All Forum Posts by: Justin Taylor

Does anyone have a property management software they would recommend that can be used for managing both Long-term and Short-term rentals?

Seems like most are specific to one or the other. I’d like to find a software that can do both to avoid having to run two different softwares if possible.

I'm considering using hard money to cover some of the holding costs and renovation for an indoor storage conversion project in Davenport, IA. Wondering what kind of terms I can expect when using hard money? I understand terms vary from lender to lender, but what are some typical interest rates, points up front, number of months that you guys are seeing right now for commercial hard money deals?

Also, are you making monthly interest only payments or no payments at all until the end of the loan term?

@Andrew Postell thanks for the suggestion!

@Ken Naim thanks for sharing!

I've recently formed a new partnership in the Quad Cities (Moline, Rock Island, Davenport, Bettendorf) to begin investing in commercial real estate (primarily storage units and multi-family).  Looking to connect and network with others that are operating in this space (lenders, contractors, realtors, investors, etc).  We have opportunities for hard money lenders and limited partners as well.  We will be hosting a meetup in a couple of weeks.  Please reach out to me if you'd like to connect!

I'm considering using hard money to cover some of the holding costs and renovation for an indoor storage conversion project in Davenport, IA.  Wondering what kind of terms I can expect when using hard money?  I understand terms vary from lender to lender, but what are some typical interest rates, points up front, number of months that you guys are seeing right now for commercial hard money deals?

Also, are you making monthly interest only payments or no payments at all until the end of the loan term?

@Mark Armstrong I live and invest in the Davenport, IA area. I’d be happy to put you in touch with my realtor who is investor friendly and owns investment property herself. She’s one of the top ten agents in Davenport so should be able to get this sold for you quickly. Shoot me a message if you’d like her info.

I've been looking at using Red IQ as well.  Is there anyone out there that is still using this tool?  Do you recommend it?  What's the cost and is it worth it?

Jeff, would you be willing to share your projected cash flow numbers on this rental? Monthly Rental Income, Mortgage, Ins, Tax, Repairs, Capex, etc. I'm interested in the Bettendorf market as well, so I'm curious to see what numbers work for other investors in the area. Thanks!

Here are a few things I would suggest:

1. Have a realtor set you up with MLS feed for your target properties and review all the listings as they come in each day. This drastically improved my ability to determine the FMV of homes in the QC.

2. Do the same thing for rentals in the area. Review as many rentals listings as you can to familiarize yourself with what market rent is in each neighborhood and for different types of homes. 

3.  Walk properties with a contractor to get yourself familiar with rehab costs if you’re buying a fixer upper.  Have them give you a rough bid on what they would do the work for.

4. Once you build your confidence in knowing the FMV, Market Rents and Rehab Costs you're ready to pull the trigger. Once you get to this point I would suggest reaching out to local banks to get pre-approved so you're ready to close quickly if you find a deal that works.

5. Last thing I'll mention is theoretically you don't need to obtain all of this detailed knowledge yourself if you're able to put together a good team your Realtor knows the FMV, Property Manager knows the Market Rent, and Contractor knows the Rehab Costs. However, I can tell you that putting together a reliable team isn't as easy as it sounds. It takes time and a lot of networking. I've been at it for a few years and still working to put all the right pieces together.

Feel free to reach out to me with more specific questions and recommendations if you like.