All Forum Posts by: Billy Rowe

Can someone tell give me some insight into what Home path is all about? From what I’ve been reading, it seems like you can get some quality rental property for not much money. I read that you can put down as little as 10% and they do accept investors buying non occupied homes. What am I missing? What don’t I know about this program that would raise a red flag?

Thanks for putting up with my noob questions : )

Hey,

I came across a post on the forums about analyzing a real estate deal , and there was a link to a blog on how to use the spreadsheet. but I couldn't find the actual spread sheet. Does anyone have that available somewhere on here? the actual excel file.

Thanks!!

@Bill S.

Thanks! Would you have the ducts cleaned? My house is 10 years old and I have never had them cleaned. Also does anyone know of a checklist of the best renovations to do before renting out a property?

another noob question but what exactly is an umbralla policy? We are taking 2 to 3 years to fix the house up as well we had it built new in 2003 so we may look into replacing the furnace and major stuff before we move out just layers new carpet yesterday and we're getting quotes for paint. Sorry I'm rambling but I'm kind of stoked about starting and for all the nice folks on here! Thanks again!

Awesome thanks everyone!! Can I roll the renters insurance policy into my escrow as well or will I have to pay it separate?? And @Garrett Grove is it typical for the landlord to pay for those utilities? or are you just saying take into consideration on paying those items if the property remains vacant? i always assumed that whoever rents the house out would be responsible for those things i may be wrong though??

Quick question, (Still learning still have a far way to go)

Ok If I were to rent the house I'm living in now, do I have to change anything with my current mortgage. In other words I pay approx 850 per month on my house (that includes a escrow for tax's and insurance). When we go to buy our new home, do I just carry on with my current mortgage, or do i have to make some sort of adjustments to it because im now renting it out? What the plan is, is for me to rent it out for 1300 per month (houses are renting for that much in my neighborhood), and continuing to pay my 850 mortgage that includes the tax/insurance cost. I would factor in 100 per month for maintenance and 10% for a property manager 130 per month. What other factors am I missing? by my math Ill have 220 per month in my pocket which doesn't seem like alot but it is paying my mortgage so that I can keep the property. I know there are probably more holes in my plan than Swiss cheese, but do I have the gist of it down?

Thanks!! and thanks for all the info!!!

This was a great read!! Thanks!! Quick (maybe dumb) question: Does a property manager only get paid the 10% monthly or the 50% of the first month when the house is occupied? or do they get paid even if the property is vacant? and who gets the late fee(s) if any Me or the property manager?

Thanks!!

Hello,

Fairly new to the site, and had a question. I plan on moving in about 3 to 4 yrs, and I want to keep my home and rent it out. Is there some sort of checklist or blog that's on here that has a step by step plan on what I should do first etc.? This is my first home, and we've lived there for 10 yrs now. Just looking to get all the info of what i need to get started from day one.

Thanks!!

This may seem like a dumb question, What stops a Flipper, buy and hold investor or any type of buyer for that matter from researching the best deals for themselves? In other words why use a wholesaler? Am I reading the description of what a wholesaler does wrong or do they have more tools at his/her disposal to find deals? And thanks for all the info!!!

Hello all!!

I’m 100% new to all of this so new in fact that I don’t plan on Investing for another year or so. What I want to do is buy a single family, and rent it out. I’m looking to start small and build up slowly. The problem I think I will run into is financing. Me and my wife have good income now (200K per year) but when we were in college we struggled and got behind on a lot and now our credit is poor. I realize I need to at least pull together 20% which isn’t the problem the problem is financing the rest. How hard is it to get Investment loans for the rest of the mortgage? I already own my own home, but was wondering if they look at investment loans different.

Thanks!!