All Forum Posts by: Andrew Syrios

We tried it briefly. It's very cheap and user friendly, but it seems to have limits, one simple one that came up was the inability to have more than one tab open. To me, it seemed like it would be great for a landlord with 10-30 units or something to that effect. But for bigger management companies, Rentmanager or Yardi are better, albeit more expensive. At least that's my opinion.

That is the one part I miss about not having a W2...

It would certainly be possible, the problem is the cost. Hard money is generally expensive up front, somewhere between 3 and 5 points. Traditional loans also usually cost a point. And then you have two sets of closing fees and what not. If you need the hard money loan to repair the house so you can refinance and then hold it, that's one thing. But if you're going to do the traditional refinance right afterward, just do it up front and skip the hard money.

Better to try local banks with such amounts. I have gotten several loans like that. The smallest one I got was $17,500 (it was one of three properties we were refinancing though, so it was part of a package basically).

I generally don't tell them I'm the owner, I had a partner in Texas say he was scarred for his life after taking over a dilapidated property and telling some meth heads he was the owner. Generally, you should be fine either way, but it's easier to give them bad news when they don't think you can, by yourself, change what happens. It's easier to avoid sob stories that way, but there's a lot of debate on BP about that.

Do you have a job and invest on the side or did they approve you based solely on real estate income? I wasn't able to get Fannie Mae financing because I'm a full time investor and at the time I applied, our partnership was still in the red.

No problem Eric, good luck with your next deal!

That is basically my exact experience. Although, to be fair, I do occasionally find a good one from a wholesaler.

If it's a tear down, the value of the property is the value of the lot minus the cost to scrape the house. Given it appears to be listed for what renovated comps are, I wouldn't bother working on this one and move on to greener pastures.

I would add a lease breaking fee to your lease. But as Aubrianna said, I would give her a 30 day notice as well.