All Forum Posts by: George Smith

Just purchased the house flipping spreadsheet at https://www.houseflippingspreadsheet.com. I had originally thought it was crazy to pay for something like this when I could have tweaked an existing spreadsheet to fit my needs. After using the spreadsheet, I know realize the value of time it would have took tweaking an existing spreadsheet and also how many features i would have missed out on. On top of that, it's a great, functional layout with a number of professional looking reports that can presented to hard money lenders, banks, sellers, etc. On another note, it's awfully not nice not to cut lawns anymore.

End of 2017/early 2018 would be great. 

A little unrelated but will the wife sign off on it if she's on the deed and also is that 1k month cash flow after all you're projected expenses(cap ex/repairs/vacancy/insurance/lawn care/accounting/water/sewer/trash/etc)?

Has anyone used rentrange before? I don't have too much of an issue figuring out the market rent but I was look nice clean reports to submit with loan application to bank. Also, do they ever answer the phone or respond to emails or voicemails. I've been trying to reach someone there since last weds with no response whatsoever.

I see the benefit of online applications but I've found that having applications at the showing definitely pushes them toward committing somewhat. On top of that, it gives you follow up contact info if a prospective tenant falls through. Also I wouldn't hold anyone's position unless they're application has been submitted. After you screen them, send link to pay for credit check.

Ive crossed the debt to income ratio (now at 60%). The only debt I have is my own residence and a few rental properties. What pushed me over was a 40k heloc I just took out on my primary residence. I spoke a few commercial departments of portfolio lenders about how to get around this and they advised an llc. The info they couldn't provide is how long the process will take to get approval for a cash out refi after my initial purchase and rehab. How are investors purchasing with cash(hard money) and refi'ing after 6 months not knowing if the lender will approve the loan until after they run their #s and get an appraisal? This is a 3 unit I'm looking at. Thanks

Ive crossed the debt to income ratio (now at 60%). The only debt I have is my own residence and a few rental properties. What pushed me over was a 40k heloc I just took out on my primary residence. I spoke a few commercial departments of portfolio lenders about how to get around this and they advised an llc. The info they couldn't provide is how long the process will take to get approval for a cash out refi after my initial purchase and rehab. How are investors purchasing with cash(hard money) and refi'ing after 6 months not knowing if the lender will approve the loan until after they run their #s and get an appraisal? This is a 3 unit I'm looking at. Thanks

Ive crossed the debt to income ratio (now at 60%). The only debt I have is my own residence and a few rental properties. What pushed me over was a 40k heloc I just took out on my primary residence. I spoke a few commercial departments of portfolio lenders about how to get around this and they advised an llc. The info they couldn't provide is how long the process will take to get approval for a cash out refi after my initial purchase and rehab. How are investors purchasing with cash(hard money) and refi'ing after 6 months not knowing if the lender will approve the loan until after they run their #s and get an appraisal? This is a 3 unit I'm looking at. Thanks

Do you know what my market rents are? Do you know what I'm charging for rent? Do you know how I purchased these properties? Do you anything about the neighborhoods I invest in? Have you seen my financials? 

You're making very general statements and it's obvious you're speaking out of your experience which is based on your markets which I understand and respect. Where you're ignorant is that you don't know the facts so let's just stop pretending that you have all of the answers for every market. 

Keeping it just below market rents has increased my tenant pool greatly. I'd rather have a larger pool of tenants to choose from which increases the probability my units won't be trashed, will stay longer, and will leave the property in rent ready condition when they do leave. 

It also says a lot about a person when they speak down on people they don't know anything about.