All Forum Posts by: StacyA McBain

Hi @Ben Kerfoot

I use an excel spreadsheet, that could be of assistance to you, simply because it is so much easier to customize than other templates. You could easily add a row for your second credit line, copying and pasting the formulas, and make adjustments to closing costs. 

DM me with your email address if you'd like me to send it your way. 

Warmly , 

StacyA

There's one more REI group to know about in the Boise area, and that's Avid Investors Club. You're welcome to message me for an invitation and information on this invite-only Idaho Real Estate Investors club.

Meetings are held on the third Wednesday of each month (Wednesday, November 18th is the next one). 

You can't go wrong attending any of the three, local clubs/groups/meet-ups in the Treasure Valley (all of which are listed in this thread). It will be worth your while in terms of education, networking and information. Hope to see you there and around the posts here on BP. 

Vacancy is low in the Boise and surrounding Ada County area (<4%). Typical SFRs 3/2/2/ 1,400 SF rent from  $900 - $1,200. Multi-family varies by neighborhood - 2 bedrooms with shared walls run from $600 - $800 ish. 

I have some multi-family sales data from our last Avid Investor's Club meeting that I can email you upon request. DM with me your personal email, if that follow up is desired. 

StacyA

Good idea @Tyler Herring

Name: StacyA McBain

Types of investments:  I hold multi-family properties in Ada/Canyon Counties.

In or out of state (or both): In-state, as close to home as possible. I have transitioned from buying, to helping others buy and sell investment properties. I do this as an agent specializing in investments and through Avid Investors, an Idaho Real Estate Investor's Club.

What are you looking for: Sellers of properties with strong potential returns, to share with my investor clients in Ada/Canyon County. "Coming soon" properties that aren't on the market yet (including before any market-readying work has started). 

Why should others contact you: To network; to boost up their power team with an agent specializing in investment real estate and my highly-specialized team members; to request anl invitation to Avid Investor's Club. 

There are a couple good, successful investment clubs in town, and that's likely because they serve as a great way to personalize conversation and opportunities, while staying in the real estate mindset and "in the know."

Steven, 

Bummer. Plumbers are expensive! If you already had him come out and the repair was incomplete, it would be reasonable to open up dialog and at least ask him to consider whether the follow up visit was actually completion of the initial work, as it seems to be, and to price accordingly. If not, he's not your man and all landlords need a plumbing resource on speed dial who can and will advise even when they're too busy to work, and who will not overcharge.

I don't know your situation with the tenants, but in an ideal scenario you are still in possession of security deposit (or they are still there to bill). If you get written documentation from the plumber, and have a good lease, the disposal of wet wipes down the drain could be tenant-caused enough that it constitutes a chargeable offense, especially if they agree to stop disposing of wet wipes down the drain and/or admit that they have done so. 

Good luck out there! I feel your plumbing pains - I'm replacing a water main line right now in one of my older rentals. Grateful to feel like I'm not getting raked over in that already expensive job.

@William Scott - Welcome! Thanks for your note, above - I  sent you a DM in reply. 

HI Tony, 

A few options might include:

Private lending;

partnerships, including with your team, manager, REI club members, people with more capital than time;

hard money;

self-directing IRA money;

owner financing;

wholesaling...

There are a lot of resources, books and podcasts on this topic - I'm sure as you dig deeper you'll identify the option that makes the most sense for you. 

Another good way to start might be putting together the proforma on your deal and seeing if others others find it compelling and share your definition of good. PM me if you'd like me to look at what you have and provide honest feedback on it. 

Good luck! 

Stacy

Hi Leo, 

I'd recommend that you also check out a local REI club. They're valuable when it comes to networking and learning the ins-and-outs directly from your colleagues.

Best of luck, 

Stacy

Hi Seth, 

Laminate is very popular in our area too right now, and will fly in bedrooms and living areas alike. That said, in a larger home, I'm inclined to opt for carpet in less-traveled bedrooms and laminate in entry areas and living rooms. Carpet is cheaper to buy/install/replace than laminate. I'm sure it matters very little that I include a "no shoes on carpet" policy in my lease, but it makes me feel better. It tends to naturally last longer in bedrooms, than it would in an entry area. 

Since investing is a numbers game, perhaps you should do some calculations based on how long you plan to keep the home. There's likely some point at which laminate makes more financial sense, but on a 5 year plan, carpet would probably win from a numbers perspective. If there was a unit beneath, carpet would carry one more plus. 

Good luck - enjoy this one as one of the "fun" decisions. Let me know if you put this one to the numbers test and come up with any cost vs. life span data :). 

Stacy

@Elliot, I'm not sure how it will differ with wholesaling, but in residential REI purchases, my clients often file a Quit Claim Deed to switch the property from their name into the LLC's. If getting financing, the concern would be lenders likely include verbiage in their loan paperwork that allows them to call the note with that sort of activity. Commercial lenders are the ones who actually seem to watch it - residential lenders don't tend to call investors out, who commonly pursue this practice, but it's key to know that they can. I saw it happen once over some billing mix ups, but the solution offered was to simply transfer it back into the individual's name. Good luck!