All Forum Posts by: Nick Brown

Hi Veronica.

I have used Baselane for about 9 months- before they were affiliated with BP.  They work for me, but I have a small portfolio and pretty basic needs.  Their customer service isn't terrible if you ever have to contact them.  As a customer, you easily find a customer service email address where you can send questions and you typically get a reply within a couple of hours.  There is an AI assistance tool in Baselane that I don't get a lot of help from.  There is also a customer service telephone number, but they hide it pretty well.

I think it is ok.  There are some things that I think are clunky and awkward, but they are minor and few.  I don't think there are any that will be perfect, spotless, and completely intuitive.  One thing that frustrated me was that their site mentions a demo version, but there isn't one.  I would have liked to be able to get in it and click around just to see what it was like without having to sign up (even though it's free) and transfer money in.  You can watch videos on any software, but that's not as nice as getting in and clicking around yourself.

Way more people are way more knowledgeable than me, but it's my opinion that a newbie or just a small scale investor only needs something stupid simple.  Write a list of all of your "wants" in a software.  Make a spreadsheet of those wants, and start researching all of the available products.  I did that and it took me less than an hour to research and turn a long, long list of management software products into a REALLY short list.  

Apologies to Gaby and Mohit.  I did not come back to revisit this post from so long ago.

I did not buy this property.  It needed a rehab, and I just couldn't afford it.  I ended up buying a different property two blocks away.  I am about to settle on an established rent-by-the-room that is within the same few blocks. 

I am learning a hard lesson, though.  I'm struggling with lending.  It's a different animal than regular residential.

I don't know what you were "told" vs what is real.  I have people come to me frequently who were "told" things that are blatantly false.  Find on on-lot septic system designer in your area, call him, and ask if you have any technologies that are viable for that specific property.  

I design septic systems in Pennsylvania.  I can only speak to the laws that I am used to working with in this state...

If I have a property that has poor soil, I have the option of creating a fill site.  This fill site is nothing more than "good" dirt dumped on the property, leveled, and left to sit for a couple years.  After 2-3 years, it is considered native soil by the local Sewage Enforcement Officer, and can be tested for viability just like any other property.  An important step is officially documenting this with the SEO.  If you were told that no available septic technologies are not able to be used on the property, then a fill site might be an option for you.

@Shaun Weekes

@David Kelly

Thank you guys so much for the quick reply. I appreciate it

I got a contract on my first rental property two weeks ago. Duplex. I intend to live on one side and rent other side out. I was pre-approved by a mortgage company. Everything was going fine after it was under contract, and I had gone through several days of emails with the mortgage company concerning points/interest rates/down payment amount. We agreed on 3.125% conventional loan, 5% down. Everything seemed fine. Today at 4:45, I get a call from the mortgage company saying that “corporate” is now requiring 15% down because this will be an income-producing property. The fact that I will live there is irrelevant. I had been dealing with the same guy all along. He said he was confused by this, as no one in the company had any concern about this In the previous days. He couldn’t tell me why it now was a concern.

Does any of this seem normal? Is it normal for a mortgage company to not do 5% down on an owner occupied duplex?

I have no problem making calls to other mortgage companies on Monday, but if I ask here first and find out that this is totally normal, I won’t bother.

Thanks everyone

If I'm buying properties for long term buy and hold, and am buying quality properties with minimal/no rehab, and with little/no cashflow (buying for long term loan pay down, equity, and tax benefits), is it hard to get multiple mortgages? Do the lenders look only at DTI? I have no debt. I have a W2 paying ~90k.

I found a 4 BR home next to local hospital.  I immediately began running numbers for a rent-by-the-room scenario for travel nurses.  I found some articles and old forum posts on BP last night that discussed problems with financing and insurance for this arrangement.  I called my local insurance company, as well as two major companies and was told "good luck."  The last one told me I'd likely pay a small fortune for this policy.  For any of you who use this strategy, can you tell me who your insurer is, and cost of premium?

Many thanks for your time.

I found a property in foreclosure. It’s a former commercial property with an apartment upstairs. It seems reasonable to turn the commercial space into two more units. However, it’s just outside of town and is serviced by the sewer, but not City water. It has a well. Running three units off of a well seems risky. Any input?

@John Morgan your reply is greatly appreciated, and actually strikes a chord. I’m not completely blind to other facets of the investment puzzle, but monthly cash flow is, by far, my primary concern and desire. When you say it’s not complicated (as several of the replies have echoed)- that’s exactly where my thought process is. If I account for all the expenses (fingers crossed) in the calculator, then it “seems” fool proof. Again, not being completely blind to other factors: inspection is good, cash on cash is reasonable, etc, etc.

Because I’m new, I’m most comfortable with investing somewhat locally. Recently divorced, so a house hacked 2, 3, or 4 plex is my hope. I currently live in VERY rural area. Am hoping to buy in one of several small-medium towns within an hour of where I am now.

I’ll account for PM in calcs, but will do as much as I can initially. I’m a nurse working OT every week, so we’ll see how that goes.

A nice triplex just showed up in a local town that looks to be in very good shape. There is a drawing of the layout in the ad, and it appears that the one unit is enormous, and could easily be converted into a 4 plex quite easily. I'm thinking this would give me a good shot at a BRRRR, as well as increase the cash flow

Thank you all very much for the replies. I’m very grateful. If anything else I’ve said spurs further conversation, don’t be afraid to speak up!