All Forum Posts by: Preston Quinn
Preston Quinn has started 20 posts and replied 116 times.
Post: What to say when calling current landlord to screen applicant

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
So I have decided to manage 1 of my properties myself. I have property management on my others. I currently have a few applications. I am planning on calling their current landlords and asking them a few questions. Am I out of line by asking about the applicants behavior, payment promptness, and cleanliness?
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Kevin Christensen
I decided to stop until I had a feel for what the economy was going to do and what the banks were going to do. I didn’t want to put a pile of cash into the house and not be able to refi or sell it.
Post: Rent due 1st and 15th??

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Joe Splitrock
Very very very valid points. I may pass on this applicant based off of what you just said. Had not even considered those factors. Thank you.
Post: Rent due 1st and 15th??

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Joe Splitrock
Thanks Joe. Can I ask why you say that? Not questioning you. But for my knowledge and understanding. Is it due to more work being created on your end?
Thanks for your time.
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Dillon Dale
A small local bank. This is a commercial mortgage. 20 year term. 4.25%
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
Darius,
It hasn’t been updated since the new work has been done. Remember, this was a $29k purchase. With a tax assessment of $40,700.
I was actually off on my tax expense. It’s really $19 currently. It’s $228.66 per year.
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Kevin Hunter
Thanks Kevin
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
@Kevin Hunter
This one took forever plus a day. I completely stopped all work on this one and another project I had going when the COVID-19 thing started to unfold. I let both projects sit for about 6 weeks. I purchased this property in feb of this year. And just refinanced it. Tenant has been in there for 10 days.
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
Post: 2nd brrrr complete.

- Rental Property Investor
- Lynchburg, VA
- Posts 116
- Votes 73
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $29,000
Cash invested: $30,000
This was a brrr deal. We paid $29k for the house with cash. We spent another $30-35k in renovations. Appraisal came back at $115k.
Rents for $1100/month
Mortgage payment of $525 ($85,000).
Tax $360/year
Insurance $425/year
Gross profit $510/month
What made you interested in investing in this type of deal?
I wanted to build a portfolio faster than I could save up and make down payments.
How did you find this deal and how did you negotiate it?
Bought this from a local wholesaler.
How did you finance this deal?
Home equity line of credit.
How did you add value to the deal?
Renovated the entire house.
What was the outcome?
Walked away with about $15k in my pocket after refi. Created $30k of equity, and a gross profit of $510/month
Lessons learned? Challenges?
This was a huge rehab. I learned I am not very organized. That would’ve helped me a lot.
