All Forum Posts by: Amanda Hensley

I totally agree with  @J. Martin s comments.

Totally agree with @Michael Noto !  Don't overbuy and keep reserves for unexpected repairs (and planned cap expenses, too)

Let us know how it goes!

@Tiffany Plovie said it well!  Welcome to BP.  There are a quite a few Pacific Northwesterners here :)

Hmm...most of the banks I've dealt with do want 2 stable years.  Also, I don't understand your related note.  Do you mean to say that you are incurring passive losses on your tax return based on your expenses?   When do you expect that situation to turn around?  That may your best bet in getting additional financing.

Just wanted to point out - Jon Holdman's formula is using NET rental income in his equation, which already takes the debt of the rental property into account (and expenses, which is good) .

Keep searching, you should find a lender who will work with you.  Good luck.

1) You need homeowners insurance, regardless - what if you got sued?

2) Renters should get their own renters insurance, but that won't cover YOU (at least not to the extent you'd need it to, if something really bad happened).

Nice!

Good strategy!  I want to do a flip at some point, but haven't taken the leap yet.

i think it means YOU would have to activate the utilities, if you wanted a full inspection.  Depends on your risk level.  When we bought our first rental, my uncle (who is a great handyman and master electrician) looked over the house for me so I personally was OK with not having a formal inspection or having the utilities on.  And our price was so good that if we had to deal with a huge issue (and we did, the sewer line had to be replaced) we still came out ahead...