All Forum Posts by: Brent Paul

I would probably get it in writing and have them both sign it.  If one qualifies on their own I would just write a new 1 year lease.

Nice work!

I think everyone deserves to treat themselves every now and then.  From a financial standpoint that car is going to be an endless money pit.  Same goes for Mercedes and Lexus once you get 100k miles on them.  Some get lucky, but just understand it's more expensive to maintain.  It appears your financials seem to be in check.  Life is short do what you feel is best.

How much you hold will depend on the condition of the property.  Something that was completely gutted to the studs will need less maintenance than a 1960s rambler that hasn't been updated in 60 years.

I bought my home 3 years ago.  A 1980 ranch style home.  In the first year I put almost 10k into the house for things that broke.  There are just some things won't find until later.  Inspection catches some, but not all of them.  The age of the roof, siding, windows, ac, furnace, water heater, etc are something you should keep in mind.  I keep 10k in reserves for each property.  Granted I don't own many, but it helps.  A Multifamily you will probably have higher expenses.

@Jon Hill  

I have a HM lender I am working with to buy foreclosure auction properties.  Otherwise I am going to sell my current home which will enable me to get a house.  And I should be able to almost save up enough to cover a 2nd property.

Currently I only have 15 varieties of blueberries, 2 apple trees, cherries, currants, elderberries, honeyberry, and 3 different varieties of raspberries.

This next year I hope to plant 12 apple trees, 3 or 4 pear trees, 80 raspberries, 50 blueberry, 10 grapes, 10 elderberry, 20 cherry bushes.  

Nice work!

Buy 2 properties in 2020.

Planting over 300 fruit plants.

Prescreening will eliminate a lot of the no shows.  Your time might be better served doing an open house style showing with prospective buyers.  It all comes down to what is your time worth and how long you want to wait to be rented.

I don't see any harm in talking to lenders. That is the only way to know whether you qualify. The main thing is you want to make sure the property makes sense to purchase. Househacking can reduce your monthly mortgage, but the other thing to think about is if the property cash flows renting out without you in it. Start looking on the MLS at properties and see what is available and start running some numbers. That should alleviate some of your concerns.

Don't do what I did and buy based on guessing.  That's how I lost my first house to foreclosure.

Multifamily will allow you to scale faster and increase your cash flow.  The main thing is to look over the financials and run those calculations to make sure it makes sense to purchase.  Not every property makes sense to own.  If you can provide paperwork showing your 3 rental properties are cash flowing and you have cash reserves it shouldn't be too much trouble.