All Forum Posts by: Todd Rasmussen

@Matt Sledge

Not personally, but these two were recommended at a meet up in the area.

John Coughlin 727-458-4776

Rick 727-804-5785

@James Bailey

Start increasing the rent, if they move, rehab and increase to market rent. If they don't move, stop when you get close enough to market rate that the difference isn't worth rehab.

@Kyle Scott

Spoiler alert: They are not. :)

I don't have a calculator but here's my napkin math:

ARV x 80% - Rehab Costs - Holding Costs- Closing Costs = Max Allowable Offer

Rents x 50% must be greater than mortgage payment (P&I).

@Grant T.

Once you pick a market area, start working lenders to figure out what your deal has to look like to get funded. You are about two years away from MF hitting the market that can't get refi'd so make sure you are on the right side of that situation. Middle TN has been good to us. TX lures a lot of new investors in before they realize about TX's property taxes. There are people making money in every market, just be adaptable.

@Danny McGreevy

Putting down a smaller amount and investing providing you have some hold time is mathematically better. The graph of the mortgage savings is linear, the graph of investing the remainder from a smaller down payment is exponential.

@Mardica Henderson

What do you mean include the mortgages? There are mortgages already on the properties that you are paying? If so, it sounds like you are talking about a mortgage wrap. If you just mean to include a deed of trust or mortgage on the property as part of your seller finance sale, then a title company could easily assist with that.

@Jeremy Lo

So you can read in the emails you provided, that the line was disconnected years ago. The plumbing work you needed to do was to replace the line that had already been capped off. Any property manager that would bring this to you instead of just telling the tenant no, shouldn't be in this business. You absolutely should not have done this work, nor should it have been recommended for you to do so. Sorry bud. Where'd you PCS to?

@Akshay Bhaskaran

Save the money, cancel the home warranties. I've never heard a good story about a home warranty company. Retain that risk in exchange for the return is something most investors would do.

@Rebecca Webbe

They are most commonly called Rental Dwelling Policies. It is similar to your homeowner's policy less a substantial amount of personal property. Having a quality agent is more important than the company, but any of the big ones typically do well on the claims side. Just understanding your coverages puts you in the 90th percentile when it comes to insurance knowledge. It will also be most effective to set up your policy to cover large losses and retain the risk of smaller losses. If you are calling your insurance company because your fence blew down, you are going to have a rough go of it. You'll lose claims free discounts and be harder to insure if you start making claims, so keep a higher deducible, realize some savings on your premiums, and self insure any loses less than the five digit numbers.

@Jennifer Gore

Are you planning on buying cash? If so, you could probably be more efficient than this route.

Same concerns as mentioned above, although our vacancy rate in Middle TN has been about 6% but I plan for 8.3%.