All Forum Posts by: Justin Marshall

Investing has given me new approaches to challenges.  It has also taught me my strengths and weakness in character.  I have learned how to build networks as well as knowledge of the towns around me and the people that live there.

I would do a little leg work and check with your bank or  shop around and see what type of refi numbers you could get with a different loan structure.  You could very well refi to a 20 yr and still have a reasonable pay of but allowing you to cash flow.  When you refinance you could also pull extra out to pay off your loans and it "should" be at a lower interest rate than what you're typically paying.  There are many options.  I personally have never and probably won't invest where there is an hoa fee because other people are dictating your maintenance costs.  Also if you are in a great area why have you not adjusted your rents to reflect that?  Look at your tenant base would you be better off renting out rooms/condo?  If the association allows such maybe that's an opportunity for you to increase rents to make an active cash flow.  Your best option to me would be to refinance and cash out some of the equity to buy another unit.  That way you reduce your risk of a vacancy and allows you more exit strategies if and when the condo becomes a negative cash flow. 

For a passive portfolio what amount of capital expense do you set aside?  Do you do a set amount per unit or do you just do a general fund?  If you do a bulk fund what is the set amount you use? 

The financing I get from my lender is once a year for a credit check.  I’d suggest shopping around for lenders or at least look into commercial lending if you aren’t already using it.

Dealt with a similar situation.  The fine was only 1500 and my lease still held up in court and they had to pay the owed rents.  The fine is the cities way of saying follow the rules.  Pending on the monthly rents the fine could out weigh any profits on some areas of Des Moines.  That was my findings but they could be different for each situation and how many violations you've received in the past.  In any case never make any rental cert knowledge.  You should have waited til their lease was up to renew/acquire a cert.  just don't get to leiniant on not having them.   Pm me if you have any other questions .  Remember my case was solid because of the lease with the correct verbiage and wording as to hold them accountable.

fb has worked for me every property I own down there. Usually I have a list of interested renters within a couple hours and do one day of showings. 

many options out there for you to purchase foreclosures.  I use commercial lending and purchase forclosures as all cash offers. Only contingency I use is termite inspection and appraisal.  Outside of that the bank allows me to use cash offers with a 10 business day close. Read the fine print on your forclosures. I'm sure there is more than 24 hrs that might just be proof of funds letter 

could you pm me his contact info please?

pending which direction you are from the Des Moines area I have 3 realtors I work with to cover the more popular towns here. As far as pm it's going to be hard to find one with only having a small portfolio that will be 10% or less. I've heard of a nation wide on company that charges a flat 85 per unit rate but you'd have to figure the pros and cons.  I know myself personally tend to front a little more money in my projects and finishes which squire a higher quality of tenant and a higher monthly rent. I've been getting 850-900 for 2 bedrooms and 1150-1300 for 3 bedrooms. But I also spend on average about 6k more on a unit than most investors do Burbank my maintenance fees are minimal for many years other than typica wear and tear.

note the time of year. If you don't have them out by winter you cannot evict til Spring .