All Forum Posts by: Brian Chen
Brian Chen has started 3 posts and replied 6 times.
Post: Finding best mortgage rates
- Posts 7
- Votes 1
Hi,
I have a question on finding the best mortgage rates for a conventional loan. I am at the pre approval stage and I keep hearing to shop around from big banks to mortgage brokers but the rates are not locked in at this stage. So my question is should I choose to get pre approved with the bank/broker that gives me the best estimate?
I feel like I need to get pre approved by a few bank/broker and do the "shopping" when I am about to close on a house. I'm not sure how to pick a bank/broker to get pre approved with.
Is it possible to get pre approved, find a house you want to buy and at closing call up banks/brokers to get a better deal? The reason why I want to get pre approved before I find my a rental property is because it makes things much easier and I'm able to act quicker.
Thanks!
Post: Rentrange vs Rentometer
- Posts 7
- Votes 1
@Jim Shonts Thanks for reply that was very imformative!
Post: Rentrange vs Rentometer
- Posts 7
- Votes 1
Originally posted by @Domenick T.:
@Brian Chen
RentRange is more accurate in my experience.
I have a promo code. Message me.
Thanks!!
Post: Rentrange vs Rentometer
- Posts 7
- Votes 1
Originally posted by @Jim Shonts:
@Brian Chen I use rentometer and rentrange nearly every day. Here is what i see as the difference. Rentrange uses data from large property management companies just like mine. So they used the actual rented data of these companies to compare what rentals should go for in your market. It is often much lower than rent O meter because rent O meter is pulling data from the advertised price, not the rented price. Since rent range is pulling from property managers the data is cleaner, because so many self managed property investors market their property way too expensive and they will never get that rent, it is just hopes and dreams. But on that note I do use about 4 different data sources for comp'ing the property's rental price estimate for my clients.
Are PM companies typically open to running a calculation on rentrange for you if you intend on using their service? For example, if I talked with a PM company and I like what I hear and intend on using them but I have not purchased a rental property yet. Is it reasonable to ask them to run a report on rentrange for all the properties you are considering? Is that something you would consider in that situation?
Also what other sources do you use for rent estimations?
Thanks, much appreciated!
Post: Rentrange vs Rentometer
- Posts 7
- Votes 1
Hi all,
I have heard a lot about Rentometer and I use it myself. However, I recently went to a property manager with a few properties and the rent estimate came back way under. The tool they used to get their estimate was rentrange.com. This was a fairly large PM company and they seem to trust the tool over rentometer or zillow.
Does anyone here have any experience with rentrange and is it that much more accurate then rentometer? I noticed it cost a lot more as well. Does biggerpockets offer a discount to them?
Thanks!
Post: Property Management Companies
- Posts 7
- Votes 1
Hey all!
I'm looking to purchase a rental property in Indianapolis and I am looking for a property management company. Has anyone used a management company in Indianapolis and which ones do you recommend? Has it been a good experience for you guys?
Also, should I look for a bigger management company or a smaller one that has time to put into your property (if its vacant they want to get it rented asap). I'm only going to have one unit, so I'm worried that a bigger company would not put it as a priority. Thanks!