All Forum Posts by: Ashley Cote

I'm very new to the analyzing of deals and assessing the return value of properties. I follow several buyer's lists and get many emails with their wholesale inventory advertising something like "Home for $140,000 with ARV $250,000" or something similar. If these deals are so great, why don't the companies just invest in them?

Not trying to be negative or condescending, just curious on the motives and whether or not these analyses they advertise are even close to factual.

Pretty good read for a newbie like me. Informative and entertaining. I'd read your book if you wrote one. lol

I agree with @Walt Dockery. I would only charge if the apartment was dirty beyond a reasonable amount. Also, as a renter I would expect to be moving in to a clean apartment. I can't imagine any renter leaves it clean enough to move in a renter right behind without decent cleaning it unless you had a diligent renter that paid for a cleaning.

You could add a clause in your lease stating a charge for cleaning upon move out if you insist that the renter cover the expense. I've been in a few that required professional carpet cleaning upon move out - either show proof of the cleaning with receipt or they would charge you the fee for them to hire it out.

Pertaining to the comment above, you could just rent out the bedroom through a month to month lease and you wouldn't have to worry about the eviction as much. I think half a month's rent would be reasonable.

I'm not aiming for one. My main reason being that I don't want to switch careers to Real Estate, I just want to use property as passive income. Also, if you are licensed, you are held at a higher standard when it comes to selling property and other things and I don't want the extra liability.

@Oscar Pinto You are correct about the cash ready. However, I am also currently in a lease until September 2018. (In hindsight, I would have passed on the lease).

What does your timeline look like when purchasing property? How early do you get pre-approved, when do you start making offers, etc?

I'm looking to buy property in a little over a year, so I was just curious what your timeline looks like from the searching for property stage to actually buying.

For those of you that are house hacking a SFH or those of you that have in the past, what kind of house rules did you enforce?

I'm just looking for some ideas of what needs to be addressed upfront that I may not be thinking about.

Also, if you have any pointers or advice about house hacking this way, all input is appreciated. :)

For a 5 year CD, the penalty is 150 days of interest. So for 12 months, you are basically walking away with a little over half a year of interest. 5 year high yield CD is 2.25%, 1 year high yield CD is 1.35%. You're looking at only cents of a difference with a $10000 principal balance.

I'm assuming you have access to the webinars if you are a pro member. Two webinars ago, BP did a walk through of analyzing a deal with a multifamily property. He talked about the types of expenses and how to estimate the expenses. Might be worth the watch, I believe it's about 2 hours long.