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4 September 2024 | 2 replies
If they paid 2 months of rent, I would record it as them paying July and August rent (September still being outstanding).
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6 September 2024 | 2 replies
so, whatever the comps that you need to target are - you go for thosein terms of getting desired rents, certainly finishes will come into play a little bitand then of course you want a safe, high quality rentalone thing to note that is not often pointed out is that, with a BRRRR, the higher you boost the ARV, the higher your mortgage payment is going to be and the lower your cash flowso a few things to consider herehope this helps
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6 September 2024 | 0 replies
Quality resources can provide you with a clear, actionable plan to follow.
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5 September 2024 | 4 replies
Rehab: Coordinate with local contractors to perform quality, cost-effective renovations to increase property value and rental potential.3.
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10 September 2024 | 43 replies
(Rhetorical)I would prefer these laws didn't exist, I'd rather compete with other landlords for tennants, based on the quality I provide.Cause and effect.
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6 September 2024 | 19 replies
Are their listings detailed with good-quality photos?
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5 September 2024 | 4 replies
Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.
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5 September 2024 | 11 replies
PM companies will pride themselves in finding a tenant quickly, often at the expense of top rental rates and quality tenants.
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4 September 2024 | 3 replies
Quote from @Roger Garner: I don't have any recommendations, but I can provide you a guide for screening and selecting a quality PM.
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4 September 2024 | 3 replies
We've found new construction homes to offer more predictable returns, better tenant quality, higher appreciation in values and rents long term, etc.