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18 November 2024 | 13 replies
I stand corrected:)They do have an office in Metro Detroit and while we're far from perfect, we seem to get a lot of their unhappy previous clients.In our opinion, they built a system for Class A rentals - where tenants have 680+ credit scores and rarely have to be evicted or trash properties.They then tried to apply their processes to Class B & C rentals and that's when their service issues increased.All this caused them to recently significantly increase their Flat Fee pricing and monthly minimum charges.
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20 November 2024 | 11 replies
@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.
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14 November 2024 | 21 replies
I personally recommend looking into the Columbus OH market - good population growth, lots of job opportunities in a good mix of industries, and strong rental demand.
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17 November 2024 | 7 replies
A cost segregation study looks at the overall building that you purchased and breaks it down as much as possible.The purpose of this is to increase the depreciation expense.Without a cost segregation study, you are depreciating the property over two items(Building and Land).However, a cost segregation study might identify items such as fencing which might be eligible to be depreciated over 15 years instead of 27.5 years.Depending on the year that the building was placed into service, you might be able to take bonus depreciation on certain items.The follow-up question to ask your CPA is will the cost segregation study help me, and by how much?
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22 November 2024 | 24 replies
Its just outside of their normal scope of work and it only increases their liability.
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18 November 2024 | 16 replies
The shorter the prepayment term has an impact on increasing the rate.4.
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15 November 2024 | 32 replies
If you want an in-depth view I would:- Research government statistics (population growth, median prices, appreciation, etc)- Qualitative research- Go to meetups, talk to investors (you won't find it hard to find someone investing out of state in OH)- Use softwares like rentometer, Vestmap, etc that's what I always say.
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15 November 2024 | 6 replies
I am also a recent rent redi user, I dont hate it, but at BPCON24 , i met with hemline and their software looked really good to me.I set up a call with them this week so use their demo, and their AI for the maintenance was very helpful.I don't mind rent redi though, I met many people at the conference, stessa was a one pf the populer ones.
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16 November 2024 | 3 replies
There is no insurance that covers an increase in HOA assessments.
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21 November 2024 | 14 replies
Call elec to verify that can increase capacity to withstand your development.3.a. - Know what the county likes.