All Forum Posts by: Robert Stamper

@John Pierce - The rate is probably worse than a cash out refi.   However, that rate would be on 60K not 360K.  It also gives me the flexibility to use it as a reserve.  Paying down the first gets me more reserves.   More reserves = surviving a downturn.   A new commercial cash out refi is at a worse rate than my current conventional mortgage rate, comes with lots of fixed and variable closing costs as a portion of a larger loan, and has prepayment penalties (my current mortgage does not). 

Great answers @Stephen Glover.    I especially like the liability avoidance.   

@John Pierce.   I couldn't agree more.   We will write it into the lease

Thanks Dan,  Do you supply them with a mower?

Hi, We have a nice 3BR/1 Bath house that we just rehabbed.  Everything is new.  Roof, HVAC, kitchen, baths, flooring...  

It also comes with a decent sized yard.  It takes me 45 minutes+ to push mow.   I have been mowing it personally through the rehab, but we have decided to rent it rather than sell.   

We would like for the property to be maintained inside and out.   

What does everybody here do about mowing the lawn? Do you require the tenant to mow the lawn? Do you include it? If included, I'm sure you hire it out. We are in the Richmond, VA area if anyone cares to recommend a lawn care group that could service our growing portfolio.

Thanks in advance!

Robby

Thank you all. Lien, I will give TD Bank a ring.  

Hi All,

I'm looking for a line of credit against a rental property that I currently have a 60% LTV on. I could do a cash out refi, but the fees get expensive and it just isn't as flexible. Does an LOC on investment properties exist in the post 2007/8 world.

Thanks in advance!

@Timmi Ryerson. Thanks

We have 4 rentals so that might be nice. Why do you say flipping one at a time would work. What if she has 2 or 3 flips in progress? Would it work?

Thanks David,   Agreed on Income/Expense tracking.   My goal was to do that at the project level then aggregate it.   But, I can definitely see your point on tracking by vendor, category, project, etc.   I will check out Flipper Force.   Thanks for your thoughts. 

Hi All, My Wife, @Sarah Stamper is a flipper starting on her second property now. She does all her flips in a single member LLC to keep our taxes nice and simple. I was planning to get her set up with QuickBooks as a complete accounting solution, but since we are keeping her work in a Single Member LLC, my accountant suggested that I just keep the expenses in spreadsheets submit them at the end of the year. I like that idea (cheap and simple) but am I missing something? Is there some fantastic software out there that I should be using? Quickbooks is overkill right? Or is it? Thanks in advance!

Robby