All Forum Posts by: Allan Smith

Oh my!

I recommend not tracking receipts haha. You need quickbooks or stessa or wave, or mint at the very least. I haven't tracked a receipt in years.

In my market 300 letters to generate an appointment is too optimistic. It easily takes 5 to 7,000 letters to get a deal closed.

Not to point out the obvious, but is it grandfathered in? Have you talked to the codes Department? Usually existing units are what is called non-conforming but legal. But if you tore them down you could not have 10. So this would of course be part of your due diligence to make sure that these wouldn't have to be a secret.

To be honest one reason you won't get a lot of feedback on this is because most people don't even keep books tight enough to notice the difference between what the website sent and what it should have been. I personally get these from some software and property managers and I don't even look at them.

Well as a 50% partner they are entitled to 50% of everything, including mortgage interest. However, you did arrange for yourself a pretty Raw Deal here by putting only yourself on the mortgage without asking for anything extra. So you can honor the agreement, or try to request that things be renegotiated at least a little more favorably for you so that you can have two happy Partners instead of one.

What is your process for screening tenants? I'll give you a hint, it starts with how you word the listing description. How do tenants apply? Will they fill out an application or text or call you? How will you handle showings? Are they in person or are they self showings? Are you going to be using software to collect rent? If so, a lot of this is all done through the software and begins to fill in that big picture of how this is going to work for you. What are your application requirements for tenants you will reject without thinking twice in Tennessee will allow to apply? How much do you want to rent the unit for? How much will your security deposit be?

Insurance premiums to me fall in that category of Highly unnegotiable. But hopefully I'm wrong and when you try to counter offer with them it works!

It sounds like you would be a great asset to a local investor. There's got to be somebody around you who sees the value in that.

It's called a cash out refi. If you have a W-2 job, you can easily get a conventional loan which will give you around 5% interest in a 30-year loan. For that kind of loan product you'll need to have owned the property for at least 6 months I believe. They call that seasoning. Any mortgage broker can do this or would know someone who can. It's a pretty common loan product so you would not need to ask very many people until you got someone who can do it

70% is pretty high, some even require 65%. Sounds like this is a risky deal with skinny margins. Don't get Starry Eyed with the large numbers, your percentages still need to scale for proper profit.