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23 August 2024 | 21 replies
I still have a day job so chasing down different quotes is difficult, but maybe I need to find someone to do that?
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21 August 2024 | 26 replies
Hi Chris,Yes deals are a lot more difficult to pencil out due to the interest rates, and a lot of people are putting more down (30-35%) to make the numbers work.
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20 August 2024 | 1 reply
Avoid anything that makes you look like a difficult seller, such as showing restrictions, or other conditions.The purpose of the remarks is to make people want to view the property.
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20 August 2024 | 18 replies
Nothing accomplished except to add confusion, complication, and make transactions potentially more difficult to close.
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20 August 2024 | 2 replies
Like @Taylor Dasch mentioned, in this market it would be very difficult to cover the full mortgage by renting one side of a house hack.
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25 August 2024 | 57 replies
It never gets talked about here on BP, but it's fairly easy for a difficult client with like 1 house to be unprofitable for a property manager.
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20 August 2024 | 2 replies
There are definitely pros and cons to each so I figured I would just lay out a few benefits and personal thoughts: Small banks/brokerages:Pros:- Some regional knowledge of the market- Possibility of more creative lending guidelines with bank specific programs- Sometimes they have competitive rates for their areaCons: - weak balance sheet (more strict on some guidelines, no wiggle room, inability to be flexible or grant exceptions because they cannot afford to hold less than perfect loans)- Can't scale with clients to different markets- Usually limits exposure to individual investors (they don't want one investor to be too big of a portion of their balance sheet)- Lack of experience with multiple solutions (tend to have 2 or 3 loan products they sell and are too niche to provide tailored solutions)Large banks/brokerages:Pros:- Large compliance departments that understand individual market guidelines (typically each state has specific lending guidelines that augment the national baseline)- Ability to scale into multiple markets with same lender (licensed in many states)- Impossible for individual investors to "outgrow" a large bank's balance sheet (not concerned with one investor's concentration)- More lending solutions available for different scenarios- Often comparable or better rates given the game is volume basedCons:- Can be more difficult to get fast responses if the bank/brokerage does not have good follow up systems in place (or if the underwriting/processing staff gets overwhelmed)- Bad large banks can feel less like a relationship and more like a cog in a factory (less personal)Overall, I have worked from both and worked with both as a loan officer, branch manager, and as an investor/client myself.
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22 August 2024 | 20 replies
Its a difficult area to navigate, but there are some excellent PM firms in Columbus as well.Best of luck
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20 August 2024 | 6 replies
It will likely be more difficult to rent to a able-bodied tenants and much easier to rent to disabled tenants, possibly at a premium since it is (almost) ready to go.
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22 August 2024 | 31 replies
It's very difficult for somebody in your position to find an equity partner on a $50K rental property, let alone millions of dollars of stuff.As others mentioned, start small and prove you can make it work with your own funds first, then the partnership arrangements will find you.