All Forum Posts by: Brian Adzadi

@Dan P.

The West Coast is untouchable right now, so is the East Coast. So if 2 opposing sides are untouchable, be like King Solomon and split it down the middle. In other words, the Midwest. They were devastated by the housing crash of '08-'09, so the housing stock is relatively cheap. I see multi-families going for 30-60K, that's unfathomable in either coasts. Look up big cities in Ohio, Indiana and Illinois. If anything, contact @Engelo Rumora to find out how well he is cash flowing in that region. 

@Daniel Remin

This means as investors we are going to have a more vast pool of potential renters. However, as the article says 

"Many boomers want amenity-rich full-service buildings like millennials, brokers tell CNBC." Meaning we cannot just provide the bare essentials to this new block of renters. You need locations with easy access to transportation, gyms, pools, laundries etc. 

This is a great time to be landlords people, lets get it. 

@Glenda Thornton

Its feasible, but I just have some questions for you. Will you be using the money borrowed from your 401K to buy the property cash or are you going to use it as a down payment for the property? If you are buying cash then that's instant equity to cash out refi and use it to buy other properties. However, if you are using it as a down payment then you will have to wait until you have paid a decent amount of the principal to do a cash out refi. So it all depends how you are financing the first property.

@Javier Sanchez

I, personally, am not a fan of Bathfitters. The technique used by both Re-Bath and BathFitters just seems to me like a cop out. You are only covering up the tiles and the bathtub. What do you think is happening underneath that shiny and clean looking fitting? Limescales and molds would grow and you will be none the wiser because its covered up. Even in a rental, I would do a more thorough rebuild of the bathroom. That way you are not calling back the company because the glue came off. 

@Dave Saveri

I own a SFR in Allentown and yes you are right. The water/trash bill can be liened against your property. What I did was to have the bill come to my house and take $100 out of the rent, put it aside for the water. You don't want to leave THAT utility for the tenant because you won't realize you have a lien against your property until it's too late. For gas and electricity leave that to them to pay becuz they don't get liened against your property. If they don't pay, it gets shut off that's all.

@Mindy Jensen 

The tag does not seem to work when I use my smartphone, only when I use a PC. 

I agree with @Christine Kankowski and @Stan Hill. The last recession was based on ppl making money off of the appreciation. However, that is not your motive. You are in it for the long haul. As long as you put a 20% down payment, renting, and cash flowing with the rent then you can weather any storm. Happy investing. 

@Cristian Portillo

Why not do both? Most Master's degree program are only 2 years. Those years will pass by so fast, while you wait, you can save up money for capital or find a property to house hack in the mean time. Not always an either or situation.

I personally don't see much wrong with this deal. As long as your "reduced" rate still leaves you in the black then why not. I am just worried about the sellers becoming your tenants. You said they are in debt so if you never met them and were renting out your unit, would they be considered qualified candidates for your rental?

@Dave S.

From my understanding, any payment your tenant makes to you is considered as income. Even payments for background checks. At the end of the day, better be safe than sorry. So just report it on you taxes and also report the utilities you paid for as ordinary and necessary expenses.