All Forum Posts by: Brock Bowen

hey newbie here also. I am in the Cleveland area. I'm a trucker so I'm not home much but would love to get together when I am.

if you would, please let me know who you go with and how they do. I don't jack e any property there yet but plan to. 

I appologise if I sound like a a+×hole on this. I mean that sincerely. However how people react is not something you can control. I don't believe in worrying about the fears of others. If that is a concern then have them put a sign in the front yard saying that there is a invisible fence. But to use that as a reason to not use one is not really a reason imho. I agree with the idea of using one and believe the 1 strike is another great idea. 

Hello everyone. Getting my FHA loan around for my first RE investment. That being said I am starting my search for a great realtor. So I am wondering if anyone can suggest a realtor in the Chattanooga tn area. I know there are plenty of REI in the area so any help would be appreciated. Please only ones you have worked with before. Recommendations from here I feel carry a lot of weight. Thank you for your time

Hello everyone. Getting my FHA loan around for my first RE investment. That being said I am starting my search for a great realtor. So I am wondering if anyone can suggest a realtor in the Chattanooga tn area. I know there are plenty of REI in the area so any help would be appreciated. Please only ones you have worked with before. Recommendations from here I feel carry a lot of weight. Thank you for your time

Originally posted by @Ryan Keenan:

Originally posted by @Brock Bowen:

@Ryan Keenan the 120k they are talking about is the money used for purchase and rehab. The other 30k is for lack of a better term free money you did not invest into the property. Just equity from your rehab. I believe I am explaining that correctly

 Your still getting that 120k back to repeat another deal right?

 Assuming you paid all cash then yes. If you took out a loan then the loan comes out of that and the rest is cash to you.

@Mark Frattini first let me say I am not a landlord YET. So take this as you want.

1st. Consider how you feel about pets in your rentals. All else aside it all comes down to you.

2nd. I owning a aggressive breed "rottweiler" can say she is very gental and loves everything. My personal stance is meet said dog. If at any point it is aggressive it has to go. I am in the opinion if the dog is in the back yard alone I should be able to walk in without reservation at any point. If I cant it has to go.

3rd. I agree your PM should have handled this without you based on the lease in question. Something you should consider moving forward regardless of what you decide.

4th. Also consider if you allow or not will effect the other rentals you have. Allowing pets in whatever form does open up a lot more perspective renters. Most willing to pay more to have there pets. BUT there are reasons most places do not allow pets. Whether its Insurance or damage or just general dislike.

There is a lot more to consider both positive and negative but in my opinion if you do allow...and I plan to I would force a new lease agreement and add in at least a 250.00 non-refundable pet fee and at least 25.00 a month pet rent.

I don't know if this helps but keep in mind like I said in the beginning I am just getting started and I DO NOT own a rental at the time of writing this.

Good luck no matter what you decide.

@Ryan Keenan the 120k they are talking about is the money used for purchase and rehab. The other 30k is for lack of a better term free money you did not invest into the property. Just equity from your rehab. I believe I am explaining that correctly

@James Wise thanks for the response. I am not sure if you noticed and not that it matters but I am in Cleveland Tennessee. That being said I appreciate the advice. I am going to contact them again and see what we can get started.

First hello everyone and thanks for reading. So I've been a member here for a few months and trying to absorb everything I can. My wife and I are excited about this new path in life. So anyways on to the topic. 

We attempted to get a home loan about 6 months ago through "rocket mortgage." We are truckers so we have a lot of deductions on our taxes. So for lack of knowledge we take all of them. Apparently that goes against you as far as what they will lend. We got approved for 60k. Which in cleveland tn will not buy much. This was before I realized REI. I am not positive but I believe that was NMD also.

Sorry trying to give background. Anyways I was wondering what the opinion is on rocket mortgage. I know a lot of people say stay local, so i am curious what the thought was on national companies.

I am also wondering opinions about how much money you should have saved when buying your first rental. I am wanting SMF. My plan so far... being a novice is getting a first time home buyers and adding the 203k. That will fix up the property and get it cash flowing. My issue is the added loan amount.

I've also considered hard money but I hate the interest rates. I know I need to get started. But its nerve racking tbh. It's also difficult as my wife and I are on the road 2 to 3 months at a time. So trying to figure out logistics as far as the remodal and getting that done with little supervision. 

Anyways this is the first of what I am sure will be many post to come. Thank you for reading and hope to talk to many of you soon.

Sincerely,

Brock Bowen