All Forum Posts by: Tim Delaney

What aspects of leasing are you referring to exactly? I use CharGPT to help with descriptions and in finding some comps before I list. I use saved responses in Zillow messenger - I suppose I could try to integrate AI to automatically select a response based on certain criteria…

But what else is taking you that long? My biggest time suck is showing the apartments which I like doing myself to meet tenants. The other is calling past landlords for references which I don’t think AI is ready for because I have had so many fake past landlords that I am able to sniff out in a conversation. 

I think you nailed it already, they probably just have too many deals to manage as flips. Or the assignment profit is better than the flip profit. It may not just be headaches they are offloading. They could have particular styles or things that they specialize in and wholesale the rest. 

What kind of strategies are you looking for? I use a private lender to borrow money to buy properties. Then I fix them up, rent them out and refinance. If you look up BRRRR you will see lots of info. These days I rarely get all the capital back so I have to come out of pocket a little, but I'm still much better off than just putting 20-25% down on a property. I'm not sure if this helps, let me know.

That seems odd to me assuming you aren’t in a highly negative cash flow situation. Are you trying to afford a house much more expensive than your W2s could cover? Or do you have too many conventional loans on your investment properties?

I say no to both. Not worth the liability risk and the potential damage pools leave. You could always put something in the lease that allows them with permission and approval of your insurance.

I'm not 100% sure if this is what you are asking, but if you put 10% down at purchase you probably still have about $360k on your mortgage. If you refi at 80% of $575k value then you can pull out about $460k. That will pay off the remaining $360 mortgage and reimburse your rehab and closing costs. That is assuming your DTI can cover the increased mortgage payment.

If you have use for that extra $100k that you would get back right now then don’t wait. Rates may drop, but they also may not. Don’t miss out on other investment opportunities to speculate on future rates.

I use Zillow, free for me, one price for tenants for them to apply to any other place on Zillow. No way to overcharge and keep money though.

You don’t need necessarily need to build credit. I get CC offers on LLCs I establish within months of launching them. What you do need to have is some revenue. The limits are not high at first, but they can build with good utilization and payment history. I also use business lines of credit from banks, but for this banks definitely want to see revenue (usually 5-10x the amount of a mine they will give you).

It is important to remember though that just because these lines and CCs are not immediately reported on your personal credit report, if you miss payments or default you are personally liable and the debtors will add it to your personal credit report.

Congrats on the purchase. One thought would be for you to move into the smaller unit and rent out the larger unit to bring in more revenue. Alternatively, can you use either unit as an STR to increase cash flow even further? That may allow you to save for another property faster.

As @Nicholas L. said, it sounds like you are doing a BRRRR. You just won't have rent during the rehab period, you don't need to deduct it from anything - just don't plan on getting any. The BRRRR calculator may help you understand this better as the results are shown in three different phases - rehab, post rehab and then post refinance.