All Forum Posts by: Dante Pirouz

I use Huntington Bank and they require a 6 month seasoning period after purchase but that usually gives me time to rehab and rent out for a good appraisal.

I use Dwolla.com. My tenants log in and pay the amount owed and I can even send them reminders via email. There is a delay in the funds hitting your bank but that is usually just a day or so.

Yes!

Just keep in mind that BRRRR is a relatively slow pathway (I'm super impatient as you can tell)...banks require at least 6 months - 1 year of seasoning (time you own the property) and no deferred maintanence before they will give you a HELOC or refi...it requires a bit of patience but definitely can work well with good planning!

Offer seller financing! I would be very interested in that!

The Midwest is where the money is! I moved to Michigan from So Cal for work and I haven't been able to believe the ROI on Michigan real estate investments. If you want to invest in Michigan let me know!

No, no, no...I see these all the time in properties...houses and foundations move and shift over time...in my area, for example, all of our floors are sloped because of settling and foundation movement...no big deal...have a contractor look at them if it really bothers but I would say look at the HVAC/electrical/plumbing/sewage in the basement (I've had that in one of my properties)/those type of critical issues...those are way more important than cracks in the wall...just my opinion BTW!

At the very least 10% of total rehab budget but I tend to put in 20% just to allow for ????. I also flag categories that I know I can cut back on (for example granite countertops to something cheaper like butcher block or composite) in the case that something unforeseen comes up (and it ALWAYS does)!! Systems/structure (HVAC, electric, plumbing, windows) always has to be prioritized above cosmetics even if it means we might not get the highest resale...we can be creative with cosmetic to try to save costs and still make it look good!

I have done this by asking my commercial lender for a term sheet based on the basics of the property (asking price) and that is what I send to the agent as the "pre-qual" letter. Just keep in mind to get a traditional commercial lender to give you a loan you will need to show at least 2 year track record of owning multiunits with rental income on either your business or personal tax return. That was a stumbling block for me in the past since I only had 1 year of rental income...and owning SFRs are not seen as the same as multiunits (duplex or higher) by commercial lenders funny enough even if they are rental properties. But every lender is different so keep trying different ones. Also if the current owner has not kept meticulous income/expense records a commercial bank will also say no but you can use that issue to try to negotiate with the seller to possibly offer the property on seller financing or a land contract so that you can get the records cleaned up to then go to a commercial lender down the road to pay off the seller from a refinance.

I found that if I didn't use the right terms that it made some banks more difficult to work with. You could try asking about HELOC or refinance and let them tell you what type of programs they have or call it an investment property instead of a second home. I found that "second home" had strict definitions but investment property is more broad. But some banks just make good investor partners and some don't. I even found some branches were more difficult to work with but at another branch of the same bank I found a really gung-ho manager and she could really get amazing things done for me! Keep trying!!