All Forum Posts by: Johnny Quilenderino

@Stefan Sorensen

That is why I would talk to a local bank.

They can be less restrictive. One year or commercial loan ... Lots of opportunities

Call a bank, normally they will accept 70 percent of gross rents. Especially if you explain the situation ie professional tenants, have ACTUAL leases and can show income for the two years with leases that match. Get a local bank involved, a big box bank (BofA and Well Fargo) might not say this fits their profile and tell you no, where a local bank and a local loan officer will appreciate the business and the creative way to pay your mortgage.

Good luck.
Johnny

@Farheen Naveed 

Please advise how it can be rented to traveling nurses/professionals since it has only 1.5 bathrooms so how it can be rented per room? 

- You must advise them beforehand that they will be sharing a bathroom. Even in C-19, she was able to rent them out, but she had cleaning precautions and such.

What are the laws and is there any rental insurance you have to have? Laws vary from state to state all the way down to the HOA. You must do your due-diligence as I am not a lawyer, and I am not advising you to execute a house hack or short term rental business.

Rental insurance - you would need to contact your insurance agent. There might be a few extra things to keep your costs low, since she is living in it, she has a different scenario than what you are describing. 

Thank you,

JQ

I use the big box stores, ie Lowes and Home Depot to get their standard countertops and install them. My section 8 tenants kill the countertop every other year, so it is an expense that I plan for. 

One of my first contracts as an actual agent. She was a nurse over at INVOA Fairfax looking for something that was 3 bed 2.5 baths with a basement, she was going to house hack. This young lady had a vision and all I had to do was find her the "one." At first, she was shy and did not want to talk to me about her plans after the purchase, but then she warmed up as she realized; I am not just an agent but I am an investor. 

Fast forward, we find the deal, and then she kind of freaks out. She knew she wanted to rent all the rooms to people and just live out of the basement. Then she turned to me and stated, "where do I find my tenants?" I told her to look up traveling nurses or traveling professional websites and register and get this property on there ASAP. 

Initially, she only had two rooms to rent and thought she was going to have to rent them for 800 a room. After reviewing the websites, she upped her rent to 1400 a room. She used the proceeds to remodel the basement and now is renting the house with the exception of the basement as furnished rentals!!!

Ok the numbers:

PITI = 2300

Water = 80

Electrical = 100

Gas = 50

Website = 100

First quarter rents - 2800 a month x3

Second quarter remodel of basement complete - 5600 month!!

- Master bedroom rent 2000 (fully furnished)

- Two spare bedrooms rented 1800 (fully furnished)

5600 monthly off a townhome that has a total expense account of 2630! Almost 3k in cashflow.

What amazing ideas have you guys seen come to fruition in last year's C-19 market?

Cheers,
JQ

If you need an inspector lookup David Throckmorton (Jodat inspection), he was my inspector when I lived down in VB and Norfolk. He inspected about 20 of my deals as I was buying down in the Hampton roads area. I have a team of contractors and such even PMs. Good luck securing the deal!

Most realtors have access to homesnap app or something similar. I know I can pull up every house in VA and them by heat maps etc. to see who has certain mortgages and or house is paid off.

@Mike Webber KW is a community with each brokerage independently owned and operated and that is far as I will go with this without "promoting."

I would write it, contact your board person or the review and ask them when do "I need it ready." You will find out in the RE sales the more prepared you are ie trained etc, the better salesperson you will be.

@James Webber I just got licensed in Virginia in August. They did fingerprint and pull my record. In Virginia you will have to write a letter to the board. Start writing the letter if you have not already done so. 

I am with KW, but this is not recruiting this is just me stating what brokerage I am with. 

Good luck!

@Johann Jells

I use my accountant for tax shelters and figuring out how to lower my brackets limit my exposure. Also for estate building.

What is great they can use a client that is 5 or 10 years older than me and create a plan similar to them and I just follow on the shoulders of those giants instead of attempting to forge my own path and possibly not keeping up with tax law.

I own four businesses and I am in different fields ie retail, real estate sales, rental business and internet sales.