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And we were able to honestly make the numbers work. And we got that under contract, July 2019, and we closed August 2019. I did push the lenders extremely hard to make sure we closed early because something I did not realize is, do not quit your W-2 job before you close on house, because I was about to make that terrible, terrible mistake of quitting prior to closing on the house.

So I held it out a couple more days and I came in the following Monday after we closed and gave them four days notice because I had four weeks of vacation already planned. Tony:And you knew independent payday lenders that you guys could afford it, payroll loans fort collins but that it was going to tie you down for the next 30 years.

Tony:We talk about this a lot about people being willing to sacrifice to kickstart their real estate investing career. You need to dramatically increase your income, but you also need to keep your expenses in check or reduce them.

And the profession that he loves to get as the janitor or the maintenance man. And I payday advance loans california 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 personal loans american financial loans rates 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 through until early 2020. And that is where we both went to school, in Michigan at Ferris State University. And then 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?

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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 loans for people with very bad credit our first time doing a commercial loan through a bank, so american financial loans 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 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 hire someone and keep it in-house?

What are your plans for the future for property management?

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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 american financial loans 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 american financial loans 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 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 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 paid rent or not.

You guys have scaled really quickly to go from zero to 24 since summer, 2019. And I will never do that again, because we ran it on the first tenant we put in to the building. But for some reason, we thought the space was just flying american financial loans under the radar, not a big deal.

And of course, from there just stopped paying, stopped communicating, and it was a nightmare trying to get him out, especially with the eviction moratoriums.

I want to dive Christie into one of your deals specifically. So do you have one in mind that we can do a deep dive on the numbers? It would definitely be like that first deal, I think, especially with how quickly the market has changed in San Diego now. And so we actually installed after a coin operated washer, dryer, and each unit has families in it. You talked a little bit about the financing piece already, but you just went like a conventional investment loan on this property?

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 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 american financial loans you found the deal, Christie. It was honestly an MLS through the realtor who I spoke of.