All Forum Posts by: Tracy Spencer

we had this problem with a new SFR where the city wanted to charge us a commercial sewer fee. Talked to Planning and Development, Residential Counter, Jenine and pulled records and went back to water folks and got it worked out. Good luck

don't forget to add higher cost of insurance if you are offering student housing!

David,

Just got off the phone with Loan Guys.  Their 3.99 rate for 30 year investment property loans requires a 3.25% buydown.  When I got the written quote 2 minutes later, it showed 4.75% and an $85,000 reserve requirement on a $250K property.  I will keep looking...

Tracy

Add me to the self managed camp.  I have one property manager out of the dozen I have worked with over the years who comes close to doing what you say a property manager should do, and 11 who did the job so badly that I had to fire them.  I agree that some owners cost themselves a lot of money because they deal poorly with tenants, but there are obviously a whole bunch more of us who figured out how to act as their own professional property managers!

I like those rates.  Which lender are you dealing with?

Buildium for me too.  They've made real progress on lease renewals recently!

Try credit card builders, or one of the other services like that that get you business credit.  when we did it some time back, it was a $2500 fee.  They applied for business and personal cards with 0% offers, and high limits.  Was very successful for us, and now we use as revolving lines by reupping with a 0% offer, generally with a 3% cash advance fee.

Justin,

If you are interested, I can send you a prospectus from a local company that clearly shows all the points the holding company makes money on a syndication deal.  I'm guessing if you looked at enough of these, you'd see some patterns.

Tracy

Vincent,

More info please.  My accountant says this is self dealing and that Irs doesn’t allow.  Main motivator for me was solo401k contributions to do more deals tax free.

Tracy

@Dan Schwartz, any input on how to best approach this as self employed investor with more than 10 properties? Refi soft money, new loan, LOC? Where did you find lending criteria and costs were most favorable?