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All Forum Posts by: Spencer Stensrude

Spencer Stensrude has started 0 posts and replied 30 times.

Post: How to pay Contractor w/ Credit Card from a Distance

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Your contractor may be able to do it through Quickbooks if he is using that already, too.

Post: BIG decision to make.... NEED Help and Advice please

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
I would consider working hard at paying off those credit cards to reduce your DTI, and do a deal with one of those portfolio lenders. It can be a major advantage to have a good relationship with a commercial lender.

Post: How to pay Contractor w/ Credit Card from a Distance

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
@Bryan C. Can you pay him through square in two installments?

Post: Should I sell it or continually rent it?

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Anish Tolia The appreciation is far from a guarantee. I believe releveraging that money in a multifamily asset can increase cash flow as well as equity through principal reduction.

Post: Should I sell it or continually rent it?

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Sell it. Reinvest in a small apartment building with management in a b area.

Post: New member in North Iowa

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Hey Tom. How is the investing going?

Post: 6-Plex Analysis

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Tara, I think this one really had to be determined by your personal strategy. If the house were in a good neighborhood you could fix it up and upgrade your tenant base. Since it is in a tougher part of town you will always have more turnover and more work to do between tenants. You can make money on these, but it will take more work than a more desirable property. Do you have a property manager lined up? You will want to talk to them to get a feel for how they handle lower end properties what kind of vacancy they expect.
In Iowa we can't collect more than three times rent. Ex: $1500 $500 deposit, $500 rent, $500 last months rent.

Post: Need some advice on owner financing

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
You may want to consider talking to a few community banks about financing, too. If you have proven you can save enough cash for a few down payments they may be willing to give you a chance!

Post: How Do I Stop Striking Out With GCs?

Spencer StensrudePosted
  • Investor
  • Mason City, IA
  • Posts 32
  • Votes 17
Start with finding the contractor through a referral, and make sure the scope of work is written and detailed.
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