Rental and Cashflow Property - Management, Strategies and More

Hello all,

I purchased and am ready to rent a 4br home in Maine. I took the lease agreement off of this website and modified it for my needs.....thanks. One question, it says that the tennant is responsible for appliances, see text below.
"4. APPLIANCES: The above rental payment specifically EXCLUDES all appliances not permanently affixed. Appliances
located at or in the property are there solely at the convenience of the Owner, who assumes no responsibility for their
operation. In the event they fail to function after occupancy is started, the Resident may have them repaired at no cost to Owner or request Owner to remove them."

I have a situation where my rental property went from making me $100 dollars cashflow a month in my pocket to actually paying $84 out of my pocket a month for one year because when I refinanced last year the escrow was screwed up. So the property is now COSTING me money. I had the property appraised and it came up short. So the only solution for me according to my mortgage broker would be this: The property was appraised at $165,000 and the payoff amount is $136,000.

1) Refinance to an Interest Only 5/2 ARM for $130,000 and costing me out of pocket $13,600 and

2) HELOC for $10,250 to pay myself back.

This would bring my total loan to $140k.

I was looking for a great resource that helped me identify rent rates for a property I am looking into buying. I have found that there are two websites that will help give some basics ranges for rents in a given area.

www.rentrange.com/rental-rates
www.rentometer.com

You can have it search via zip code or address. It is not deadon, but it does offer at least a ball park estimate, so you can run your numbers on your income property to see if it will produce the kind of cash flow the seller or real estate agent claim on the proforma they just sent you.

I was looking for a great resource that helped me identify rent rates for a property I am looking into buying. I have found that there are two websites that will help give some basics ranges for rents in a given area.

www.rentrange.com/rental-rates
www.rentometer.com
You can have it search via zip code or address. It is not deadon, but it does offer at least a ball park estimate, so you can run your numbers on your income property to see if it will produce the kind of cash flow the seller or real estate agent claim on the proforma they just sent you.

All,

I received a call this morning from an Investor from Colorado who is wanting my help through the services that I offer. This gentleman is already approved with a large bank to invest HEAVILY in my area and is wanting my help with Rehab Management and Property Management...he also wants me to do some wholesaling to him (I know, I know...STAY CALM JON...STAY CALM!! ).

I'm looking at a few places that are close to a few different colleges. In looking in to them and then financing from the kids, I heard about auto collecting rent.

Has anyone done this? I was thinking having the student use a credit card, or even more have the parent(s) put down a credit card to pay for the rent a room scene.

That's where I'm currently stuck at, what company to use or how to set it up to do it myself.

Thank you for your time and help.

Matt

I was speaking with a person I know who is in law enforcement and here is what they said about the process of doing thorough background checks. Just food for thought!!!

It is impossible to compete with online pricing whilst doing the job correctly, because they don't.

The online services you refer to do not actually do what they say. It is impossible for them to do so at the prices they quote. Here are some indisputable facts that none of these companies can overcome:

1.There is no accurate nationwide criminal record check available. The law enforcement version called NCIC is not available outside the non-law enforcement community.

Ok I am working on a Lease option contract and here is how it's structured.

total amount owed to bank: $175,000.00
Curent FMV $131,000.00
monthly payments on the property: $1,347.00
yearly taxes $4,000.00
yearly inssurance $2,000.00
sugested Rental Value $1,100.00(in its curent conditions)-$1,500.00 per month (FIXED UP)

here is what I offered on the lease purchase option

5 years term
monthly payment of $1,100 per month, seller pays $247.00 difference
No money due at signing from buyer.
Seller payes taxes, and insurance during this term, and keeps all taxes benifits.
buyer can assign, sell, rent, lease property during this term.
500 dollars monthly for fixing, out of buyer, anything over 500 seller covers.<---(Seller wanted to do this)

Good evening DGF,

Hope everyone is doing good. I am a new investor in the Tampa Bay Area in Florida and have a couple of questions, for those of you who are more experienced in the Real Estate Investing.

Recently, I met with a REI which owns a company of selling investment properties with the intention of renting. He also has a property management company under the same roof. During our conversation he stated about possibly working with him and buying the proprties from him while providing a 20% down on the property. And 80% financing through his company as well.

I almost had it in the palm of my hands.recently I ran across a 4-plex with 1 apt rented and the other 3 move in ready.The owner wanted 180k I offered him 140k with 15k dwn @ 6% for 15 yrs no pre pents for early payoff.HE ACCEPTED THE OFFER AND THE DAY WE WERE TO SIGN THE CONTRACT HE RAN MY CREDIT.He came back and stated that i was evicted from an apartment about a month ago so he pulled out of the deal.After looking into the matter it was someone else with my same name.He called back 5 days later so i counter for 130k.So now i,m waiting