All Forum Posts by: Henry Paschall

@Mary Smith I agree! I know my account manager pretty well also. He has made my life easier and also has added recommended features. I know thier free but I am not sure for how much longer. They will start to transition just like Stessa did this month.

I was excited that Bigger Pockets was partnering with what I thought would be a robust and powerful property management site for small landlords. You know one where you get the awesomeness of steessa.com and innago.com combined into one platform for free vice 2 free sites that you wish were 1 free site. I really liked the episode they put on for RentRedi. I was just really disappointed  when I actually set up a few properties and tested it. If you guys have some "this software is awesome" I would really like to hear it.

That just is not the case for me when I used RentRedi, and here are my top 3  issues with their site.

     1. You can upload your rental lease agreements and get them signed just like most free software out there, even zillow has this and they are on my "dont use this software for manangement list". But, you can not have editable PDFs that pull tenant, property and landlord information into the lease which is a must have if you have never had the option, that is 1 reason why I like Innago. If you have never had this option picture this. You have your lease and you have all the portions hilighet that you need to update for each tenant, Name, property address, rent ect... and instead of having to type that data in for every lease it just automatically pulls it from your property and tenant information that you have already put into the site. You verify it and send it to the new tenant to review and sign.

2. You don't have the full control over and can not customize your rental applications by specific questions you would like in your application, if you have an LLC there is no option to put a log, no options to make your lease questions required / not required ect. I like to have the option to customize the questions based on my property, some questions you would want to ask for say one state you may not want to ask in another state. Or say it is a personal property so I am renting it out in my own name vice one of my properties I would be renting out in my LLC name. Also allowing for certin questions to be required based on information provided such as if they say they have a pet then they would be required to answer the following X amount of questions vice if they didnt have a pet then the questions would be not required.

     3. You don't actually have a robust expense tracking unless you pay for their 3rd party provider its not expensive but still not free. This just means that I would still be using Stessa to track all my expenses vice their third party which is not really any different than what I am doing now.

Thanks for reading the "Angry Senior Chief" comments.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $115,000
Cash invested: $42,000

Purchased this property off market from my realtor. The owners were building a home in another state and moving so they didn't want to list the property and have to move immediately. I let them do rent back for 3 months before they moved into their new home.

What made you interested in investing in this type of deal?

The neighbor hood is not normally what I look for but it is an up and coming area near a military base. The numbers made sense.

How did you find this deal and how did you negotiate it?

Realtor brought it to me, he sold them the house a couple of years before. I did not negotiate I gave them what they wanted because it made sense.

How did you finance this deal?

Conventional Loan.

How did you add value to the deal?

Still in progress but they have moved out and I am updating the home now.

What was the outcome?

Once complete next month I will be able to rent this home out for aprox. 1300.00

Lessons learned? Challenges?

Contractors are hard to come by.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Derek at Prime South Bank and Furgus Reeves my realtor!

We finally decided where we wanted to retire, and we are in the process of moving all of our properties closer to us. Also, just the tenant base is better where we are now in Florida.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $365,000
Cash invested: $41,607

This home is a future investment home that we currently live in. I am in the military and will eventually move / retire from this area. It is always good to think ahead. So, we have purchased this home after having another daughter.

What made you interested in investing in this type of deal?

I love investing into real-estate even in this market.

How did you find this deal and how did you negotiate it?

On market deal, Negotiated it down to 365,000 through inspections and appraised value came in at 385,000

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

This was a new build, so I have not added value to it yet. but landscaping is subpar for the area so when we move we will ensure that is up to par and rent it out.

What was the outcome?

still in progress

Lessons learned? Challenges?

Always always always have a good realtor we have used the same realtor for all of our deals in the NE FL area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Fergus Reeves is awesome!

Investment Info:

Single-family residence buy & hold investment in West Plains.

Purchase price: $329,000
Cash invested: $32,900
Sale price: $465,000

We purchased 6 single family homes on 1 street. I would have to say that our biggest help in this purchase was our lender Wood & Houston Bank in West Plains, Mo they are great! This property has some growing pains involved, we had to do a lot of repairs and we inherited some awful tenants so we took a big loss on these properties so far. But we put things in place to turn these properties around and learned how to do evictions. This year will hopefully be a profitable year with about 500.00 a month so far.

**Update** We ended up getting a cash offer of 465,000.00 and sold this property with a profit of: $63,721.40
Total Cash into Deal plus holding costs: 72,278.60
SOLD for: 465,000
Profit: 63,721.40

What made you interested in investing in this type of deal?

I love real estate!

How did you find this deal and how did you negotiate it?

I found it through connecting with an amazing realtor. Did not negotiate for it I knew it would be a good deal for long term buy and hold. Then it turned out to be a great flip.

How did you finance this deal?

Commercial Loan

How did you add value to the deal?

Yes, we upgraded it from builder grade by adding nice LPV flooring, changing the paint color and landscaping.

What was the outcome?

We had a cash flowing asset for 2 years and sold it for a profit. Overall this was a good deal.

Lessons learned? Challenges?

Tenants, I had issues with tenants that where already in the property when I purchased it. I went through 1 eviction, 2 cash for keys on this deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, if you are investing in this area you must use Pamela Cochran.

Great question, it was 6 properties all on 1 lot so I had to get a commercial loan we got it off the MLS. The process was surprisingly easy due to it was a small bank in my home town and I knew the lender personally so she helped us through the process.

Investment Info:

Single-family residence buy & hold investment in West Plains.

Purchase price: $329,000
Cash invested: $32,900

We purchased 6 single family homes on 1 street. I would have to say that our biggest help in this purchase was our lender Wood & Houston Bank in West Plains, Mo they are great! This property has some growing pains involved, we had to do a lot of repairs and we inherited some awful tenants so we took a big loss on these properties so far. But we put things in place to turn these properties around and learned how to do evictions. This year will hopefully be a profitable year with about 500.00 a month so far.

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $133,000
Cash invested: $32,000

This was our 4th investment property. We bought this with a conventional loan 20% down and remodeled the laundry space and updated some aluminum wiring in hopes that it will cash flow for a few years so we can have enough to renovate it and get more rental income from it.

What made you interested in investing in this type of deal?

I look for appreciation and cash flow in my deals and this met both.

How did you find this deal and how did you negotiate it?

MLS, gave full asking.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Remodeled a non used space into a laundry room and updated wiring.

What was the outcome?

Price on the property has increased slightly and we are receiving 200ish in cash flow.

Lessons learned? Challenges?

Aluminum wiring is not as scary as it seams, alumicons are easy to install.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Fergus Reeves is awesome and I would recommend him for anyone buying or selling in northern fl!

I currently live here in Fernandina Beach I have a duplex near the beach and a sfh near the historic district. I have not had an issue with getting any renters into my units (but it is a 3min walk to the beach). I also have other properties further away and out of state, I self manage all my properties. The rental market is good here in most all places on Amelia Island. I would have to kinda know were in Fernandina your property is to let you know more about it but there isnt really a bad part (not alot of crime), but there is a bunch that is considered not good for investing.