All Forum Posts by: Dan Vleck

Sorry, but not likely to happen. My bank would give me 85% ltv, but that would have cost me appraisal and closing costs. So, I accepted about a 50% ltv for $100,000 loc with no closing costs. My house was paid off. My problem has been with just 100k, I can only do 1 house at a time.

Good luck!

I like $300 cash flow per door after piti. Hope that helps.  I don't buy up down duplexes.

It might not be a concern to you, but there are tax implications of renting for less than fair market value. It is likely also illegal for you to perform work on a rental property without a contractor license. I get it, brother-in-law living there, so claim he is doing the work. Not legal unless you are performing the work on your property that you are living in. Why bring all these issues on yourself?

If you don't understand it, don't invest.  If you do understand it, run.

One month and a day. With snail mail, might give a little extra.

I rent to families with little ones. I always have one shorter toilet.  If just one in the house, I go with short.  Changing out a toilet is quick and cheap. If an elderly person leases from you, change it out. 

If you want it done quickly, rent a drum sander and use lowest grit. It will use up a few sheets and you'll be done in 2 hours. Might need another sander for edges. If on concrete, no worries about damaging floor.  Please don't waste your time with razor blade or heat gun unless it is a small area. By the way, don't count on the employees at HD to know that the sander works on glue. Trick is as soon as the glue looks like it's melting and smearing, put on new sandpaper. Just did this myself not long ago, but on wood floor. You can do it.

I hope that insanity doesn't spread.

Don't forget to check websites of Fannie Mae, Freddie Mac, Auction.com, Craigslist and forsalebyowner.com for deals. 

Why, if you are building, wouldn't you have separate water meters and let tenants pay the water bill. Seems like a bigger issue to me if water is expensive.