All Forum Posts by: Ingrid Mignott

Originally posted by @Adam Cade:

 @Ingrid Mignott what company do you use? Sounds like you've had success! I'm looking into the turnkey market myself, for the exact same reasons you mentioned.

@Adam Cade I used CR of Maryland 

Originally posted by @Adam Cade:

 @Ingrid Mignott what company do you use? Sounds like you've had success! I'm looking into the turnkey market myself, for the exact same reasons you mentioned.

@Adam Code I used CR of Maryland 

Yeah, try and stay away from renting to family members. Too many stories about how this causes rifts in families. 

Well, it depends - what are your goals? I did my first one, and here are the reasons:

1. I work 9 - 5 or more like a 7 am to 10 pm, so little time to do the necessary oversite.
2. I purchase mainly out of state
3. I am looking for long term rentals. CoC must be at least 10%. But I am also looking for appreciation.
4. The company that I work with also is the PM.
5. Yes, it is more expensive than if I went out and got a property and did the repairs. But the way I look at it is:
   a. I don't pay commission to REA (So I get back a percentage).
   b. I would purchase fewer properties per year.
   c. Less stress! (Don't have to deal with contractors)

So far 100% have paid.

Portfolio lenders provide mortgages mainly to investors looking for either quick cash loans, short term, or long term mortgages for multiple rental properties. They do not sell their loans. As they do not sell their loans, they carry the risk and charge premium fees up to 5%. Should you wait till you cannot get a conventional loan to go this route, or should you look at this at an earlier point? What are the benefits of a portfolio loan?

I hope everyone is keeping safe and well. I wanted to get some feedback from members about 1 or 2 things they wished they knew before buying their first rental property. My first rental was a townhouse house I lived in for many years, and I was the first owner, so I knew all the ins and outs about the house and the HOA maintained the exterior of the townhouse (paint, gutters, etc.). all the common areas and trees. So when I went to purchase my first property to rent out, I did the necessary checks with the A/C and electrical but did not take into account tree trimming, washing the exterior for Mildew, etc. These maintenance items will take away from your returns. So for me, I wish I understood the total cost of maintaining the home, keeping in mind that these will depend on the area the house is located. Where I currently live, I don't have to worry about things like Mildew on the exterior.