All Forum Posts by: Denver McClure

Hey Alena, I do require rental insurance for my MTR residents. I usually recommend the bare minimum coverage so it's not such a financial burden for them, but still give you protection. Whenever we get to signing lease agreements I ask for them to provide proof of coverage. I do use FF as well, but I don't believe they give you any form of protection. 

Hey Craig, I absolutely know that pain! @Stanley J Black would be a great resource to speak with!

Hey Zeke, welcome to BiggerPockets! Feel free to reach out if you need anything!

Hey Justin, I'd be happy to chat sometime. I have plenty of experience with the STR/MTR rental game and have done a few DSCR loans myself. Feel free PM me when you get the chance.

Hey John, we have access to several lenders that would fund projects that size. Feel free to PM me.

Hey @Devin Aikens, I currently use Keycheck to collect rents and fees on my medium term rentals. Their service fees are charged to the tenant or applicant, not landlord. So far I've had a good experience! 

Hey Gabe, glad to see a fellow vet investing in RE! Yes, many of the MLS listed multifamilies aren't cash flowing well right now, mainly due to financing. Keep in mind that you'll most likely refinance to a lower rate within the 4.5 year span before retirement. I recommend running the numbers at today's interest rates, then run a second report with a hypothetical interest rate of 4% in 4 years. To be clear, nobody can predict where interest rates will be at in the future so there is no guarantee 4% is where you'll refinance at. That second report will simply be a benchmark for what the property could do in the future, assuming standard appreciation rates in rents, expenses, and property value. A 1031 might be a great avenue for you as well if you want to trade up the SFHs into MF when the opportunity presents itself.

Feel free to reach out if you'd like to chat sometime.

Hi Kim! @Stanley J Black and @Jeff Nash can help find a carrier for your property. 

Hey @Jacob Zivanovich, regardless of property condition and location, I usually recommend a minimum allocation of 20% for reserves. If a SFR, I usually recommend 10% for vacancies, and 5% for 2-4 units. It's better to plan for the worst case scenario, especially in an economy like this one. If it is possible to achieve positive cash flow after a 30% reserve allocation, then you should have a good deal on your hands.

Hey @Brandy Lewis, welcome to BP! Feel free to reach out if you ever need anything.