All Forum Posts by: Will Fraser

 In my experience it's quite simple to get a business credit card for your business, like the Chase Business Ink, Chase Ink Cash, Capital One business (can't remember the exact biz card there, but it works well). 

Basically they open it in the name of the business but it is still collateralized off of you personally, so normally they don't actually care much about the business so long as you aren't smuggling stuff, smoking stuff, or helping others do the previously mentioned activited.

If it would be helpful I'll be more than happy to send you some referral links :) 

 Exactly my thoughts!  Work your lease, and rest somewhat easier knowing that you have intimate firsthand knowledge of this property up and until the tenant's lease started.

In the future I'd recommend having the tenant arrange for, and then pay, for any pest control that is desired.

Agreed with ^^. Bin it to win it!

Get a professional roach slayer in there ASAP, then have the contents trashed.  Have said roach slayer do another treatment prior to the makeready cleaners coming through again.

Thanks for sharing this perspective, @Simon W.!

Well said by Nate G above!

Also it's good to anticipate a LOT of questions at various times of the day whose answers range from "oh, I really should have thought of that"  to "WTF are you talking about?  Press the power button!"

Also know that as a self-managing newbie you'll be "suspicious" to the market.  You won't be a superhost or premier host, you won't have reviews for other properties, and you won't have personal reviews.  That means you'll eat the fruit of that suspicion for a little while.

Keep at it, though.  Each satisfied guest has a certain % chance of leaving you a great review, which helps build momentum that reduces the friction for the upcoming potential guests.

@Oren Pfeffermann I've found a few fence folks that are solid and ironically the bigger the company the better the price and service.

To the point of sharing the fence:  it's definitely worth asking.  It is technically a party-wall easement and this will exist by default on shared boundaries, unless something breaks that.  Sometimes you'll see folks have a neighbor who refuses to replace a fence so one neighbor will pay for the whole thing.  I suppose once this is documented correctly this would create a fence that is either practically or legally no longer a shared expense.

Even then, though, you can always ask :) 

Hi @Jordi Valado,

Like Tom mentioned, 100% finance with no repetition and reputation is both unlikely and unwise IMO.

Instead, if you can use your credit line to do a deal, or partner with someone more experienced on a deal, then use that to grow your capital stack and work towards being able to bring some cash to your next few deals.

Once you have a body of work of deals, lenders, inspectors, partners, contractors, etc they all stand as testimonials to your deal-worthiness and that is gold in obtaining better financing on future deals. 

Agreed.  In the multi-family space this is a big deal assuming there have been recent renovations.

If if it's an old building that hasn't been improved since more stringent regulation came to your area then it's possible that it just never had a CO issued because COs didn't exist then, but you can usually judge this by the age and appearance of the interior of the building.

Hi @Romie Graham,

I'd use the HELOC + personal loan personally because it has a built-in payback step for one or both of your funding sources.

You'd go in with approx $0 of your own money in the deal and, assuming you are accurate in your underwriting and you are able to create enough equity, when you refinance onto the permanent financing they will knock out the private money loan and the HELOC. If there is not quite enough equity to knock out both then you've still paid by your private money person and most of your HELOC.

This gives you stable rates AND a fresh "line of credit" with both your HELOC and your private money partner who you just faithfully repaid.

 True, but an important clarification:  after FORECLOSING, which is a much gnarlier pathway than evicting.

You might consider doing a lease-purchase-option with these folks, giving them a nice long runway of time to figure out how to qualify for traditional financing.  This keeps the title with you until they purchase and then if they found themselves not paying they would find themselves being evicted instead of foreclosed upon.