All Forum Posts by: Account Closed

We just started using Resident Research.  They integrate a page into our website and bill the tenant for as much or as little of the fees as you'd like.

http://www.residentresearch.com/

We just started using Resident Research.  They will build a website page that you can integrate into your website for $100.  They handle as little or as much of the background checks as you want to pay for and allow you to set the price that your tenant pays for that process.  http://www.residentresearch.com/

I have not heard about them before, but did check out their website and FAQ's.  Sounds a little "too good to be true", but will keep an open mind and am interested in what others say.  Interesting topic Mindi!

I started buying multi unit buildings as well as SFR in 2008. We known own 2 of each and just received an accepted offer on another 4 unit today. On the SFR, we started at the $100K price range, but found more demand, and better renters at the $150K purchase price range. We now focus at that higher price range.

Personally, I think a person could make either work, it's just about what you want to get in to.  Neither one is right or wrong!

@Seth Jacowski I operate in Bloomington-Normal, IL and have quit claimed deeds to my LLC without any problems from my banker. As long as you keep paying the mortgage on time, they generally don't care. Welcome to BP!

Kevin, I agree with Jeff. I have had this conversation with several bankers and they all say it's an industry norm for me to guarantee the loan even though it's put in the LLC's name. Good luck with your investing career!

Mike

Welcome to Bigger Pockets RJ!  As you have seen, there is a WEALTH of information here for all of us to learn and share from.  Good luck with your investing career.

-A fellow licensed Broker, Mike

Hi Phillip,  Congratulations!  Finding the deal is half the battle!  You might want to look to family, friends as investors.  When we do it, we pay them back "Interest payment only (or more, our choice), for the five years we borrow from them.  In 5 years, we re-pay the loan base don the increased value of the building, or continue the loan.  As an added measure of protection/assurance for them, we add them to the building's insurance policy as an insured party after the bank.  Good luck!

Isaac, check with the smaller banks in your area.  They are much easier to work with and generally keep the loans "in-house".  They also have a lot less set of rules to follow than the bigger, "Chain" banks.  Some will also loan a higher percentage of the appraised value than others.  Once you find a good bank, stick with them and run all the deals through them.  Good luck!

Great story Tom.  Thanks for sharing.  Valuable lesson there!