First deal, duplex, what forms do I need?

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Eddie Aviles · Answer

@Jay Helms Thank you. That is a good read and a lot of that makes since. I am now starting to look to build a team as I find the property. (supply is limited here for small multi-family). Would you agree that if house hacking, property won't be cash flowing for the first year as you live in it, but will when you move out?

Jay Helms · Answer

great answer @Eddie Aviles  . Most people don’t know their why yet. Since you do, you’ll be able to easier set goals and investing criteria that support your WHY. Check out the FilePlace -> ebook ->  10 Step Guide to Buying and Holding A Small Multi-Family Rental Property. Good luck ! Let us know how we can help.

Eric Hulstrand · Answer

I would also encourage you to hire an inspector for the duplex and have them give it a complete once-over. Totally worth the cost.  Even if nothing "wrong", it gives you an idea of where any vulnerabilities are as the future unfolds. BTW, I'm also in ministry and trying to build up my portfolio for the sameness purpose. Keep at it!

Josh Engelhart · Answer

There are a lot of third party services that will do credit and background checks for you. I most recently used cozy.com. The credit and background check costs the tenant $40. I thought that sounded steep, but none of the applicants hesitated to pay including the one with a 450 credit score who was well aware of our minimum qualifications. It also allows them to you rent online for free as well. I do not use the service for that.

There are a lot of places that give you sample leases for free. I made mine from a combination of things I found online. I know bigger pockets recently started offering them or you can do a google search and just keep what you like.

I don't think you need a checklist, but I would recommend running the numbers through your worst case scenario simulation to make sure you feel comfortable with the deal.

I recommend doing your own research on what you think you can rent the property for. I use zillow, facebook, apartments.com, craigslist, etc. to get a feel for market rents.

Eddie Aviles · Answer

@Eric Hulstrand Thanks for that encouragement. Love that you are doing that as well. Yes I will do want to have an inspection when I find the property. I want to have as much in line as possible.

Eddie Aviles · Answer

Thank you @Josh Engelhart. I will look cozy.com up for information about doing the credit check and background. Does it do an all inclusive background check?I will look around for information on creating my lease. in my area, a 2/1 rents for about $1200/month. I am currently looking at a duplex around the $220,000 range where my total expenses would be around $1600. Live in it for the year, after the year rent both sides out.

Eddie Aviles · Answer

@Jay Helms thanks for asking, I want to invest to create the long term cash flow so that I can eventually quite my full time job and work on my passion. Having the monthly cash flow from several properties would allow this to happen. My desire is to be a full time Children's Pastor without being a burden on the church I go to, so having my own cash flow. I also  love traveling and have other hobbies.

Jay Helms · Answer

why do you want to invest @Eddie Aviles?

First deal, duplex, what forms do I need?

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