All Forum Posts by: Prashant P.

Its kind of hard to tell from your pic exactly what you are doing.

Have considered just putting in a wall mounted sink or a small pedalstel sink. Above that you could put in a small medicine cabinet.

I would try not to rob too much space from the closet. Most people like big closets. I would also try to use lighter colors in the bathroom to make it look bigger.

Have you looked at the property?

In my area, I have noticed that people who own free and clear properties as rentals tend to neglect their homes. I would do a tour of the house and see what conditions the roof, mechanical systems are in also. These could be hidden costs that you are not aware of.

I would also get simi-firm numbers for insurance and taxes, then figure in vacancy and maintenance to get a better idea of cashflow.

That is where I would start.

My thought is that if your asking (to yourself or others) for reasons why people are good tenants you shouldn't rent to them.

Don't get discouraged, people are funny. You will find a good tenant. The extra time finding a tenant upfront will result in less headaches and possibly a long term tenant.

I have purchased a homepath house using homepath investor financing.

The mortgage process is similar to any other mortgage and same with closing. Actually at the time I purchased the house I applied for a conventional loan and a homepath loan because I had offers on two different types of houses. Anyways, both had the same amount of paper work.

As far a negotiating, I DID negotiate the price down on my house.

Maybe it goes by area.

Maybe the rules changed, I bought my house in 2010.

Whoever you talked to was most likely wrong. The houses on Homepath are overpriced and usually sit on the market for a while. The ones that are priced right are off the listing within a day.

I would talk to the listing agent for the property. The Homepath programs is not too widely known among mortgage people so the person was misinformed.

I negotiated a house down by $25K and it was a homepath house.

It seems to be personal prefierence. I ask for first months rent and security deposit. Like Jon Holdman said, this should be a money order, bank check or cash, no personal checks.

I also like to make the security deposit number different than the rent number. So if rent is $800, I charge $850 for security deposit. This tells then tenant the security deposit is a security deposit and cannot be used to pay rent when they move out.

Steve Babiak, Steve I actually am not a member of DIG. I did go to one of their meetings but it seemed like alot of the speakers they were bringing in were the gurus or get rich quick type of people.

From being on Biggerpockets and talking with other real estate investors in our area, it seems most people are self educated, researched and tried their hand at real estate.

What are your thoughts on DIG.

Landon S., I am not doubting you. You are right and you have to start somewhere. I am glad that you are getting other opinions and putting together a good "toolbox" like your course and biggerpockets.

I just remember that I met this guy once who was all about Amway. I went to his house and walked in, him and all his friends were sitting around watching Rich Dad Poor Dad videos. They were trying to get me to invest in Amway and some other products. Anyways, I asked them if this is a great investment and you are making money show me some proof like a tax return or a ROI. They could not. At the bottom of the brouchure in small fine print it said something like actual rate of returns are 0.10%.

It seemed they got sucked into a cult like following. I noticed the same thing with real estate investors in my area. There were alot of them buying houses a few years ago, now there are all gone and only a select few remain.

Good luck to you. I am sure you will do fine.

If you have Excel, there is a template for loan ammortization. You can use this sheet to get payments for different loan scenarios. Then you can see which terms are better for you.

Welcome Andreas.

Here in the states there are several methods to checking a potential tenants credit. If you are working with a property managment company, they will run a credit and background check through a third party.

If there is no middle man between you and the tenant, you yourself can check a tenant's credit by running a check using a local company or an internet based company.

Most people only check credit using a credit report, one or two bank statments and payroll stubs.