All Forum Posts by: Dillon Dale

@Mark White make sure you know your rent numbers. Be conservative, not optimistic with your numbers too. If you cash flow then you're golden. In your expense estimate be sure to include property management (even if you self manage), maintenance/repairs, vacancy, utilities, lawn/snow care, insurance, taxes. You want to be sure you cash flow after every expense is accounted for

@Brooke Brink no, you dont have to do anything about it, but honestly, I'd let him out of the lease and find someone else who will appreciate the unit. I hate complainer tenants. Even if you fix the problem he'll just find something else to complain about

@Oscar Juarez this sounds not fun. If you can find another place I'd move. Save the stress

@Daniel Wang put in the most durable flooring you can. Don't put in carpet unless you like dealing with stains all the time. I'd put in nice finishes because dealing with low class tenants sucks, even if the ROI is less initially, over time I'd bet it pays off due to better tenants and ideally less turnover

@Eddy Wehbe don't buy bad deals, but keep looking and be ready to act fast if something comes available

@Matt Sturm I ran into this problem myself. I ended up selling the property after over a year of unsuccessfully trying to refi. Not ideal, but it was necessary in order to continue to grow. You just gotta keep asking around and hope you find someone. Good luck!

@Denver Borst talk with a mortgage broker. I had plenty of banks tell me the same thing, that I would need one to two years at a job, but that's simply not true. Keep asking around, my mortgage broker was able to find me a lender right after I got a full time job

@Jade Stevens I use the same bank with different accounts. It makes transferring between them easy. I recommend stessa to track your properties income and expenses. It's free and you can set it to automatically track from your bank. At the end of the year you can download a report, which I then send to my CPA for my taxes

@Jade Stevens I use docusign. It's free for your first few (5 I think), and after that it doesn't cost much. The ease of use is worth it

@Thuy N. First you either will need to own the home or do a sandwich lease option. Hire an attorney to write a strong contract. There are many ways to do it. Most require a down payment that gets applied to the purchase price and a longer lease term, say 24 to 36 months.