All Forum Posts by: Blake Dailey

@Tim Mason I am in the same boat. Let me know if you find a good one.

Check out this article: 
https://homeguides.sfgate.com/can-fha-home-loans-build-homes-58907.html

I haven't built a home but I house hack a 2 unit - it's a great strategy so I hope it works out for you. I am interested to hear how this works out so keep us updated!

For self manager's, picking the tenant is probably the most important part of managing the rental. This is the thing I would want to maintain control of, even if I handed off the maintenance, collections, tenant communication off to someone else or some other platform in order to free up some time. Screening and running the background check is fairly easy and you can pay a service to do that for you where you just review and make an informed decision. If I was going to pay for one piece of management, it wouldn't be that piece. I'd rather just hire a manager who I thoroughly vet and who I know screen's well do everything.

And I know a lot of managers charge a percentage of one month's rent for leasing a unit but I think having a flat fee that is a percentage of the rent is more conducive because then your interest and the PM's interests are aligned with getting paid - you both earn when the tenant pays rent. If they charge a leasing fee, turnover incentives them in a way. 

@Michael Steele a VA is a virtual assistant.They perform tasks as a service to you, usually on an hourly rate or per task basis. They are usually from countries with cheap labor to make them more cost effective for their limited role. For example, I have a VA in the Philippines who skip-traces deals for me at a certain cost per lead, or person in this example.

@Michael Steele once you have the addresses you can find the owner's address on the county appraiser's website. For me I can just google "Bay County Property Appraiser" and then go to "search records" where I can enter the property address to find out more about it and the owner's address is listed too. If the owner is a LLC you can search on your state's Secretary of State website to find the information to the owner of the entity. If you want their phone number or email, you may have to pay for a service to skiptrace the owner's name cross referenced with their address. I have a VA for that.

@Roshan Khadka I used the VA loan which was huge for me starting out with little out of pocket.

@Roshan Khadka splitting the costs with a friend would be viable as well, as long as one of you can qualify for a mortgage (if you don't plan on paying cash). 

My biggest challenge was getting my wife on board, so you shouldn't have that problem yet. She is awesome with it now and even helps turn the unit because we rent it on Airbnb. Other than that its just being flexible and dealing with guests and tenants and dealing with issues as they arise.

@Roshan Khadka read Rich Dad Poor Dad if you have no already. If you can, get qualified to get a home loan, even if you have to get a co-signer, and find a property you can house hack. A house hack is where you live in one portion of the house and rent out the other. It could mean living in one side of a duplex and renting the other or buying a house with a mother-in-law suite and renting that out like I am currently doing. Or you could rent rooms. There are several different ways you can do it but they all allow you to live for cheap/free/maybe even make a little all while learning how to manage a rental.

It definitely feels like that at times but my thinking is if I find a great deal and represent myself well then the money will come. Especially now because passive investors will be looking for solid opportunities to put their money into because the stock market is not reliable.

@Oliver Sparks I like to require it because it makes it easier for everyone once they adopt the software and then you can know real time on the 1st who has paid. If the tenant class is one without bank accounts there are other options like money orders for those that can't do the online option. Hope closing goes smooth, congrats!