All Forum Posts by: Yanique Otto

Hi BP members! I am fairly new to the real estate investment arena. I've had one property rented for almost 2 years, and am currently under contract for 5 additional units. I know that's not a LOT, but I do best with checklists and systems, and so I am looking for an inexpensive software I can see to keep track of things such as deadlines and due dates both in the offer and due diligence stages, and for use wit tenants. I'd also love the software helped with generating form letters and checklists, such as a due diligence action checklist, move in checklist, repair budget, tenant rejection/acceptance letters, sample leases etc. 

Would also be great if the system integrated with a payment portal where clients can pay rent and submit work orders online.

I know I can use excel spreadsheets etc. I'm just looking for a way to keep as much of the information as possible in one place, in a system that helps me stay on top of everything. Thanks in advance for your suggestions.

Yanique 

Hello BP family! I'm so happy to have found this group, and am looking forward to all the learning we will experience together.

I am an attorney and entry-level real estate investor in South Florida. I purchased a single family unit in 2016, converted in to a duplex, in 2017, and have been collecting rent steadily for the past 18+ months from my tenant. Feels great, and now I'm wanting to take it to the next level. Over the past 2 years, I've paid off the mortgage on my home, and now want to use the equity (close to $300K) to finance a few new deals. A family member is willing to invest $300K with me, but only so long as I match his investment. This is the same family member who loan me the cash ($250K) to purchase my home. My law firm was new at the time and I didn't have sufficient income or credit to show. He's happy that i paid him off in full in two years and is ready to go again. 

I've identified a few condos that would work well as buy and hold rentals. My investor will only spend up to $300K on residential units we buy and rent out. So I'll be looking to spend roughly $600K on 6 units (give or take)

I've also found a commercial condo I'd like to purchase. The asking price is approx. $250K

Ultimately what I'd like to be able to do is:

1. Get a loan for each of the 6 or so units @ roughly $100K each. I'll use my credit to secure the $300K I need to bring to the table, and my family member investor will bring the other $300K in cash.
2. Get a business mortgage or hard money loan for the commercial condo.

If I can do the above, I could leave the equity in my home untouched. Although I'm certainly willing to offer it as collateral if needed. 

Or even someone who would consider and run numbers without an initial credit run (I can supply law firm and personal income statements and such.) FYI - my credit score is over 700 - I just haven't borrowed anything on record in over 10 years, and so my credit report doesn't show every much. 

Any suggestions? TIA! 

 Yanique