All Forum Posts by: Chris Szepessy

I had tenants do the same. They painted most of the rooms of the house. My only regret was I wish I knew they were going to do that...I wouldn't have wasted my time painting them before they moved in. lol

If you have good tenants, I'd probably let them do it. It's paint. The worse that can happen is they spill it on the floor and damage carpet/flooring. At that point, just take it out of the security deposit when they move or have them pay to replace it while they are still there.

I never heard of that group, but I'd be pretty skeptical about someone who guarantees success when the success is based off how hard the "student" works and uses the information they are given/taught. There's plenty of free info on this site and various books and podcasts that will cost you much less than the $10k. I'd suggest you start with the free stuff first.

We bought our primary home using a FHA loan with 3.5% down. I was lucky enough to get zero down, no interest owner financed deals on my two rentals. Only paid around $1500 on each in transfer tax.

Read books, the forums, watch videos, listen to the BP podcasts, (and other RE/business related ones), work hard, avoid consumer debt, and save money. Try to get a job with a local RE or property management company and learn the ropes. You can attend meetups to network with other people. Some may not take you seriously, but others may be intrigued by you and offer some assistance.

If I had a full ride or I could pay for college in cash, yes, I would certainly go. And also, I would study something useful. However, I would not take out $100k+ in debt and basically have a mortgage payment of student loans for the next 20-30 years.

You can "gift" down payment money to whomever you like. You could also be a cosigner on the mortgage and be on the deed if you wanted to protect your interest in the property. I had considered something similar with a family member of mine, but I've read enough horror stories about mixing business and money w/ family members and decided against it. If she is really interested in getting into RE investing and you guys went through the proper channels to be actual business partners, that may be an OK option. 

@Michael McConlogue, thank you for the advice! 

I've been casually looking at lake homes and came across what appears to be a relatively inexpensive property in Hammond, NY on Black Lake. Is any one familiar with this area? I haven't been to St. Lawrence County in over 20 years. Also, what are the vacation rental laws like? It'd be mostly for personal use, but would consider renting it out occasionally to help offset costs. Any help is appreciated!

Where about in the Catskills are you looking? If you're near the ski areas (Hunter/Windham), you have the potential for year round income. 

I'm going to assume the land is split 33% each between your mom, aunt, and uncle? Or are the aunt and uncle married making the split 50/50 between them and your mom? Either way, would your mom be willing to seller finance her portion? That would cut down on the amount of money you'd need out of pocket.