All Forum Posts by: Peter Tverdov

Not to be Debbie downer here but's almost a worthless effort. I once caught an appraiser who completely screwed up, wrote them a letter showed them a massive comp they didn't count and their response? Too bad, we still won't count it. I think it's worth trying but I wouldn't hold my breathe. They suck a lot, especially when it comes to dealing in areas where the income approach is how homes trade, not comp sales.

I don't see the big deal. I know in some areas they want the full down payment (conventional mortgages) upfront. 10% I have done on more than one occasion. It shows you're serious.

I do monthly cleaning checks and it's stated in the Lease and I explain to them why I do it when we're signing the Lease. If you don't like it, you don't have to live in the house. I disagree that it does nothing or is too invasive. If they never clean then at least I know they are cleaning 12 times a year before I show up rather than zero and the places attracts roaches, rats because of it. In addition I make sure smoke, carbon detectors are working. Fire extinguisher is filled, air filters are good, dryer vents clean, etc. Don't give an inch with students. I rule like a dictator but I'm also very friendly and very fair and have attracted great tenants because of this style. My style makes the troublemakers run for the hills and I'm okay with that. Let them live at the landlord's house who never checks anything and just cares about collecting rent while letting the house fall apart.

I always enjoy reading the passion, creativity and energy a lot of people have on here but I don't often read about the downside risk that is very real in REI. I was just curious - how many people do a risk management analysis of their properties or living situation? Can you handle a vacancy? How many months? What if you lose your job? What if your wife loses her job? What if rent prices drop? Etc. I think this is very important for people to do, to avoid being over leveraged and caught naked when the storm comes (and it always comes).

I recently did an analysis of what I own right now and I'm happy to see the overall value of my portfolio in the 70s percentage wise when it comes to LTV (which is good for me considering what I put down) and I am also happy to see what my net operating income would look like if rents dropped 10%, 20%, 30% or 40% so I know where my "uh oh" line will be.

In my experience when bubbles pop or corrections happen, they can happen hard and if you're not prepared or living in a fantasy land you could lose everything you worked hard for. I don't want that to happen personally (and I might not be conservative enough here), but just curious what other people do from a risk management perspective when it comes to their portfolio? 

I also agree with this. I plan on doing BRR(H)R. (HELOC). When you do a CORF you only use that money once and now you are paying for that borrowed money for 30 years on your new refinance. With a HELOC I borrow it to buy more, then pay the HELOC down as fast as possible and use it again before the deadline arrives where you can't borrow anymore.

I think it helps to buy at the right price. I prefer walking into equity and as long as things go well on Thursday, I will have done that on 3 different properties. Fannie/Freddie guidelines make you keep 6 months reserves. In addition, I like to do risk management on my portfolio. What happens if rents drop 10%? 25%? 40%? What does it look like if I lose my job or what if my wife loses her job?

What does my entire portfolio's LTV look like? These things are important to weigh as you build your stock. Anybody can buy investment property but you need to be smart about it. I want to grow as fast as possible because of opportunity I see in various areas but I always do a risk analysis.

I would recommend a HELOC instead of cash out refi. That's what we did and I plan on using it as much as possible (instead of just once with a cash out refi). We got one on a 3 family house that we live in, which is very very hard to get.

Did someone really start a thread over $1? You sound like an annoying tenant. 

@Marc Cunningham what kind of referral fee do you offer? I have been looking to do this but haven't had the opportunity yet.

@Jongmin Park I am a property manager who actually specializes in that area. PM me your email and I'll send you an info packet. I am very good at it.