All Forum Posts by: Adam Bartomeo

You need to do your due diligence on the tenants. Anyone can get tenants but getting good tenants is a little more difficult. There are plenty of turn key vendors on here that are reputable and have good tenants. But, I would still check them.

That is an EXTREMELY broad question. I don't think anyone may know more then a few places. Check your local ordinances. Every city is different and not every city enforces it.

Normally a LOC that is backed by a property has to have more then 20% LTV. Also, in the beginning stages of an amortized loan your house will not be gaining much equity. Maybe $100 per month. You will have to count on appreciation. So, it will probably take years to build up enough to take out money.

I encourage you to think through your plan a little more before you move forward too fast. If you by a property with only 3% down it will be hard to make that property cash flow a year later due to the size of the payment on the mortgage. Yes, it is great to use OPM and leverage but over doing it is a death sentence to your cash flow. This is part of the reason so many investors got hit hard in 2007, they were over leverage with Zero down loans.

I would encourage you to either find a duplex (you can still qualify for a 3% down loan) and rent out one side while renting out a room in your house. This plus your job will allow you to save for your next property much faster. I would further encourage you to borrow money from friends and family to buy the next property and allow that property to be rented and pay your loans back.

Hope this helps

Darrell,

I lived in Albuquerque for 6 years and my in laws have lived there for over 20 years. I have never been to Alamogordo but I don't think that it would be the best city to invest in. I know that there are a lot of oil and gas towns in NM and if Alamogordo is one of them then you may have a steady rental but I don't think that you would see much appreciation. I would advise you to seek out Abq, Rio Rancho or Santa Fe because this is where the jobs are and this is where NM's population growth is.

Get our hands on a duplex. Rent out the one side and live on the other. If your side is a 2 bedroom then rent the room also. You will live for free, keep the equity and the apprechiation. Best way to go when your young.

Welcome to BP and SWFL. How long have you been here?

I only accept the rent if it is paid in full, no partial payments. If the tenant is late then they must pay the late fee and the rent payment or I don't accept it. After 3 days I serve them.

As for the money that you are owed, I normally take it out of their security deposit.

It is a networking website. It allows you to network with like minded people from around the country. It is a great website for people looking to expand their real estate horizens.

I would send or deliver some letters threatening legal action and let it go. My experience is that you aren't going to get anything from them and only lose money if you pursue it any further. The best thing you can do is get them out ASAP if you haven't already.

There is a cost called "Opportunity Cost". This means that when you use your money, time or resources in an are and are unable to take advantage of other opportunities. RE is not a liquid asset and it takes time to get your money out of the investment.

I would suggest using financing to not only leverage your investment but to also have cash on hand to take advantage of other opportunities that arise.

Life happens, cash on hand helps with the unforeseen future.