All Forum Posts by: Adam Irvin

I couldn't wrap my head around the fee schedule of a PM to justify the expense. As many have said already, a % of monthly rent, plus turnover expenses, plus an upcharge every time a maintenance issue arises... What the heck am I paying for?!?! Why is there a monthly fee when everything is going as planned, and then a whole other set of fees when you actually have to work?? My business partner and I were discussing this the other day, about how refreshing it would be to see a PM company offer certain guarantees to us as owners. Things like eviction cost split, instead of charging us more to deal with it when they placed the crappy tenants in the first place! Utilizing contractors who guarantee their work, not their golf buddy handyman who's not actually qualified to even screw in a light bulb and then disappears when there's problems with the repairs.

Congrats on the awesome flip! The house looks awesome, and very well staged. Keep the momentum rolling!

Chris Seveney I don't have a solid bid from a contractor, those are numbers I can up with based on what it would cost locally here in Dallas for the same work.

I'm looking a deal I've found that seems to have potential, but there a few things that have me worried. 1) the house is about 2 hours from where I live, and this would be my fist flip. I hate to be that far away if I need to get there to check on contractors or deal with issues. 2) it's a small/medium sized rural town that has little growth, which leads me to believe it may take longer to sell once it's ready. 3) the numbers are low, but I think they still could make sense. Asking $15K for 3/2 1080sqft ARV around $75K Rehab costs approx $30K including roof, foundation, HVAC, and possible plumbing due to foundation work. It also might need and electric panel upgrade. Any input/advice will be greatly appreciated. I've also considered just getting it rent ready, which would probably cut my rehab cost by $7-10K.

I haven't rented to military, but I've spent 10 years as a military member and rented many places as such. 1) definitely agree with understanding the bah rates for your area. I always thought it was funny that monthly rent seemed to match Perfectly with my monthly allowance... 2) get on the list through base housing. Not only will it give you visibility to potential renters, but if you do have issues you can go through the housing office and they'll help guide you to who you should call to get boot put to *** on their end. 3) I wouldn't worry about the young military guys moving in and causing problems. Most services have restrictions on when someone can move off post, it's usually tied to either a higher rank, or life changing event like getting married. Either way, they should be a bit more mature and less inclined to party and tear things up if they've been allowed to over off post.

Micah, I'm in the Frisco/McKinney area and am just starting out. I'd love to speak with you sometime about a partner/mentor relationship on a deal and my long term strategies. Let me know if you have some time available, Adam

Christina R. I was told all VA loans are assumable, but some are restricted to being assumed by another qualifying veteran... I'm thinking that could me a competitive edge on approaching sellers with VA loans, as not everyone would qualify to leverage the financing like I could.

Dishon McEwan the tiers refer to how many open loans you have currently. Tier one means you have one loan, and are subject to the limits and restrictions on that tier, tier two usually occurs with the rental, or sometimes sale, of the tier one home and thus puts you into tier two where you have a minimum purchase price and certain interest rate differences. This is my understanding at least, I'd love for a mortgage professional to chime in with some expert advice.

Does anyone have any experience assuming a VA loan? It's my understanding that you must be a qualifying veteran to do so and you have to be within the first two tiers, is this correct?

I was advised the same as Ben, a single member LLC just makes you feel safe, it doesn't protect you as much as everyone thinks it does.