All Forum Posts by: Kiwi Mills

@Account Closed Hey, most companies charge a upcharge or $10-25 a month fee for the luxury of them providing you a Wi-fi router.They will usually provide standard modem/router for free. Then you could be purchase outright Wi-Fi router for $49-199. Unsure about Fios/Verizon they are one of the few companies I've never used, but cant hurt to check. If they charge $10 a month one year could pay for 2 routers.  

So they would provide modem ( no wifi) then you could have 1 or many routers 

Late to the post, but I agree mesh is the best way to go. Also don't think I saw anyone mention this but WiFi signal goes out and down , so putting on highest floor is the best option which also would resolve your dilemma ( until you moved). Being IT background myself I would have separated / sub-netted each floor for performance and security but that may be overkill in this instance. Also I know people like WiFi, but I'd personally have hardwired an option on each floor also, but that is just me.  Last point I didn't see mentioned is how often password is changed. I'd be more worried about someone hopping on network at a later time or something. If password same for 6 months and each month had 10 guests, etc.

PPS - if you use non WiFi router provided from ISP you could lock that up and have you own or another WiFi router out so if they reset it they can't set it back up to your main router.( can save setup logs and re-setup easy, also may save rental fee) Or combine options above hard wire cheap wireless router on each floor all hooked up to main router that can be locked in any steel box since it isn't providing WiFi.

@Stephanie Drouillard I'll check , if they loan outside STL area. For others, the repairs/rehab took it over the 50k minimum. Example I'm closing on one for 25k with 25-30k in rehab so it went over the 50k. I'd confirm with the HML you spoke with if the 50k limit you spoke to includes rehab or minimum loan amount is 50k, before rehab.

@Andre Taylor YES!  Too many times landlords/owners made poor choice or uninformed choice and then decide through flawed logic to blame it on "the area" or a "section 8 tenant".  Ultimately, you have to perform the same due diligence when checking your tenants and vetting them, no matter what area you own/rent in.  It's very easy to blame a neighborhood or Section 8 or tenants' "attitude" when the reality is, it's on US as landlords to make sure we do our homework, vet tenants properly, know how to work with people when they have an issue, etc.  It's a business, and every business has its ups and downs.  If it was as easy as, "just buy in a "good" area and then you don't have to worry" - everyone who bought in that area would be a millionaire.  It takes work to be a successful landlord.  Also, we have to remember - EVERYONE needs a place to live.  Everyone.  Meet people where they are, be willing to do your homework, and you will find some great tenants.

...."The other problem was I had to carry a gun to pick up the rent"   

I am closing on a property now in IL, that has 2nd house and address build in & over 2 car garage, and they didn't seem to have an issues with it.  Maybe because mine wasn't owner occupied? I was going to purchase another one that had a mobile home in backyard as well, only reason I didn't is Agent mentioned if no license provided then I couldn't rent it out and would have to pay to remove it.  Maybe ask your bank if it is a secondary or not primary if they can do it? ( I realize may have to but down more % of closing, but if no bank willing to do it as owner occupied.)

@Nicholas LaGatta I agree with Matt. I just setup a new LLC for around $200. It was an option on forms, but I didn't have a partnership agreement but I'm sure a local lawyer can either make you one or look over one you created from one of the quick legal document sites. Can do it even cheaper yourself, but I'd rather pay small amount and have company that does these all day long submit forms and I even got my taxid in like 2 days.

@Stephanie Drouillard 203k are the rehab loans if you are moving into property as your primary residence. I used to feel the same way about Hard Money, but knowing what I know now I could have built my portfolio in 1/3 the time and gotten some great deals I had to pass on by not doing it. Hindsight is 20/20 but the interest rates and slightly higher points would have been worth it. Can't hurt to run the numbers right? All HML don't charge super high rates and I've seen 15% down on some properties with not a huge markup on closing. (some can roll into full 30 year after rehab to ease refinance fees.) I'm not a HML and not trying to sell you anything, but most HML can give you numbers without hard pull so technically you have nothing to lose by reaching out to a couple right? Think if you run some numbers side by side having interest only payments while rehab or after its all said and done with less original money out of pocket think you may be surprised.

Agree I've done 20% down as investment property on SFR and Duplex after having to start with the 25% down. I'm assuming you've already tried Flagstar, Chase PNC, Michigan First. I had a friend in that area couple years ago that didn't go into detail but said he had gotten some good deals.

Agree with what everyone said, think finding right property and good management would be key. Only concern I have that I didn't see mentioned is be careful of area invested and cost. Seen allot of properties recently that are asking for way more than it is worth. It almost looks like some people are getting a bid greedy or attempting to take advantage of people not in the area.  80k-100k in C or worse neighborhood.  Saw one listed yesterday double to triple what it is really worth. I understand Caveat emptor  "Let the buyer beware" but that is a bit much.