All Forum Posts by: Dante Pirouz

Depends on your area!

$100 would be the minimum I would expect but I aim for $200-$400.

Oh boy...I can really relate @Michael Ouvrard with your story of being a relatively well-paid but less than wealthy pharmacist PhD...I have a PhD as well and have grown to absolutely hate my college professor job (surly students, constant, long, boring meetings, rude colleagues, too many nights away from wonderful family on useless conference travel, very little money in my bank account at the end of the month!!). I really started to regret having spent the 6 years to get my PhD...Until I got serious and found BP and started absorbing all of the fantastic advice from BP members! Since starting my RE investment plan a little over a year ago, I now have 6 units... and I'm laser focused on getting to 20+ units over the next few years so I can finally "retire" from the academic cult (it makes you wonder how professors at business schools get the nerve to teach MBAs when most don't have any significant wealth themselves...those are my colleagues but I digress!) 

Congrats on your success and for sharing! Keep it up!!

Awesome! Thanks @Joel Owens...This is super helpful!!

@Joel Owens Need more insights from the brain trust at BP...the seller has now agreed to the following:

12 unit building for $320K + 6 unit condos for $220K + 2 unit duplex $60K

Land contract, $30K down, 5.5% interest, 30 year amortization, 5 year balloon for all three properties

Should I move ahead on this deal?

I think it would matter what kind of income you have from your rentals showing up on the last 2 tax returns. I believe if you can show 2 years of tax returns with income that income can be counted as yours. In addition, I believe a commercial lender won't care as much about your personal income once you have 2 years of rental experience. They will want to see the business plan for the property and the financial historicals and projections. 

Do a househack on a fixer with 3% down (meaning you live in it as an owner occupied) and do the rehab on your free time...in a 2 years or so you can flip it or rent it out and do a refi to pull out equity and either buy your next fixer for all cash or another househack! Look at HUD (hudhomestore.com) or Fannie Mae (homepath.com) for owner occupied properties that you can get a crack at before we investors can...I've had really good luck with HUD properties both as buy and hold rentals and as flips!

So the owner has now dropped the asking prices on these properties... @Joel Owens were you mostly down on this deal because of the asking price and/or the interest rate? I'm wondering if the price going down $60K for all three make the deal worth it!

is it in Texas?

Hi All: I have a prospective tenant who is moving to Port Huron from out of state to start a new job. They (married couple with kids)  submitted their application online which is our normal process, paid the application fee and all the reports (credit, criminal, eviction) look stellar, plus good income with a job at our big hospital in town. Should I approve their application even though I haven't met them yet face to face? Just to add, I currently have another couple who are good tenants that I approved a year ago although I had only met the wife and daughter since the husband was still on his military base in another state and that worked out with no problems (I figured I could always complain to his CO if there were problems but you never know). Just wondering if I'm missing anything... Thanks