All Forum Posts by: Bill P.

@Scott Barbag this is standard boilerplate for turnkey props. Sounds legit but you have ask questions to the underwriting firm about ANYTHING YOU WANT TO UNDERSTAND MORE FULLY BEFORE YOU SIGN.

@Nicole Sugrue you do not want to take an equity stake in the home since your basis will be lower than the 1.4mil stepped up basis you will receive as beneficiaries. Go see a Florida re attorney and explain the process to them.5

@Erik Sanders the best and easy way to buy them would be through seller financing for a year or so until you can refinance them with a blanket loan. You may be able to go to the blanket loan directly as a purchase if enough down payment or seller financing in the 2nd position is completed.

@Alexis Schreier I understand the reasoning but you need to control the property's funds for control purposes. If the PM needs funds, he can send a bill. Of course, he can always deposit funds into the account without being a signer.

@Adam Geers if you're really lucky you can pay a higher amount for positive results they make. For example, only appointments that are set for you to meet. In this manner, they get rewarded by their efforts but don't get penalized by your inability to close the deal.

@Martin Sterling IF AND I MEAN IF, the homes sold for a higher price, it would drag the comps higher as an average. The appraisals would change after 2 sold as only one would be disregarded as an outlier.

@Collin Emerson Miller we constantly are on the lookout for new deals but most of my time is spent raising funds for future syndications for fix and flips and our rental portfolio companies.

@Jay Hinrichs Ditto. This is just real estate 101 chapter 1.

@Jorge Vazquez I agree with this sound and logical advice. After doing self management for over 20 years, my anguish has come from the management side. It has made me stronger but at times it made me homicidal. Like the time I had to evict a non paying resident of a sfh and they trashed it deliberately on their way out to the tune of $18,000. I have had generally good luck but the bad ones really become part of your psyche. Bad stories will happen because you're working with people. I have given many breaks to tenants over the years but I have yet to have a tenant say to me: Hey Bill, here's an extra $50 because of all you do for us!

@Will Fraser Thanks for the info. I should also say that RentManager was the closest to perfect for us.