All Forum Posts by: Brad Hammond

Hey @Ziyad Syed, it sounds like you are looking more for a property manager who also has a brokerage than the other way around.  I would start your search there.  

Hey @Brandon Mosher, the lender will look at your last 2 years of taxes to see how much money you've made and can go with that. If you are going to owner occupy a duplex, you should go the FHA route since the downpayment will be so much less.

Hey there @Holly Horn, it depends.  It is more customary for single-family homes to have nothing included, and more common for multi-family properties to include water/sewer/trash.  I would not include electric in your rent, as that is just asking for trouble.  Some tenants might like that utilities because it will help them budget.  However, if you offer a lower rental amount you might get more people interested in your listing.  To make your listing stand out, have great photos of the property, a very thorough description, and highlight all the great things about the property and the neighborhood.  

Hey @Leland Dorchester, those sites are going to pull the tax information from the MLS listing, which pulls it from country records (at least in my area) so that should be accurate. Just know that taxes will go up after the property is sold. As far as the principle and interest, that will depend on what they are assuming for the down payment and interest rate. There should be a way to check that and/or change it. There are also lots on online mortgage calculators that can tell you that information. Hope that helps.

Hey Jody, Usually a HELOC is not best used as a down payment for a buy & hold. That is because the interest rates are higher and you will be borrowing 100% of the purchase price. Make sure your lender is ok with that. If you are fine with that and can make the payments (without relying on your other properties' cash flow), I'd say do it.

Usually at the $3,000 and up price points, those renters are going to be more responsible.  Just make sure your property manager is checking how many people are actually living on the property.  Let me know if you want another set of eyes on whatever you are looking at. 

Hey @Thomas Larsen, congrats on starting the process of getting your license!  I believe doing the classwork online is the only way to go anymore.  I used Online Ed and had a good experience.  The coursework is just a hurdle to make sure people are committed to getting their license.  Once you are done with that, you will want to study for the licensing exams.  Online Ed has some great resources but you will want to look at others as well.  

Hey @Shaun Withers, I don't know of any tools like that.  There might be something like that for the large complexes if that is what you are looking for.  Besides that, I would take a look at previously sold properties and see what those cap rates are.  Any good real estate agent or property manager could give you a good idea as to what those numbers are.  

Hey @Ben Barr, congrats on getting the real estate investing bug!  For that amount of capital, you are better off investing out of state.  If you were to invest locally, the property would likely need lots of work and probably not be in an ideal area.  

Hey @Jake Arden, one of the main benefits of an LLC is that it protects you legally. However, any good attorney would be able to pierce the veil of an LLC so I don't think they are that useful. I would recommend having a good insurance policy as well as an umbrella policy that will give you better coverage.

Hi @Sarah B., that is a bummer, sorry you are going through all that.  Legally you will need to provide proof of everything you are taking out of their deposit, and it can't be for the new value, it must be for the depreciated value of the item.  Does your lease say there is a break lease fee?  It is common to have 1.5-2 months' rent for an early termination fee if they choose to break their lease.  For a lawyer, I would talk to Shawn Morgan.