All Forum Posts by: Paul Tanso

Simplify as many standard processes such as online rent payment, leases, apartment turns, paint, and other materials, and re-key all locks to a master system. When you start to grow bigger you will be thankful you don't have boxes of keys. You can install a lockbox onsite and place a master in it for your trusted contractors. When you get larger, migrate to a property management software that automates these things.

I just called Appfolio's sales department because their pricing page didn't make sense. I only have 14 units right now. They told me I needed a minimum of 50 units to start with them. I hope this helps with your decision. I may migrate from QB to Buildium.

@Neil G. - Thank you for your response. I was curious how people got along, and whether they stayed true to their monthly lease. Good info!

Has anyone ever invested in a crash pad? If yes, how did it work out? Is it as profitable as it sounds?

You'll want to research lenders first, in my opinion. Introduce yourself to a couple good ones - ask for references at your local investor meetings.

Talk to them about what you are planning to do, get information about their requirements and rates. Then go find some deals you want to present to them for funding.

Good luck! 

I just went to look at a property I was hoping to buy, fix, and flip, but it's priced too high. Through my research I found that the current owner is one of the "We buy ugly houses" guys. He picked it up from an estate for $125k. He's selling for $200k, and there are multiple offers, which is bidding it up beyond anywhere I can make money. ARV is probably around $330k, but it needs $60k - $100k worth of work.

Does anyone know how to find properties directly from the estate before they're listed. I believe one method is to watch for the recent sales for $1, and another may be to watch obituaries. Is there a better way?

@Tina C.  Have you tested the stain on a sample piece of the same material as the floor? Test using a rag. Brushes are a bit messy and tend not to hold stain that well. I would not use a roller either.

As long as the color is what you expect once it dries on the sample piece you are ready to go to town. You might try applying the poly over the sample once dried, too. 

Water base poly is nice, no stink, dries fast, and does not yellow, but it's not as hard as oil.

@Arlan Potter cool idea. How do you issue a firs mortgage to lenders? It his  technique for when the lender wants more security?

I have a question that may or may not have a one size fits all answer, but here goes. My partners and I are looking at a deal that will require us to round up investors (people we will take loans from). We are planning to target family and friends. We are not quite sure how to structure the deal, though. Assuming the partners take x% and set aside the remaining x% that will go to our investors to pay interest and principal – what are the typical percentages for each?

Is there a better way of dividing up profits?

I would love to hear people’s experiences, please.

Ha! I typically agree regarding partnerships. In this case we've been working together well, and we are long time friends with aligned expectations. We formed an LLC to do flips together where we were able to use our own cash. We recently came across a big deal that we do not want to pass up.

In terms of investors - we were told the same thing by our lawyer - take "loans" do not add partners, so that is what we are thinking in this situation. So you say pay each person that loans us money 8% monthly, then the entire principal in x amount of time?