All Forum Posts by: Terry Davis

Thanks guys!  This is the first of hopefully many properties. It is a duplex to technically it’s two units. The nice thing is the tenants are already in it so we are deciding not to hire a property manager.  As we grow we will most like likely hire a property mgt company unless we find out we are handling it ok. Thanks for the help!

Looks like we’re finally going to be closing on our first deal. Does anybody have any experience using any software or apps out there that can help us with the recordkeeping of property management? (IE-Keeping track of rent roll, keeping track of expenses, background checks,etc.)

Thanks Erik.  I’ll take you up on that offer.  I’ve never done the Wholesaler route so I’d be curious to see how that works.  I’m actually in Italy this week vacationing.  I will look you up when I get back!

This brings up another question..What kind of funding is available for us if we want to buy, hold, and rent?  Are we stuck putting down 20% or are there loans where we can put down less.  I've bought several houses for me personally to live in but this is my first rental.

Thanks guys. We definitely are going to stick with what we know. Have either of you used the rental income calculator to figure out deals yet? I'm struggling finding properties that meet the requirements that were suggested in the webinar (10% ROI, min$100 positive cash flow). The one property I found where then numbers look really good is a quadraplex in the hood. It's very shady but looks like it is a cash flow cow and already is fully occupied. I just don't want that to be my first property. Maybe I'm plugging in the assumptions incorrectly on the calculators (5% vacancy, 7% repairs, 7% cap ex, 3% insurance, 9% mgt fees). We can knock off the mgt fees if we need to because we plan to do everything ourselves.

We are newbies to the rental market and looking in Jax.  What are your opinions on owning a 3 bed house in suburbialand in good school district or do you find better value in buying a cheaper house in a rough neighborhood with potentially higher cash flow but less appreciation potential?

My neighbor/friend and I are going to take the plunge and go in to business together. We are going to start simple and go 50/50 with an LLC. We are looking to but rental properties for cash flow with the goal of buying many units over the next 10 years to create high cash flow properties. What boobie traps should we look out for (other than what happens if one wants to liquidate their share)?