All Forum Posts by: Travis Hill

a lot of solid responses and collaboration. As I read your comments @Anna Strausbaugh it is very similiar to a 'subject to' deal except that you are assuming the loan instead of using a wrap around or keeping the mortgage in the onwers names. Dan Derosa has a lot of experience with subject to deals. Check out the similarities!

@Jeffrey Schratz

Who was there from your team to assist/meet the appraiser? I offer a couple suggestions:

-show the before and after of the work performed in a binder/folder. 

-have your contractor meet the appraiser there and discuss what they did. Let this be an opportunity to brag.

Like the other posts state, talk to the lender. Personal or private property. Reevaluate your numbers and ARV.

@Patrick Fanning

great news for you. If you want to rent space. make sure to check with city or county zoning codes and what you current property is zoned for. If you want to do RV or campers you would have to look into utility lines, water, etc. 

@Tyler Ricci have you looked into using a water meter at each line to determine who used more water and charge accordingly? In commercial multi-family there is an acronym called RUBS. 

RUBS stands for Ratio Utility Billing System, and is a cost-effective and fair alternative to submeters. RUBS is a popular utility management solution, and essentially divides a the bill among your residents based on certain criteria. Different utility types can often influence the type of RUBS formula a property uses.

While it is not the same apples for apples it does give you a direction.

Sure. Price point is what you are paying for a property, aka purchase price. Is it $100k or $1mil? Slow steady market is how the market appreciates in regards to appreciation, job growth, population growth, rent growth, etc. it benefits an investor because that shapes the 'buy box' (what are the specs of what I want to buy). 

I am a Marine stationed in California and I invest in Cleveland and Milwaukee. I love the price point and the slow steady markets that exist there. 

I have purchased two SFR in the past six months. Both of them have gone over rehab budget. Fortunately, the ARV at 75% after paying private money off gave me positive cash flow with 20-30% CoC return. Being able to be in a property for less than 10% of ARV is an acceptable win.

 Hey @James Wise I think I know those guys as well!

 definitely. That is the only way they are going to know you exist. This is a team business. 

@Bret Halsey I invest out of state as well. When local banks find out I am not local their response has been 'sorry you are not in our footprint'. I have contacted over 15 banks in my markets and it has been the same reply. Even though I have over five rentals in that area. I keep networking to find one but it has been a thing for me. Continued success.