All Forum Posts by: Ryan Swain
Ryan Swain has started 2 posts and replied 11 times.
Post: Memphis Section 8
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Michael and Phil, thanks for the info!
Ryan
Post: Memphis Section 8
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Michael,
Going back to your original question, have you figured out how to maximize those rents? Are there certain property management techniques or companies to go with that deal strictly or a large portion of their business towards S8?
Ryan
Post: Looking for Handyman in Memphis
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Quote from @Jordan Ray:
Quote from @Ryan Swain:
I have a rental in Memphis, looking to see what someone would charge. I have a quote from my property management's preferred company, however, I do not appreciate their work. Looking for someone who has done good business with people in the past. Thank you.
What do you need done? I use 2 different approaches depending on the situation.
Option 1: I will use a https://www.neighborly.com/ company. Usually free estimates with plenty of pictures and then I will authorize the work.
Option 1: Bluff City Preservation | 901-632-5399
Hope that helps! Goodluck! Let me know if I can help with anything else!
Jordan,
Great information, Thank you. I will try that out. I have several different things that need to be accomplished very general maintenance, some paint, air filter changes, and light bulb changes. I appreciate your help.
Ryan
Post: Memphis Section 8
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Quote from @Michael Hayes:
Quote from @Alex Green:
If you read the small print (towards the bottom) of the page that shows the FMRs, 5 bedrooms are 15% more than 4 bedrooms. It's standard HUD terms:
"The FMRs for unit sizes larger than four bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom"
Also, Steven is giving you some good insights. I had a property not qualify for a loan because market rent per the appraiser was much lower than Section 8 rents, which killed the DSCR Ratio. So you have to be aware of that. Lenders (sadly) only look at market rent from the appraisal. Even with a tenant in place, the lender for DSCR purposes will only go up to 110%-120% (depending on lender) from market rent.
You're right I see the additional bedroom info now. Appreciate all that info.
Michael,
Did you ever decide to purchase in Memphis using S8? How did it work out? I would love to hear about your experiences if so. Or from anyone else following this thread. I have a 3 bed and am thinking of S8 in Memphis. Thanks,
Ryan Swain
Post: Looking for Handyman in Memphis
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
I have a rental in Memphis, looking to see what someone would charge. I have a quote from my property management's preferred company, however, I do not appreciate their work. Looking for someone who has done good business with people in the past. Thank you.
Post: BBQ and Real Estate Networking
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Patrick,
Hey let me know in the future of any events like this! Thanks,
Ryan
Post: Denver Military Investor Network Meetup
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
I have to work, but I hope to catch the next one. How often do they occur? Thank you.
Post: The Denver Investor Success Summit
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Is this event open for everyone? Or is it by invitation only? Thank you.
Post: Using Equity of Primary Residence to aid in finance
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
@Andrew Postell I didn't realize that HELOC's had an adjustable rate. I am going to look into it further! Thank you. I am Going to talk to the lender and see what other options there are.
@Joey Dingman sure I can give more info! Looking into buy and hold single family & small Multiplex. Also looking for some BRRRR deals. This would be a 2nd mortgage on my primary residence.
@Cassandra Sifford that’s awesome! How did you find your deal?
Post: Using Equity of Primary Residence to aid in finance
- Rental Property Investor
- Fort Collins, CO
- Posts 11
- Votes 5
Thinking of using Equity of my home to get started in the real estate realm. Thoughts about this? What should I look out for and stay away from? I am wanting to get started and I am wondering really what are the other options?
I know about hard money, but I don’t know if I could refinance right away.
I guess I really don’t know which route to go? Does anyone have any recommendations or resources I could look into and research? I’m super stoked to get going on this!