All Forum Posts by: Jason Robinett

Good Morning Bigger Pockets

I am shopping banks / CUs / Brokers at the moment. Here are deal details and what we are looking for:

Price: $2.6 Million

Down: 20%

Loan Amount: $2,080,000

Credit: Prime

NOI: $185k

Units: 31 apts/ 35 storage

We are looking for I/O year 1-2 (not deal breaker) and sub 4% rate 3/5/7 year ARM. 30 year term and no refinance penalty with same lender. After further stabilization we would like to pull out equity. Additionally we would like to minimize the upfront lender fee. Recently quoted 1% of loan amount by broker and additional .25% from lender ($25k) which is absurd IMO.

Please message me with additional questions.

@Jeff Adams

Jeff we were all in your shoes at one point. Limited time and capital is tough, however the best thing you can do is buy a duplex, triplex or fourplex. Is this the only way to get financially free? No.

However your can buy one with only 3.5% down, possibly negotiate a seller credit at closing for “repairs” and put even less down.

Assuming you purchased the property correctly, it will appreciate while the mortgage is paid down and cashflow. You could implement the BRRRR strategy or 1031 into a larger property.

Appreciation and equity is the single best way to gain capital to invest. Start with one and go from there. There will be a snowball effect overtime as you gain more and more properties!

Bp community, I am looking for book recommendations on commercial NNN leases / retail / industrial investing. My go to book so far is Buying and selling apartment buildings by Steve Berges. However I am need something more specific to the listed categories! Thanks in advance! JR

Karma,

How was the material from Mobile Home Park University? PM me if you'd like.

Thanks,

Jason

Bump

I was curious to hear feedback from those of you who have used Steve Berges software. I'm in the middle of his Complete Guide to Buying and Selling Apartment Buildings and really like the information he provides.

Specifically, I like the Value Play option to grow my portfolio and am interested in the income analyzer he totes in the book.

Thanks for the feedback!

JR 

Makes sense. I bought equity and cashflow. Thanks!

Bp community, Can my initial downpayment be recouped as an expense against my rental income since these funds were already taxed? JR

Hi Nancy,

Thanks for handy information. Sounds like QuickBooks is a one stop shop for all your needs. Do they have a feature for renters to pay online (ach, debit, credit, ?) or do you use a third party?

Additionally, when you bill tenants for water, is there electronic method? Id prefer to avoid mailing water bills monthly.

Last question, what version of quickbooks have you found the best for property management?

Jr

Ladies and Gents,

Its been awhile since I've posted, but plan on contributing more in the near future since I recently acquired a 4 plex. That said, I'm trying to navigate the best software options for my small, but growing portfolio.

My units have a single water meter which I plan to bill back the tenants via RUBS. (Ratio utility billing service) I know both AppFolio and PropertyBoss have this option integrated into their software, however Appfolio is too expensive at $200 a month and PropertyBoss seems like a generic computer based software that is not cloud based. They didn't have much information on their website, so I haven't ruled them out completely.

At this point, I'm planning to use either Acturent or SimplyfyEm (or other suggestions?) as my online property management platform, quickbooks or wave for my accounting and then a third party to bill back the water and garabage.

Does anyone here know if there is a relatively inexpensive property management software, similar to AppFolio that has RUBS built in? If not, what company or program do you recommend to bill back tenants? All ideas are welcome. Streamline is what I am looking for.

Thanks for the assistance.