All Forum Posts by: Drew Harris
Drew Harris has started 6 posts and replied 26 times.
Post: Refinancing with no W-2 income
- Posts 30
- Votes 12
Quote from @Anthony Freeman:
Quote from @Drew Harris:
Quote from @Anthony Freeman:
Quote from @Neil Sherry:
@Anthony Freeman there are many NO INCOME VERIFICATION real estate investor mortgages available .
Is there anyway you can guide me in the direction of lenders you know personally that have actually lent on no income verification terms.
Hey Anthony, depending on your state I can help you with that. With the DSCR Cash out refi your credit score and DSCR ratio (gross rent divided by the PITI).
620-659 65% cash-out
660-699 70% cash-out
700+ 75% cash-out
Do you service Ohio?
Yes I do sir.
Quote from @Ryan Thomson:
Also, The fact that you are thinking about this says you are probably pretty aware of people. This bodes well for your management of them as tenants. Here are some of my thoughts on the spaces with the biggest potential for "drama".
Kitchen - I house hacked with 4 people in two different houses. We had designated fridge and freezer shelves. Along with one common shelf. It forces people to stay organized.
Chores - we had a cleaning schedule where we would rotate each week what had to be done. Bathrooms, kitchen, sweep/mop, off week. If you didn't do your chores you got a strike and had to do them and buy everyone beer. If you didn't do it twice in a row you had to do everyone's chores the next week.
This is great! Thank you so much. Did you appear on the rookie podcast?? If so you are the guy that inspired me to look at this strategy
Post: Rent by the Room - Challenges
- Posts 30
- Votes 12
@Ron Brady Thank you sir!
Post: Rent by the Room - Challenges
- Posts 30
- Votes 12
Quote from @John Chong:
@Drew Harris I know of a company called Padsplit that's rent by the room. I've worked with them before and know one of the city GM's.
Post: Rent by the Room - Challenges
- Posts 30
- Votes 12
Quote from @John Chong:
Turnover and managing multiple leases might be a challenge. You'll benefit by having multiple tenants if there's high turnover. You'll still have rental income even if you have a vacant room or two.
Thanks @John Chong. Have you heard of a company called padsites or know of any investors that have used that service?
Hello BP,
I'm a rookie investor looking to work with partners on Rent by the Room strategy. I will be looking for duplexes and SF to do this. I plan on living in the property in one of the rooms to start leasing to myself (LLC). Using a conventional 3% or Down Payment Assistance Program to purchase one. Then work with partners using the BRRRR strategy to purchase others under my LLC with 20%-25% down.
If you are Renting by the Room, what has been the biggest learning lesson you can share about this strategy? Would you continue this strategy if you had the financing or partners? How do you handle issues between roommates?
Post: Rent by the Room - Challenges
- Posts 30
- Votes 12
I'm looking to BRRRR properties with partners and implement this strategy
Post: Rent by the Room - Challenges
- Posts 30
- Votes 12
Hello BP,
I'm looking to implement Rent by the rent-by-the-room strategy in the DFW area. What are some challenges you have with this strategy? What benefits have you experienced that is positive besides the income? Do you self-manage? If so what are doing to qualify the tenant? If you hired a property manager what is there screening process? Also % charged monthly? Thanks in advance for sharing the knowledge!
Post: Best advice for finding an attorney to review contracts
- Posts 30
- Votes 12
@Ronald Rohde I left a message with your office. I need contracts reviewed for Joint Venture deals. I look forward to speaking with you. We talked briefly last year for a consultation.
Post: Best advice for finding an attorney to review contracts
- Posts 30
- Votes 12
Hello BP,
I just became a PRO member, and I'm excited. I wanted to reach out to this community for suggestions on how you interview attorneys to represent you. I have some potential JV deals and wholesale deals I want to make sure my paperwork is in order. Thanks in advance BP Fam!