All Forum Posts by: Sanat Bhandari

@Frank Naujokas You could find one online from a service like rocket legal (or have chatGPT create one lol) 

In all seriousness, pay an attorney to draft up a lease for you or pay a property management company to make sure you're compliant regarding leases. It's cheap insurance to protect yourself in case anything goes wrong

@Andre Watkins Nothing will teach you more than starting a business 

Flip stuff from thrift stores or garage sales (Gary Vee approves), build websites for people, set up security systems for people, etc. The possibilities are endless

Buying books would be good too but books are meaningless unless you actually apply what you learn (most people don't)

@Kyle Nigro Plenty of lenders will do it as long as it is not Fannie/Freddie loan due to recent cash-out refi guideline change

Some local banks can even do it with no seasoning, you just need to ask around or work with a broker that has access to them

Generally, even prior to this change, I recommend planning for a 12-month hold with seasoned funds before refinancing just to plan for the worst case

@Brett Kerry All depends on numbers (sources & uses) 

If you can get a 2/3 bd 1 ba for cheap enough then I'd certainly buy it. If there's a potential value add to add another bathroom, you can boost your equity in the property like no tomorrow

I've bought such houses since no one wants to buy them and so, you can get those at a discount. Eventually, if you have a hard time selling, seller finance the note for the potential buyer and sell the note to recoup your cash that way

@Jordan Campbell I second other poster's opinion here 

Keep it simple for your first deal and partner up with your close family (either as cosigner or gift funds) for the same

Since it's OoS STR, you can potentially use a 10% down second home loan with a cosigner and use it as an AirBnb. The fees on 10% down are substantially higher than 15% so keep that in mind

@Erica Cook QB Online is what I use for bookkeeping for rental properties

Apartments.com is decent if you have a small portfolio. I've used it and can't complain much

AppFolio/Buildium is great for larger portfolios 

@Leisy Bartumeut Partner up with a private investor, whether that be debt or equity partner, to finish the rehab and buy them out during the refinance part of the transaction

You need capital and someone needs return on their money, combine those two parts for a win-win 

@Michael Cortez Talk to local banks/credit unions for a commercial line of credit, that is likely your best bet since they can close in LLC

@Maribel Manibo Boat loads of networking will get you there and is better for building long term private capital relationships

You can have credibility packets and such but you can't substitute all the heavy documents for genuine relationships built on trust

@Elliot Tan You can assume his mortgage and rent it back to him at market rent for the privilege of assuming all the responsibility with the property, especially if he wants to buy it in a couple years

He:

- gets to stay in the property without having to face foreclosure with his family

- gets the responsibility of the property off his hands

- gets the option to buy property within a couple years

You:

- get a discount (assuming his amount to catch-up is lower than his equity in the property) 

- get ownership of the asset and all the benefits that come with it at least till he wants to buy it

- get equity in the property while helping him stay in his house which you can sell to him at a stepped-up basis

For you to help him out, articulate the benefits to him and go from there