All Forum Posts by: David O

He never posted again - RIP

Awesome! Are your houses still in Metro Detroit or Nashville?

I love cash out refis. I buy cash and then cash out refi in six months. I look at it as essentially selling the house and still making money. I get all my money back (usually) and I still make an easy $300-400 off the top as the mortgage payments are so low and rents are so high.

I do one year leases max, but I would love if they stayed forever because turnover is the worst part.

Maybe, depends on what you did. Generally anything done while getting the property ready is capitalized into the cost basis of the house and not expensed. A roof would be capitalized over X amount of years and not expensed. I would recommend speaking to a CPA/accountant if you can.

Don't invest until you have 100K? Thats hilarious. Most people will never be able to save 100K in their life. I guess it depends on the area, but I would say invest as soon as you can if you are willing to take the risk. I started with 10K and credit card debt.

Borrow from someone, personal loan, HELOC or refi your primary to take cash out, credit cards, etc. Most people pay cash for rehabs I would think, but starting off it's usually pretty tight. When I bought my first house, some of the rehab was on a credit card.

That is interesting, never heard of this. What is the market rate for his unit? Is the $350 rent quite a discount? What does your attorney say if he stops paying?

Define odd. I would definitely get it inspected by an electrician if you are serious about buying. Code or not if it is messed up it can ruin the property or kill someone.

Damn that is intense. 

OP I would advise you to follow your lease and what it says regarding pets. It sounds like this guy is going to break his lease and likely won't care anyways, so I would try to get him out of there ASAP.