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All Forum Posts by: Kyle Penland

Kyle Penland has started 26 posts and replied 317 times.

@Brice Hall several ways.  One he is my pm so he takes 10% of rent off the top.  Second, he is also my realtor and gets a commission when I purchase a property, third he is a turnkey pm.  My definition of turnkey is that he has his own maintenance crew and clean out crew.  He does everything from cleaning out my units to maintenance on the and does a great job of keeping them in good shape.  When a leaky faucet, he sends out his maintenance guy to fix etc...  It's truely passive income at its best!  Hopefully you have the same experience with your pm that I do.  Let me know if you have any other questions.

Post: Private money presentations

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100
I haven't done this route yet, but there is proof in the pudding so to speak. If you are looking at a sfh find some around it that are rented and show what the investor paid and their returns on the investment. That's the easiest way to prove that the concept works. I did use this method in convincing my wife who is a tough critic and was able to convince her that it was a good option for us and was successful. Good luck and update is how it goes.
All of my investments are in a small hometown 25k population. All my properties are sub 25k also. You can make money anywhere as long as your team on the ground is solid. I actually live in the town and still utilize a pm for many reasons. One of which I don't want any tenants knowing who I am. Small town everybody knows everyone sort of thing. My pm is great and he brings me more and more deals everyday. I have had nothing but positive interactions thus far. I also am making 150-200 bucks per door per property also. It all depends on your team and your comfort level with them.

Post: Help with 6 unit building

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100

I don't know of anyone that I can partner with currently...Do local banks negotiate on down payments?  If I could get it in the 15% down range versus 25% then I'd be golden.  If I have to, I can double down possibly and borrow on short term from family and pay them back via unsecured loan from lending club or something but don't want to go that route if I don't have to.

Post: New to business

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100

When i bought my first property, I said WOW you want 3k to rehab this to rent ready?  I thought I could do it myself...I'm a handy guy...I painted the entire inside of the house in 2 a half days, finished it up in a weeks time...During that time, I lost a sale that would have made me lots of money...I learned my lesson the hard way.  Good luck to you in what you decide.

Post: Help with 6 unit building

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100

I've found a 6 unit apt building for sell, asking is 159k, gross rent is 2610...Water and trash run 100 bucks a month combined on average...Some more some less.  The agent that brought me the deal is confident I can get it for 150k...maybe less.  My lender wants 25% down.  I don't have 25%, seller isn't willing to finance.  My questions...Can i get this with LESS than 25% down... For example, 10% down or 15% down?  Also how long can the mortgage go...My go to lender says max he can do is 15 years...Anyone have any ideas?  There is some room to improve rents also, so there is some meat left on the bone.

Post: how to wholesale apartments.

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100

What we are saying is that it is HIGHLY unlikely that you will be successful wholesaling Apts. You should stick with SFH, duplexes etc...If you go for it, best of luck.

Post: Buying property with a tenant

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100
I just closed two deals and put it in the contract that I got the security deposit. If not in writing could be out of luck with that one.

Post: how to wholesale apartments.

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100
This is a different breed of investor.

Post: !!!FLUSHED!!!

Kyle PenlandPosted
  • Investor
  • Dyersburg, TN
  • Posts 320
  • Votes 100
Wow, seems a bit overkill to replace the toilet.