All Forum Posts by: Marcus Holloway

I just asked a similar question in another forum. I'm using avail.co now. I heard about from a podcast and, so far, it seems pretty user friendly. 

It populated a state specific lease, check in list and payment schedule. The service is free for your first tenant. 

My tenant moves in tomorrow so I I'm sure I'll have a lot more opinions after a few months of use. A big complaint I'm hearing is that Avail goes silent if the tenant is late. With only one tenant, I'm not really worried about forgetting to collect rent. Could be a bigger issue as my portfolio grows. 

GM BP, 

I finally have my 1st rental property rehabbed with a signed tenant!  (WooHoo). 

After being on the fence for months; I've decided to self manage. As my portfolio grows, I plan to outsource to a PM. I really think first hand experience will prove valuable in the future of my RE investing career. 

After some research, I've decided to use Avail's software for rent collection. 

My question for the forum is for your thoughts, pros and cons of Avail. 

How has it worked for you in the past? 

Are you still a user? 

What made you change to a different service.

Any input is appreciated!

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $78,000
Cash invested: $124,000

Buy and hold. Used 203K funding for rehab

Through many trials and tribulations, I’m in the final stages of completing (making it to closing) a 203K Loan.

Of course, the final hurdle is the hardest. For some reason, Equifax will not release my credit to the lender.

It’s not a freeze. I’ve called and emailed equifax multiple times in the past 3 days and each time I’m assured there is no freeze or block. I have a PIN number confirming this.

Now I’m in a back and fourth between equifax and my lender. Both blaming the other as to why the equifax report can’t be accessed.

It seems like a situation that can quickly be resolved with a human to human conversation but all I’m getting is 1-800 and email case numbers.

Any suggestions, BP?

I need recommendations for General contractors in the Indianapolis area with FIRSTHAND EXPERIENCE in 203k Loan rehabs. I’ve tried basic internet searches and they still lead me to conversations with GCs who’ve never done it. I have a few referrals...looking for a plan B or C if necessary. Thanks, BP

OMG.... I'm in the appraisal process of buying a home using a 203K. I googled "203K problems contractor" and this thread popped up. Thankfully, I have a motivated seller so negotiations were fairly brief. The first hiccups are coming from getting my contractors to get acceptable information to the lender. 

My GC is familiar with 203K's but it's still a first time experience for both of us. One of his subs already dropped out as soon as they heard HUD was involved with the draws. Fun times.

 Thanks, Theo. That's exactly what I'm doing. Since getting the inspection, my lender's been giving great advice and referrals for contractors. 

I still have plenty of questions but I'm starting to wrap my head around it. Thanks again for the response. 

Just came to terms with the seller on my first duplex. (yay) The plan is to house hack and eventually BRRR. Since I'm an owner occupant, I qualify for FHA 203K financing.

I've estimated the repairs to be under 30K so I shouldn't require an FHA consultant, but I'm guessing I need to choose a GC that has worked with 203K processes before. Everyone's telling me the 203K process is a long and aggravating.

Should I get a GC with 203K experience so he/she can bid on everything at once or should I hunt 203K contractors individually for each job? Will FHA even give me the option to choose?

It's a small, single family in Gary, IN that I got in the September Tax sale in Lake County. I grew up in the neighborhood so I'm very familiar with the area. It's uninhabited and will need about 15K in rehab work. Should have an ARV of 45K but my goal is to hold it as a rental.