All Forum Posts by: Tom Gray

I'm with @Robert Gilstrap. There are plenty of solutions. I use rentalutions.com for listings, tenant applications, screening, rent payments and maintenance requests. Rentalutions sends out email reminders to tenants ahead of time and automatically adds a late fee if payment is scheduled after the 5th. They can also schedule auto pay. Your low income tenants most likely have a bank account and smartphone so they are able to set this up easily. 

When I am screening tenants I set the expectation that the application is electronic as well as payments and requests. If they are unable to fill out the application online I usually do not hear from them again. After all, if they can't fill out electronic application and set up electronic payments what type of job prospects would they have in case of a layoff?

I also have 5 units and I keep things as simple as possible. I use rentalutions.com for syndicated listings, tenant applications, screening, and payments. The payments are recorded in rentalutions and you get email updates as they occur, they are also recorded in bank account. I do not record these elsewhere until tax time.

I use a google doc for each property with columns for date, description, amount and that is it. No learning curve, no time to enter, and I sort through categories as I make income and expense statement for my accountant.  

Brian Barrett with union home mortgage. I've used him a few times and he is very helpful and thorough. 

@JD Martin@Jake Thomas

It is a huge house with a lot of siding and the lowest estimate for painting was $4500 that would last a couple of years on the old aluminum siding. I figured it was worth it to go a little more to have vinyl that would last way longer. Its not beat up beyond repair just extremely ugly. Since I plan on holding property and not selling anytime soon Ill leave it as it. I was having a hard time figuring out how much I could recoup on the refi and if its worth it so thanks for the input.

@Mike Dymski

I will have the same refi waiting period. I am looking into doing the work about a month or two before refi eligibility. 

@Valerie Hiscoe

Im not sure exactly how much exterior work like that would increase rent but I believe it will reduce vacancies and turnaround time in the future. I doubt the new siding would increase appraisal by an equal amount but Im wondering how much of the $6500 I might expect to recoup during refi. 

It didnt seem necessary for initial rehab to get it rented quickly and I was more focused on kitchen and two bathrooms. I was also waiting for refi of another property that I bought last year using BRRRR and wanted to keep rehab expenses low.

Hi,

I am curious to see how experienced investors would approach this situation. I recently purchased an auction house and after rehabbing the interior I rented it out for $1050/mo. I have a total of $36,000 cash invested after rehab and I would not be able to refinance until January 1, 2017(1 year after purchase to refinance based on appraised value). Current comps put the value around $75,000.  I am going to add an A/C unit this month but also have been considering replacing the old aluminum siding that is faded and ugly to new vinyl siding. Estimates are coming in around $6500 for siding. 

I would like to purchase and rehab another property. If I do both the siding and new property rehab I might be running a little tight with cash reserves (around $10k and currently have 5 units). Would you guys go more towards forcing the appreciation before refinancing on current property or put that money towards another purchase?

@Matt Faix I am currently invested in Verona and Forest Hills but looking for deals all over town.

Hi,

This is my first post in the forums but I have been reading the blog and listening to podcasts for awhile now. I started investing in real estate in 2012 with a traditional FHA first time homebuyers loan for a duplex in which I lived in the vacant unit and rented the second unit and personally managed. Since the duplex I have been focusing on REO and auction properties that are in need of rehab to buy and hold and was able to add three more single family properties to my portfolio. They are all rented and have healthy cash flow.

For the last four years I have worked full time in residential direct sales for a major cable provider and will continue with the company as long as the position is viable. I am looking to add 5 more units to real estate portfolio within the next 2-3 years.

Looking forward to being active in the forums and shoot me a line if you live in the area.

Tom