All Forum Posts by: Allen McGlashing

@Jorge Morales

Have your state specific lease ready with a bunch of added addendums (just for added protection). If you don’t feel comfortable with this process have a real estate agent get it rented they will write up a lease and give you an idea what the rent needs to be. In some areas the agent is paid for by the renter.

@Bryant Xavier

I also work in the government sector and there is tons of downtime, I take advantage of that time by scheduling most things that I need to get done. I get most of my phone calls out of the way and touch base with my team. I would highly recommend you start working on your investments on that downtime it makes the day go by a lot faster and you already have a jump on things when you get home.

For financing this is where it gets tricky because a traditional bank will no give you loans with no W-2 income. With that being said there are other ways to get financing for real estate such as private money or hard money. Depending on the state you are investing in I could recommend a couple that work great with investors.

@Rashee D.

I agree with most of the comments start the eviction process. She can’t be to smart if she try’s to tell you she’s out of the country but lives in the same building as you lol.

@Chris Niemeyer 

Congratulations!!! 
Thank you for sharing. There are still Brrrr properties out there even in a market this hot.

@Benjamin Knisely

This is why I have a clause in the lease that says damages caused by the tenant are you be paid by the tenant. If you don’t have that in your lease please write up an addendum after this incident.

@Audrey Dye

You can always start with hard money they aren't that much more expensive than traditional bank financing. Then once you get some properties banks will be able to take your rental income and use that in your DTI.

If your husband is one bored with your real estate journey I would absolutely use his job as leverage to get started.

If you survived being a stay at home mom then real estate should be a piece of cake. GOOD LUCK 

@Nicole Harrington

First congratulations the hardest part is done! Getting the deal.

What I found success in is going through a PM for contractors. They usually have references and they know which contractors you want to be working with. They bring their expertise also in how the rehab should go and hopefully will get you the top rents because the more the rent is the more the PM gets paid. I would just be there everyday with them to try to learn as much as possible without being in the way.

@Kerah Kirangi

This is a great debate. 
I guess one question to ask is how involved do you want to be in the process. If you buy a property that needs rehab you will need to put in the hours to find contractors and pull permits things like such it will cost time. If you buy a house that is turnkey you “HOPE” it’s all set to go so it “Should” require less of your time.

What do you feel comfortable with? If you rehab the property yes you'll be able to refi to all they way up to 95% LTV on primary residence that can give you a lot of capital to put back into another deal. If you put 20% down on a top market property you will build equity much much slower and it probably won't qualify to do a cash out refi for at least a year.

Could you talk to your current landlord or work something out with the person/place your crashing with/at to explain the situation because I think if you can make the time work, the rehab is the way to go in my eye. There is a lot more money to be made that way.

@Jon Hyatt

Could you bring us through the process of the online auction. I currently see some properties that would be wonderful to have, but never knew how it worked.

@Cassy T.

This is great!! 
I currently shifted my criteria to SFH that could rehab and turn into a multi family. So I look for high SQft and multiple bathrooms on different floors. Also zoning to make sure they can be converted.