All Forum Posts by: Scott F.

Hey Guys,

I'm looking to start a property management company in the Houston/Katy, Texas area.  I'll focus on single family homes, leveraging fourteen years of property management experience in the commercial arena.  The thesis, bring institutional expertise to Main Street investors.  I plan to keep my day job, while growing the business organically.  For those of you who have been in my shoes, what were your greatest challenges?  How do you accelerate growth?

Thanks all,

Scott

@Ken Jernigan

@Brandon Turner

@Scott Trench

@david hulit

Regarding the $10K EIDL grants:

Just in from Senator Cardin’s office (Ranking Member of Small Business and Entrepreneurship Committee) some loans have gone out, but grants taking longer than the statutory 3 days due to overwhelming demand on the agency... they're pushing the SBA to issue advances as quickly as possible... hope to have some movement this week."

@James Edwards

I applied today and selected a box “Click here if interested in an Advance...”

@David Hulit

Excellent, do we apply through the SBA or banks like Santander?

@Daniel Dietz

Not sure, maybe under 7(a), but there you only get credit for the interest (assuming you want loan forgiveness).

@David Huli

The stimulus bill signed yesterday has an EIDL grant for $10K for sole proprietors if used for the mortgage. It appears this would apply to Landlords as well.

@Heather Frusco

According to the New York Times...

Is there any relief for renters in the bill?

Yes. The bill puts a temporary, nationwide eviction moratorium in place for any renters whose landlords have mortgages backed or owned by Fannie Mae, Freddie Mac and other federal entities. This will last for 120 days after the bill passes, and landlords also can’t charge any fees or penalties for nonpayment of rent.

https://www.wsj.com/articles/house-flipping-is-back-to-pre-crisis-levels-heres-why-its-less-of-a-concern-11554802201?emailToken=f9edcb225e607e5e1cfcfe747b8225e9dPYZl/txioXMCRwSPo/s4u13sUwDHM3WuVzT3YKqMeqrHg/Y7LWEaZa409XspyaIc9v3BJKaqhyQ3tK3eiy8h5Pevxrpz26LuyMDhT14C5WdpvhoPnkDv10ETFz47AQ83AgS44jv5ZFyTJnb5beqKA%3D%3D&reflink=article_copyURL_share

According to the Wall Street Journal (link above), flipping is back to 2006 levels and states that flippers are better positioned now with profit margins averaging 23%vs. 6%. Do you agree? I wonder what role Bigger Pockets and tighter lending standards played to influence this Philadelphia also sites as one of the hottest markets with 93% margins.

Thanks all.  I'll touch base w/ HHA and see if they can point me in the right direction.

Has anyone used cashflow179.com?  They do single-family residences for $1.5K.  Heard them interviewed on Passive Real Estate Investing.