All Forum Posts by: Mike Kirby

Mike Kirby has started 5 posts and replied 87 times.

There have been a lot of people paying way too much the last few years. So yes, you have to be willing to let someone do something stupid instead of bidding against them. I’ve literally seen people overpay by $100,000 and then jump up and down like they won a prize🥴

Our auctions are at the courthouse steps in person.

0 Votes

Miami, Florida

Quote from @Drew Mullin:

@Mike Kirby got it thank you - is it pretty competitive on the auction site?

0 Votes

Miami, Florida

Quote from @Drew Mullin:

@Jonathan Taylor Smith what is your preferred method for sourcing? Like straight from mls? Sorry for sounding redundant lol

I’ve bought my last seven properties from the local Tax sale or Foreclosure sale in the two counties that I buy in. I fix them up and keep them as rentals.

1 Vote

Miami, Florida

Quote from @Matt Lewis:

Hello all...

Long time lurker, first time poster.

Have a DSCR related question. I am in the process of purchasing multiple (6-8) SFRs in a package. Going to need a blanket loan to fund them. I am looking for the following:

- 20% down (open to going higher, would like to stick with 20%)

- 30 year financing

- No Pre-payment penalty

In the past I have always used traditional financing methods for purchasing rentals. This is my first venture into DSCR land.

I have spoken with a couple different lenders, and they are unable to get around the pre-payment penalty.

It seems that the pre-payment penalty is the sticking point.

Is a blanket DSCR loan for 6-8 SFR homes with no pre-payment penalty available in the marketplace?

Best regards,

Matt

I’ve gotten 9 DSCR loans since I couldn’t get conventional loans anymore. I have had PPP on every one of them because the rates were too high without the PPP. I’m a long term buy and hold guy so it doesn’t really matter to me. 80% is going to be tough to make a DSCR of 1.2 work at today’s rates too. Some lenders will use 1.1 or 1.0 but unless you are buying at a huge discount 80% is probably not realistic.

1 Vote

Dallas, Texas

Quote from @Drew Mullin:

@Jonathan Taylor Smith thanks! How do you find those

I’ve been buying real estate since 1985, I haven’t found one yet😛

2 Votes

Miami, Florida

Quote from @Adam Macias:

The economy is not healthy ya'll.

House prices are coming down.

Look at Texas and Florida, two years everyone though these states would have infinite growth.

What has happened?

Florida is down almost 15% and Texas is following the same path.

I bring this up because at a recent meetup some investors

were telling me they are willing to pay full price to beat the competition.

That's an insanely bad move right now unless you're willing to come out of pocket to cover expenses to try to keep those houses afloat.

Stop speculation for the love of the real estate gods STOP.

The only time you lose money in a real estate crash is when you sell in bad timing...

BUT you must remember that deals are only deals depending on how they were BOUGHT, not how they were SOLD.

Heck, even in Denver the smartest investors I know are buying at even deeper discounts because they know DOM are going to be longer than expected.

Get better at sales, get better at marketing, don't be romantic on any one market and we will survive.

Anyone that says Texas isn’t growing doesn’t live here. Things haven’t stopped growing since I moved here in 1982. I’ll agree some house prices are going down a little but that’s only because of all the new apartments and houses being built.

3 Votes

Thanks for all the comments. We did find a couple of other things the cleaner missed but I had already gave them a 4 star review after I received his $411 to replace the door. I gave a 4 star and talked about the damage and that they had stepped up and took ownership and paid the damage.

There was a pillow headrest ripped off a chair on the back deck, there was damage to the door jam to the 2nd bedroom and we found a bag of weed under the cushion on the dock chair. All in all, the combination of weed and alcohol seems to have been part of their family issues. They left a lot of beer in the fridge...

Then a week later we get his review and it said "very nice cabin" 4 stars...

All in all, we have had very good guests the last two years and count our blessings that this was all that happened.

0 Votes

San Antonio, Texas

Quote from @Brandon Lee:

Speed is everything in real estate. I’ve seen deals close in as little as 7 days when the right funding is in place.

Curious — what’s the fastest turnaround you’ve had on a transaction, and what made it possible?

Always learning from the community here. 👇

I got a call from a realtor that I’ve worked with since 2004 on Dec 26 2016, he had a client that needed to close before Jan 1 for tax reasons. We paid cash for the house and closed on Dec 31. There was a renter in it when we bought it and the same renter is in it today.

0 Votes

Quote from @Basit Siddiqi:

What are you seeing as the cost to set up an SDIRA and what the custodian charges on an annual basis?

Since depreciation is not factored into a SDIRA account, it removes some of the benefits of rental real estate.

Therefore, i would need to make a considerable amount more(atleast 2.5% more in appreciation / Cashflow) in real estate over the stock market if I wanted to use the SDIRA to invest in real estate.

Depreciation is factored in on real estate if owned in a SDIRA IF there is debt on the real estate. The SDIRA can use the income depreciation (% that is financed) to offset the UDFI on Form 990-T.

1 Vote

Quote from @Henry Lazerow:

Anyone else find it mind boggling how many realtors are unresponsive and take multiple calls to actually get a response lately? For example you request a showing and they just never respond. You email some questions about lease end dates they never respond, basic info they should already know or easily be able to get from the seller. It seems to have gotten worse in 2025, guessing a lot of these agents are doing this part time now that the market has slowed. I am seeing this issue most commonly with the solo non-team agents and many of the elderly agents also, maybe a slow year makes them feel like they are already retired.

Be very careful who you hire to sell your properties! Go with agents who have sold 50+ or even 100+ million and have teammates to quickly respond. I have been working with a teammate for a few years now and feel it works very well to be able to schedule/respond quickly to both buyers and sellers. You are better off even going with Redfin then some of these agents :X

I was selling a house earlier this year and I listed it with an agent that I've worked with for over 20 years. I reached out to another realtor to let her know in case she had a buyer and the response I got was "I don't work with buyers!". I thought that was strange but she says buyers are too complicated and she refuses to work with them. To each their own but it seems like she is missing out on a big percentage of her target market.

1 Vote

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All Forum Posts by: Mike Kirby

Mike Kirby has started 5 posts and replied 87 times.

Post: Vetting wholesalers?? How

Post: Vetting wholesalers?? How

Post: Vetting wholesalers?? How

Post: DSCR options for multiple SFRs in one package...

Post: Vetting wholesalers?? How

Post: The economy is not healthy AT ALL

Post: How would you Rate this Guest?

Post: What’s the Fastest Way You’ve Closed a Deal?

Post: Using a Self-Directed IRA - SDIRA to purchase a Property

Post: Crazy how many realtors are unresponsive