All Forum Posts by: Amanda G.

How big is your estimated range? what are the consequences if you price it higher than market? what are the consequences if you price it on the low side? The market isn't an exact thing, it is all about what each individual potential renter is willing to pay. if there aren't any comps near your property, everyone else will be guessing, too, including renters. Maybe consider the probabilities at each price point and go with the one that is most likely to meet your needs.

Hi @Britney Beverly, It's a little more complicated than a wholesaler buying the house, although sometimes they do. Often they get a contract to buy the house with something called an assignment clause that lets them pass the contract along to the end buyer, with a mark up. 
The one guy you are talking about bought the house with the 140k, then found a buyer that paid (hopefully) 140k plus his closing and holding expenses and a little extra. People hear that wholesaling is a place to start because "you don't need money" but you do need a lot of knowledge to do this well.

Hi Brandon,
I think you haven't gotten an answer because this really needs a lawyer. I wouldn't want to guess who next of kin is, and what the laws in your state say about the estates of people without wills. If you see value in the house, it is probably worth the investment to get good local advice. Good luck!

@Sandy Preston, this might be obvious- I understand that you want a HELOC on your 100% owned rental property. What is your intent for the funds? The group might be able to give you some ideas for raising money, but the best advice is probably going to depend on what you are trying to do next.

Hi Marta,

My first deal was a straight 25% bank loan. The second one I BRRR'ed and ended up leaving 11k in the property after refi. If I had to do again, mightd have bought the second one in my personal name and waited the 6 months seasoning period to get better mortgage rate and terms. But if I hadn't gone with a business loan, which can be done with my bank as soon as you have a renter, I would not have had the speed to be working on the next deals. So, live and learn.
It also seriously depends on the amount of capital you have to work with. No final answer, but I hope I gave you some good questions to consider!

Results may vary, but the most common thing to do is keep it in your personal name for 6-12 months and get a cash out re-fi through a regular bank. That will be based on the current comps. Alexander Felice has a method of getting his repairs on the HUD when he closes, which is an interesting method that requires the right lender and title company to work. Any method is going to work better if you build a relationship with the lender before you even buy it. Good luck!

Congrats, Jason!

Hi Amanda,
I highly recommend Mike Butler's book on landlording to answer a number of these questions. Zillow is good, and depending on your market, bandit signs can be great for finding tenants. In my area Craigslist is useless but Facebook marketplace is hot. 
Cozy.co is what I use for collecting applications. You can use their background and credit check function, or skip that if you want to DIY. Good luck!

My handyman uses Trello. I don't know much about it. Maybe that would be a place to start?

Update: the appliances are back to the store and I will do my shopping at the used appliance shop. Lesson learned.