Loans for 5000
And the profession that he loves to get as the janitor or the maintenance man.
And I think, we talk about this a lot and you guys have been really hounding on it a lot more lately on your podcast.
I think my why at the time was so big in my head like I need to quit my 9:00 to 5:00 job, I need to quit it at the time. Ashley:And I think your whole story shows that you knew exactly what you wanted and you went after it. Now that we heard a little bit about your first deal, but what does your portfolio look like now?
We have five units in San Diego and then we sat on it loans for 5000 through until early 2020. And that is where we both went to school, in Michigan at Ferris State University. And then loans for 5000 we picked up another eight units in… I guess we closed August 2020, but it was a package deal, so it was like a five-unit property and a three-unit property and you needed to buy both. And then we picked up another three-unit in December of this year, just continuing to grow it. Like I said, we did our first deal August 2019 and then yeah, we really went back to the drawing board and July.
You had your down payment for your first one and then did you do a conventional residential loan on that? And honestly, the first time going through conventional financing and like I said, not knowing much about real estate, that was like just a nightmare to me.
And then the second deal, the package deal was actually interesting because it was a five-unit property. So you would technically have to do like portfolio or commercial lending and then a three-unit property. But I was a little impatient, so we just went in, jumped it and got it under contract. We have enough equity in this building that we can pull it out. Actually probably starting a refi on in the next few days to get them out. Tony:One question I want to clarify before we go on to the other deals. It I think differs bank to bank depending on their lending requirements. Christie Lesage:And with COVID, the lenders bumped down the acceptable ratio, so it was even lower. Christie Lesage:So for the third property, we just did standard conventional financing… Or I guess that was technically the fourth property. And then the last property that we are closing on tomorrow was our first time doing a commercial loan through a bank, so that was an eight-unit. And their process for lending actually seemed a lot easier.
I think the important thing Christie, from your story is that there are so many different ways to get a deal financed. So the systems we have down right now is that loans no credit checks I manage all of the financing, the realtors, I do all of our books, the paperwork, the leases.
Used to work in hotel, so kind of that contract, sales, I understand like some, I guess, verbiage that should be included in those leases.
And then I also get the day-to-day tenant communication, which can always be fun. And he more so manages all of our contractors, our handyman, and then he also, I have tasked them with the city planning board. So he manages that and he, he manages all the maintenance calls and the day-to-day operation of the building. Ashley:What have you done right now to put systems in place to eventually outsource this? Or do you think maybe you would even best personal loans for bad credit reviews hire someone and keep it in-house? What are your plans for the future for property management? Christie Lesage:I think we are trying to hire someone and keep it in-house, especially as our portfolios grow in two main markets. I just like the idea of being able to control the numbers a little better and be able to know where the money is going.
And then I really like the Airbnb turnover process. And I know Tony, you talked about this a lot, is having a really good cleaning person. But I really like the idea of having a really good cleaning person going in after the tenant. So having that good handyman, Tony, like you said, and cleaning person, I think will be a good system moving forward. Ashley:I want to know, how are you finding these people and then vetting them, especially being remotely.
We are trying to interview them a little better because some of them are not necessarily as legitimate as we would like them to be like. I think he found a high school person on there once to help with mowing the lawns. You can find good work in those kind of Facebook groups. So like we found at least one handyman and one cleaner through our Facebook groups as well. The next thing I want to hit Christie is, how are you doing your showings remotely? I think now knowing what I know now I could probably do loans for 5000 it, but I guess, how are you managing that piece, doing the showings remotely?
And then even some of the more popular property management softwares incorporating different things. Are you using any kind of software to manage the rentals right now? We are a little bit old school, so we use all the payment apps, just your typical bank, Zelle, Venmo cash app, whatever. And then I just have the spreadsheets down right now. The one I do use a lot, which I really like is the Mint real loans online Budget Tracker, and that just gives me a good overview of everything and I can see all the money going in and out and be able to piece it into each rental property from there. Just to go around in there and to play around, they have a demo and stuff like that.
Trust me, once you get it, you will not want to come back. I worked up when I first took over the apartment complex, it was a sheet with just lines drawn across with a ruler and then they would use a red marker and put a check if the person direct lender cash advance paid rent or not.
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So it was just your typical conventional investment loan. And then we are finishing a refinance out tomorrow or Monday. Ashley:Are you refinancing for the amount you owe on it or are you taking any cash out of the property too? So it did appraise higher of course, than what we purchased at for, but way under really what I think we could sell it for just based on the numbers. Ashley:What made you decide not to try and fight the appraisal?
Christie Lesage:I think I would have tried to pull some comps loans for 5000 ahead of time, honestly, and really get a look on the market. Regardless we were going to refinance it for that lower rate anyways, but we had our broker trying to contest them and our realtor pull additional comps and sent to that appraiser. But maybe, they talk about this all the time, like trying to send a couple of comps to them ahead of time, prompt them a little, whether they take that receptive or not. Tony:I want to talk a little bit about how you found the deal, Christie. It was honestly an MLS through the realtor who I spoke of.
Had the space in the back that the current owner was using as his workshop.
He had quite a big portfolio unsecured personal loans for people with bad credit in San Diego, so he was just using it as his headquarters for all his loans for 5000 maintenance guys to go in and out. And I think a lot of people looked over that and did not factor that into their numbers. But to answer your question on the MLS, but always read the descriptions. Ashley:We had the guest on, Tony that she actually bought an Airbnb and turned it into a house hack. Yeah, so it was a listing that had been sitting for a long time, I think over a year. So what were maybe some misconceptions you had as a would it be real estate investor that turned out to be totally not true? Leave us a question and we may play it here on the show and have our guests answer it for you.
I want to take us into the next segment here, Christie, which is our random question.
I think a lot of folks might have some fears and hesitation around starting off with five units from day one.
Christie onlineloan Lesage:I guess, first of all, the multifamily for us made the most sense. It was the best return on investment in our area and we needed at least those three or four units for it really to make sense for us in this area. But to go back to your point, I think honestly I had so much confidence in my husband that loans with no credit history we were going to figure it out no matter what. I think that a lot when we get scared about doing some of these bigger deals. Do not just go and buy any property, do not force it. Ashley:Christie, my question is to you about your W-2 income. Did you replace that yet with your cashflow from your properties? And make sure you have a security blanket, just please do not go ahead and quit your job tomorrow. Can you tell us where everyone can find out a little bit more about you and where to reach you? Is more of, I guess, a personal page for my friends, but I am looking, our goal for this year is to network more and connect with more investors. We have been a little bit heads down like, go, go, go lately, so we have not done as good of a job as I would have liked. I am on BiggerPockets also and I am very guilty of not updating my BiggerPockets profile page. Christie Lesage:Of course, happy to be here, and it was so much fun this morning, getting to chat with you guys. And make sure you guys listen to our newest episode coming out Saturday. RentRedi is all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi.
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