All Forum Posts by: Todd Rasmussen

 It is hard, but it is also doable. Whether or not you will be successful at it is up to you.

Our property manager checks on our contractors before they get checks released to them so we have additional eyes on things. Also, you can fly to anywhere in the country in a couple hours if needed. This is a very expensive supervision option and only works if you scale so you can check out multiple properties at once. Having your contractor and your property manager being different entities is important. As you are building your team, just have clear expectations and communicate about what you are looking for and you should be able to find a team that can provide adequate checks on each other.

Elements FCU, out of Indiana did our HELOC in LA county. You don't want to describe the LOC's purpose as purchasing investing properties on you application though. You should use it as an emergency reserve as well as making home renovations. If you decide to use it for something different after you get it, that's a different story.

 What part of TN? I might have a lender resource that can do better. They just quoted me a commercial loc at 6.5%, so paying 3 points for 6.125 sounds like a ripoff to me...

@Charles Ownby

First of all, keep grinding. Even a setback is a sign of huge progress you've made.

Secondly if you truly have no ability to get a loan to fix the property, you could sell an option? The opportunity costs of having the property sit idle instead of rented might make up the difference on what would probably be a more expensive method of obtaining funds. Only you have enough information to determine if this is viable for you though.

@Corey M.

We love our military tenants. The properties that attract them are usually only vacant for a week or two between tenants. One time, we had vacancy of negative one week and had to refund the tenant that left.

The good news is in a few years inflation will do its thing and you'll barely remember what you currently viewing as a major issue. Suck it up, ride it out, keep track of your actual expenses and when it comes to deal #2 you'll be much better informed to buy at a price or on terms that allow you to cash flow on day 1. REI is a marathon not a sprint, it's okay that you are starting at a walk.

Also, when talking to any turnkey company you should trust but verify. In your case, asking to see examples of property listings they had showing for lease then using something like zillow's historical lease information to see how often they are really available for lease could have given you a little more objective information about lease lengths. May or may not have helped in this case, but the most informed offer is the most accurate offer so always try to check things like that, especially if it's a new market area for you personally.

@Jon Martin

Replacing interior doors with the panel style makes a big visual impact for not very much money.

I did this but used cold galvanizing compound, fence looked brand new!

@Melissa Villegas

In that situation, I might also try to repair the existing stove to buy you that four weeks. Ordering a replacement immediately is about the best you can do other than finding a used appliance or something in stock. I don't think i'd compensate them if I did the best I could.

@Kumar Gaurav

My guess was you were supposed to correct it and call the issuing agency or submit proof of correction within the week. Show up to court with the photos and tell them what day you cut the weeds on.

@Matt McMains

We use Bill Bingley in El Monte. Does everything through email so location isn't terribly important but he's on the east side of LA County.

www.williambingleycpa.com