All Forum Posts by: Ayne C.

@Irwin Velez

I know you inherited a tenant, but is that tenant under a lease agreement? If so, check the lease. If not, ask the tenant to sign a lease with you. It will cover how to pay, what happens if they are late etc. Make sure you sit down and explain every section at signing.

Next time you inherit a tenant you can have them sign an estopel letter during the due diligence period. It will outline their understanding of the rent, what's owed next, security deposits, who owns the appliances, any verbal agreement with the old landlord, etc Google for templates and you'll see what I mean.

Good luck.

@Daron Williams

I would start by tackling the issues that led you to marry someone 3 months after meeting them. Then address the issues in your marriage and only when you are able to set goals together, rei.

Not all is lost.

@Matthew Bell. The only Zillow numbers I trust are the SOLD price and maybe property tax.

@Jimmy Lieu

Baby steps! Start planning your road trip or visit now. You have a good plan but don't rush on buying, go and scope out if you like the place. Life gets more complicated as one gets older.

@Martin Zavala

I'm super allergic to closing costs that's why I'm hesitant to mortgage my 4 but maybe there's a way to consolidate transaction costs?

I believe David Greene uses something similar to package a group of cash houses into a loan every so often.

@Martin Zavala

I have the same question but with 4 properties. I looked into a portfolio with a local credit union loan last year when we had 5 properties. They were going to collateralize all the properties, pay off the remaining loan on one of them, and give me a commercial product with a balloon in 5 years.

I didn't move forward because we decided to move in a different direction and. Now I wonder if I should reach out again.

@Alexander Felice

I just came across this webseries, sweet.

I've been in REI since 2012 turning Primaries into rentals with kids in tow. Then a relocation to Australia forced me to hire a PM and implement systems. By the time I moved back in 2017 I was full of intentionality and under the influence of BP. We cranked it up to 6 units.

@Mindy Jensen

This is super timely, with housing prices expected to soften up in the next few months partly due to defaults.

@Benj Ecker

A couple of thoughts come to mind you are unable to househack:

Could your current house be your first rental? Do the numbers make sense and are you willing to move into either a property earmarked for another rental, or the house you stay at? That allows you to have better loans with less down payment.

Do you have equity in your home you can tap into? Heloc is good short term money that you can recoup when you refinance.

Do you have friends and family willing to loan you down payment money at an attractive rate, for 12 months?

Even though you have $35,000, remember to hold back some cash for reserves. You might just be stuck with 5 emergencies right away plus a vacant unit.

I call at least two landlord and ask a few yes/no and an open ended question like, Tell me about your experience with this renter?