would make so much more sense to me. I actually suggested that this might have been what was said. He said that was not what he was told. He may have misheard or the lender didn't relay the information properly. I probably just need to call the bank and ask for an explanation directly. 

 Martin, I have only owned the property for a couple years so perhaps that could be my issue. Maybe another lender will have more favorable requirements? 

I own one rental house. I owe 60k on it and it rents for 675/MO. My husband owns our primary residence. We owe 125k and it is valued at 170k. We applied for a 40K HELOC to finance our next rental under that house. My husband dealt with the entire process and just plugged my information in for me. When they ran the numbers on my end, they told him that my debt to income was too high because of my rental because not only does my 60k loan get figured into my debt but also 75% of my monthly rent is added into my debt. I have tried getting him to explain this to me more because it doesn't make any sense to me. I keep thinking that there much be something that we are missing. I understand not counting 100% of rent as income due to potential vacancies and repairs. However, how it comes out, they are essentially counting 100% or more of my investment as debt. We ended up securing the financing by removing my name from the application. However, now I am left wondering how, under those conditions, we continue to build, if 75% of every investment is considered debt... on top of the loan used to finance it? Does this sound correct? Is there something that either he or I is missing? Perhaps this particular lender just has very tough conditions? I was hoping someone could explain this rule and their experience with it?

Kay,

My husband and I live in Davenport. We own one rental currently and have been working towards purchasing an additional one. Do you guys attend and REI club/groups?

Samantha

Scot, I was wondering where and when your REI group meets? My husband and I attend one in Bettendorf and are interested in meeting with others in the area.