All Forum Posts by: Troy Whitney

I've never used Airbnb but this just seems crazy to me.  Our country is so litigious already.  This will be a big payday for lawyers and the landlords will get almost nothing.

I'm interested to know where people get their data from when analyzing different metro areas.  I know the census has data, as well as Citydata and there's some decent demographic data on LoopNet, but I'm wondering if people know of other sources that offer information on demographic growth and trends in different cities through 2016 or maybe into 2017.

Thanks,

-T

I've done only MLS deals so far. One of them I paid $62k for. Put about $80k into it including financing. It appraised for $240k, but if I want to sell it as it is, with rental finishes, it would probably sell for $190-$200k. I've got another one we found on the MLS. Paid $90k for it, putting $90k into it including financing. ARV estimated at $250k. Not finished yet so we'll see...

Hey Billy,

They aren't that high, not for private equity financing.  I just closed one 30 year loan with them on a refi at 7% and another at 7.5%.  Of course this is higher than conventional financing.  I recently refi'd my primary at 3.75%.  But the process with B2R is less painful and there are no limits in terms of how many properties you can finance with them.  That said - they aren't perfect.  It's hard sometimes to get someone on the phone, and they're pretty stingy on the ratios.  One property I have appraised for $200k and rents out for $2,300/month.  They could only loan me $145k on that one at 75%.  It was a little frustrating because I know that property is worth more than $200k, but then again, with more equity on my end, it'll cash flow better.  They will look carefully at both the appraisal value and the rental stream on any property you buy.  So B2R would never work in a place like Seattle (where I live), where a $400k property might rent for $2,500/month.  They'll only finance properties with good cash flow, which is the only kind of property I buy anyway (and why I don't invest in Seattle).  They will loan less than $100k.   I think they may go down to like $50k. 

Ok - looks like my rep at REI Guard was incorrect. They do cover arson insurance, as long as the policy holder isn't the arsonist. Good to know...whew!!!!! So far so good with these guys then. REI Guard is a good company, and seems to offer good value. I stand corrected.

Ok - turns out - they cover fire damage, but not fire damage intentionally caused by the tenant.  This makes no sense to me. 

So I just realized that one of my insurers (REI Guard) doesn't cover intentional damage to my properties in Philadelphia, Apparently - this means that they don't cover arson, at all. I'm blown away by this. Does anyone know? Is this normal? I'm going to start looking for another insurer. Glad I figured this out now before something happened.

Any feedback would be helpful - thanks. 

I own four houses in Germantown/Mt. Airy and I think Germantown is one of Philly's best kept secrets.  Parts of it have that classic colonial feel, especially when you get close to Mt. Airy. Close to Germantown Ave it's also walkable and lots of little businesses, coffee shops, etc.  Also bigger houses that in some cases are relatively cheap.  I think this area has a lot of upside going forward. 

I've been working with them.  My experience has been mixed.  Happy to share details by private message.

I've used them.  I actually have a loan with them.  It's been a mixed bag.  Happy to share details by private message.