Hey all, new member here.Doing BRRRR in Ontario, have four small multi-family (2 duplex and 2 triplex) so far.It looks like I'm going to run into an issue with getting bank mortgages soon. They are complaining that I ...

Their flat rate monthly service covers all materials and labor, wear and tear, tenant turnovers, repairs and replacement, preventative and comprehensive maintenance and home improvements,  Unlike home warranties, they don't charge any deductibles for repairs.Maintenance requests are reported by the tenant using their mobile video app or detected by IoT sensors from connected devices, and sent to the landlord or property manager for approval.

Other option is you charge them for the 30 days.

The retail, conventional, highly online marketed method of buying a multi-family that just throws off a ton of cash and pays down your mortgage seems fully exploited.

Personally, I have utilized VA and conventional loans over FHA, but you can run your numbers with different loan scenarios and choose what is best for you.

Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.

@Cheryl Craigo That can be a good plan if you charge high enough interest rate.  

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

I've never done that but I'd assume if you have separate charge cards per project, you can simply see statements from them....If you find something else that works great please let me know on this.

@Michael Noto No, I haven't yet because for the most part, everyone willing to live in this neighborhood has crappy credit and I hate to charge people that won't meet my other criteria the fee so I look at everything else first to rule out unacceptable tenants (court records for multiple evictions and violent crimes, bad references, facebook posts showing undisclosed pets etc,etc...)