All Forum Posts by: Damon J.

When you refer to the PM costing 5-8% are you factoring in the leasing cost? From what I ahve seen here in Atlanta most PM's want one month's rent to lease and then 8-10% to manage monthly. When you add the two up it costs north of 15% to manage a year.

Obviously with more properties you can negotiate a better rate, but are you able to get this down to 5-8% total?

They may have called I an Apartment policy. The rate jumped 50 percent was for a triplex vs a duplex.

Property is in georgia.

I was surprised to find out that State Farm considers a duplex residential but a triplex and up commercial thus increasing the premium by 50% in my experience.

Is this common amongst all insurers?

I have purchased a home in cash, renovated in cash and now would like to finance it.

Looks as though HELOC would be best option. Who do you use for investment properties?

Alternatively should I eat the initial fees and go with a 30 yr conventional loan?

Great advice David. Learning that Craigslist is a very valuable tool.

I have been researching property managers for twu triplexes I have in Atlanta, Ga.

I note that they generally charged mininums ($75) for monthly management. Assuming rents are $600 each that comes out gto 12.5% a month which seems very high.

Has anyone had experiences where the management companies will negotiate lower due to the fact that all three units are on one property and could possibly be easier to manage?

Also if anyone has a good intown Atlanta property manager to recommend please send along. Thanks.

If I buy rental 4 properties in just my name, and then later go by buy 4 properties in my spouse's name only.

Will my wife be able to get preferred financing on those 4 rental properties? Will the mortgage company associate the 4 homes I own with herself or will she be viewed as owning 0 rental properties.

We currentlyhave a mortage on our primary home in both names. Is there any way to inexpensively adjust this?

In general is it good strategy to purchase in one name only assuming we both have good credit and income levels?

Thanks for clarifying.

I have used Aimloan.com in the past for my primary residences and they seem to have great rates and charge a flat $1,995 origination fee and no other junk fees.

However on a $50,000 property that is the same as a 2% origination fee.

What competitors would be good options that may only have a 1% origination fee?

I have used Aimloan.com several times for my personal residences with very good experiences and what I considered to be the best rates and fees.

I am considering using them again for investment properties as they offer a 30 yr at 4.75% with $1,700 of origination fees, no points.

Have not seen anyone talk much about them on this forum and wanted to see if there were any negative experiences or have done better with other financing options.

I am fortunate to have the option of paying cash (via open equity lines) or conventional financing (good credit, income). I am trying to purchase a few more rental homes in the price range of $60-$100K.

I realize that I do not want to tie up all my cash, but when I run the numbers on purchasing a $60K house the transaction costs with the mortgage seem so high as a %. It seems as though it would be better to get a home equity line once renovated. What are potential downsides to this strategy?

Secondly, I have seen limitations on # of properties financed. Do HELOC's count as a property they same as a 30 yr connventional mortgage? For example if I have 4 properties with just a HELOC on the, when I go to purchase the next property via a conventional 30 yr will that be considered my 5th property?

Thirdly, if the properties are triplexes, quads will this make a difference?