All Forum Posts by: Brian Olencki

Welcome, Albert. I recently purchased my first property as well. It was an interesting process. A few things I needed to get together for my lender included:

• Pay stubs
• 3 years of tax returns
• College Degree (I was a recent graduate and that helped some how)
• Bank information

For myself, I had to find my tax returns for the past few years and that proved to be challenging. It was suggested to me that I build a folder specifically for a lender and keep it updated with the types of information that they would request. This way I don't always have to search for the information when reaching out to one. 

Another items that I learned, is always over estimate and have reserves. I had to use some no interest credit cards to do some of the rehab. I would have preferred to have the cash on hand but those are a good option if push comes to shove. Best of luck to you and feel free to reach out if you have any questions!

Personally I have yet to partner on a deal. It seems there are probably a few different ways to do it, and it would be best to find one that suits your situation best. 

This being said, I hear a lot of times people forming an LLC or an entity of some kind. Agreements are drawn up outlining what each person is responsible for and how funds will be used. Basically think of anything & everything that might be questioned later on and think about these now. This could include:

• How will the funds be used?
• What happens if someone backs out?
• If more funds need to be used, how will this work?
• etc.

Next, each party would insert funds into the LLC or entity. The entity then acquires investments and distributes profits/cashflow based on the original agreement.

One thing that I keep hearing over and over from others that are a part of an investment group, is make sure things are in writing. This way you have a document to refer to just in case things don't turn out as expected. Best of luck to you!

@Cameron Riley I developed a software for myself and use it to manage my properties. Check it out, I'm always open to feedback and comments. getvillarentals.com

@Robert Shedden congrats on the second property. Out of curiosity, was it your intention to purchase two properties so close in time frame? What contingencies did you have set up for this? Thanks in advance!

@Mike Olson Yikes, that sounds bad. I thought my first was a horror story. Best of luck!

@Sinil Kim I'm from RI. I had a similar situation when I closed on my douplex. The tenants were paying $900 a month when market value for a 3 bedroom was $1500 in the area. I raised rents (with notice), both tenants refused to pay and we had to go forward with an eviction. Wasn't the best outcome but the tenants left as soon as they were served so we didn't get to court. About a month later I had a much better tenant in place that was paying market value.

As always, check with your local laws to see what you can do. Best of luck!

@Anthony Gayden wow, great job paying it off. I'm in a similar boat with a rehab right now, a bit over leveraged having used credit cards. Interesting read, back to basics sounds like a good idea.

@Brandon Penn congratulations! That's so exciting

Hi everyone! I've been actively developing landlord software over the past few years to better manage my units. It has helped ease some of my problems when dealing with daily procedures and tenants. I am curious if others experience the same problems I did? I am not sure if it's for you, but if you have a moment to share your thoughts I'd appreciate it. Thanks!

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