All Forum Posts by: Austin Youmans

Be strict about due date and late fees. 

Go to small claims and hand it to a collection agency as it is probably not worth your time.

I  guess I should add onto my answer and say that you don't need one but it could still help you as I agree with Brett.

@Brett Snodgrass - I am actually taking the class to get my license. Any suggestions on interviewing brokerages? Nation wide or local? Training? Commission spit? anything else you think I should ask?

My plan is to be an broker part time and still keep my day job for a while until I build some momentum.

No, you do not need it. 

As a wholesalers are selling contracts not properties. So you get a property "under contract " that says you or someone you a sign will buy the property.  then sell that contract to an investor. Just be careful with how you advertise and word things. 

Or do a double close and buy the property then sell the property you own. More expensive this way.

I don't know about abandonment but early termination fees are pretty common.

You wouldn't pay the fee because the only reason you would get rid of a tenant is because they are doing something wrong which would just lead to a eviction.

Did you purchase below market?

You probably don't have enough equity in it yet as you would need 20% to refi. and not have PMI which would be the point of it all.

I have not done that but why don't you up the ante and go for a 4 unit place and still owner occupy.

I think after so many loans they wont want to lend to you anymore from what I hear but I am not there yet so I am not sure what that number of loans is.

You want to buy a duplex and triplex at the same time?

If you plan to live in it you can buy up to 4 units with a FHA loan at 3.5% down. This would be a great first step out.

Would your condo work as a rental? Have you ran the numbers? Can you buy another property without selling it? Is it in an association that lets you rent it out?

It depends on your area but typically people use 2-3 times the rent so anywhere from 2400 to 3600 but ask local landlords or call a few property management companies and see what they use.

yes it well cost them $105 assuming kids are under 18 years old.

It would be total house hold income so include everyone's income as all of them should sign the lease.

Credit and background checks?

Previous rental history?

Pets?

can you post a link to your analysis?

PM me if you want to talk

In my opinion she wouldn't win if she did take you to small claims but I will be interested to see what more experienced people think.

life expectancy of carpet is 5 years so if the carpet was new when you moved in after 5 years you would not have to pay for this as the life expectancy is up anyways. (seems super expensive for carpet though)

I would say the roof leak is your fault for not reporting. The mice assuming there is not food left out everywhere would not be your fault as you did not even know about it. Not sure what a court would say about it though.