All Forum Posts by: Stone Jin

I use Eva Chugerman at Realty 1, she's the number 1 person at Russel Shaws office which is one of the biggest in the valley.

@Cisco Hood I've run all my transactions through 1 broker. PM me and I will send you her contact info. But yes, I think in today's lending environment a lot of banks/lenders will look at rental income as part of your DTI.

@Kyle Monaghan Yeah, talk to your lender to see if they will use the rent from new property as income for the underwriting.   

I think a lot of people are doing that many units in 1 year are probably not buying higher price point properties.  Or they are buying a 4plex or something like that and then a 4 plex the following year etc.  I wouldn't worry about artificial goals set by the internet, just focus on what reasonable for you.  I've had years where I bought 2 houses and years where I bought 6.  I just depends on how much you can achieve and how the market is.  At this stage of the market I would be cautious of the people who are diving in head first.

We self manage.  The way I look at it is for the price I'm paying the PM, I can pay a high quality contractor to fix everything.  The money that I save on PM just about covers all my expenses across all my properties. Generally the tenant would text me with the issue and I would text my repair man/contractor and they would fix it and bill me.  I also get to buy higher quality material for MY houses.

 The other point is control.  I show the properties because I want to see who I'm renting to.  I always tell my tenants that the lease is just a legal contract, and when we sign it we begin a relationship and I want it to be a good one.  

I have a PM for my out of town property because I don't have systems in place and it's a small town.  She does a great job and deserves the 13% flat fee she takes.   

If you are going to buy local, try to self manage and if after a year it doesn't work out then find a PM.

@Steve B. My lease is written by the law firm that probably handles more eviction cases than anybody in the Phoenix area.  2 of the partners are judges.  If it's in that lease, I'm pretty sure it's enforceable.   

My lease has the losing party paying the attorney fees, likely yours do too.  I would only refund was is rightfully due.  

@Ben Leybovich I think the audience was primarily people wanting to learn and new investors.  I think you guys did a great job in relaying the fact that real estate is hard work at every level, whether it is 1 unit or 100 units.  There is a lot involved and most people were just digesting what you two were saying.  

Besides every time you told the crowd they sucked, Sam was able to save it from going down a dark hole. :)

Hope to see you around Chandler, now I have to peer at every black tesla I pass to see if I know the driver!!

@Shiloh Lundahl  Thanks for hosting the meet up, it was fun.

@Sam Grooms @Ben Leybovich Thanks for presenting the real side of investing in large MF.  Very enlightening.

See you guys around,

Stone

My lender has always used the potential income of the investment property as part of my income.  If you have no cash for a down payment that's a different story.  Which are you short on?  

Sounds like a toss up, who do you like better and foresee doing more business with.  In today's seller market, I don't think it makes much of a difference as long as you know what you want.