All Forum Posts by: Travis L.

@Edwin Rodriguez

Yes this was the route I took.  I started as a leasing consulatant on a lease up (new construction) and worked up to an APM role and then a PM.  It's excellent training, you have an amazing team around you helping you learn the legal, accounting, marketing, sales, etc.  And it's competitive pay.  You're also right in that obtaining certifications will require experience in actually managing units.  Once you have that experience though, you would have to imagine it would be an easier sell when soliciting your services.  Imagine being able to say, since I've managed a $100 million asset, I'm confident I can manage a $300k single family home for you.

@Edwin Rodriguez

I am a General Manager for a mixed use asset in DC.  I have been in the MFH industry as a PM for 8+ years and wonder if you've considered working for a PM firm?  In addition, I would recommend joining an association:  IREM, NARPM, NPMA, PMA, etc.

In addition I have accreditations that assist with my daily task. You can obtain your CAM, ARM, CPM. This will help you with gaining the experience to bring value to any asset class.

@Nicole McKinley you may also want to consult your occupany terms in your lease.  Typically it should reflect language that states any guest staying over x amount of days must be screened and added to the lease agreement.  This may be an opportunity to file as a lease violation.  I would also consider any holdover language in the lease should they decide not to move after being served with the appropriate non renewal notice.

@Jon Loca as a General Manager I agree with everyone else that you should keep your word if that's the price that you advertised.  But since you can obviously get more for the unit, have you considered offering less than a year for the lease term?  If you did a short term lease and was confident that the unit could command more rent that may be a good opportunity to increase at renewal or replacement rent.

@Kevin E.

Thanks for your honest feedback and personal experience.  I decided to proceed with the 30 year option.

@Eddy Dumire

The Loan Officer stated that if they finance (add the MI) to my mortgage payment, the interest rate goes up since it's a higher amount of debt/risk that's being financed. I have the option of paying the MI in addition to the loan payment, which after reviewing my options makes more sense in that it keeps my interest rate lower, and once I reach a LTV of 80%, I can have the MI drop off without having to refinance again.

And I agree, with your opinion about the best and worst loan options. I am refinancing in part because we originally did an FHA loan due to the lower downpayment required.

 Thanks Jesse for your insight!

 As cheap as money is, that would be awesome!

 Well said James!

Great point about saving the money elsewhere rather than doing a forced savings by doing a 15 year term! With interest rates at historic lows, money can't get any cheaper! I also didn't consider the real possibility that equity is not guaranteed. There still is a chance that housing, at least in the short term, can go down. Rather than banking on equity in my home with an option to refi and cash out or do a HELOC, I can put the difference I a savings vehicle with a higher ROR and use that to invest in RE.