All Forum Posts by: Daniel Haberkost

@John Robb

If the numbers work then yes use hard money. If it’s a good deal and cheaper sources of money are not available to you then that’s the next logical step.

But you didn't mention what the deal is. Is this a flip where you can reasonably expect to have the cash to pay off the hard money lender? A BRRRR?

@Stuart Fischer

To expand on what I already said. You should have simple metrics that tenants have to meet. Bad credit and doesn’t have the money themselves ? Immediately disqualified.

If you’re managing properties, set your standards in place and then adhere to them 100%. This helps make your job easier, reduces bad tenants, and (as long as your standards adhere to fair housing laws) reduces your exposure to litigation.

@Stuart Fischer

1.) I would not accept 6 months of rent up-front, that can lead to issues getting the tenant out if they are a problem (sounds like this one will be)

2.) I would not rent to somebody who isn’t paying the rent themselves.

3.) Are you not getting many inquiries ? Everything you described would make me disqualify this person.

-Dan

@Tera Edwards

That’s doable then, good luck!

@Jamin Brandt

Okay, in that market $10k goes a bit further than many others. What’s your first move ? House-hack ?

@Tera Edwards

Will you have anyone there locally who you trust who can handle emergencies or do regular inspections?

@Tera Edwards

Are there single family homes on the market that will cash flow (I know next to nothing about your market)? Or will you need to look for deals elsewhere ?

And I was also going to ask the same question as above, why try and manage a rental that’s so far away ?

@Tera Edwards Welcome to the forums! What is your plan as far as beginning to acquire single family rentals? Are you starting with a house-hack? Or looking to buy with a traditional investment loan? Having a clear goal is the first step.

-Dan

@Eladio P.

Yes, the also will look into your prior two years of employment.

@David Iniguez

No problem, and let me know what you think!