All Forum Posts by: Elizabeth Colegrove

My husband is active duty Navy. We have 8 rentals. We got started using our VA loan. We bought a fixer upper and than rented it out when we left. While we didn't in VB, we know many people who rented out all their spare rooms. This let them live rent free while working on saving for their next house. The best thing we did early in our career was live lean. We lived with others, bought smart future investments not our dream house and really looked at the long term plan.

While I totally agree that multi families are an awesome bet. In the areas we lived, single family had better margins and were in the area this caucasian red head who only speak english and german feels comfortable late at night ;) Since I self manage that was key. So so far we only have single family homes but that has been an asset on the maintenance.

While owning rentals have had MANY Moments, the slow and steady way of buy and hold has allowed us to make HUGE financial inlays to becoming financially independent.

Our story is more in detailed on Episode 103. Let me know if I can help.

We bought our first house at 23 and 5 years later have 8 houses. One of the things we did was live very frugally and increase our net worth. I worked extra jobs, lived in in law suites etc. Can you dramatically decrease your expenses and increase your income to come up with that kind of money?

When looking at loans don't forget about the FHA. Its 3.5% down and they do allow multis? I know it is tough but honestly, sacrificing alot when we were younger, helped us get the small down payments needed to get the ball rolling.

 @evan craig

This base is SCARY when it comes to numbers. This area has ALWAYS been know as the 500k houses renting for 1800 (and that is the mansion). While rents have gone up significantly BAH has yet to be influenced the same way. Right now people are paying 300-$500 out of pocket for a place to live. Something that is unheard of in this community.

 The issue is that rents still do not support mortgages. People are buying 400k houses that will rent at $2,000, MAYBE 2,200 but I doubt it. Yes a new squadron is coming in but I am worried that once the last group comes in Jan you won't see this appreciation everyone is talking about.

My speciality is buying in depressed area where I see unrealized need. Right now, I personally see a bumble. So much so that this investor who LOVES to buy is living on a boat. In my mind the marketing is softing. The junk that was FLYING off the shelf in May is sitting and being reduced.

What you say could very well be true and will will know by DEC. Still I saw many many people get burned for speculations. So yes, we do have a criteria and we are staying close. 

I have an absolutely amazing realtor. IF you pm me I will happily give you her information. She is absolutely a gem, and has definitely helped steered me correct. 

Feel free to pm if you want to talk further about this area on the phone. The fact that it is a HUGE retirement area for seattle rich, creates some uniqueness that doesn't exist other wear!

Congrats again about getting your wings, and coming up here! I remember what it was like to buy our first house right out of training. Our 8 houses has been a huge asset to us. The one thing we learned through entering during the crash, and listening to all the horror stories of the last bubble. There is definitely a time to buy and a time to hold.

@Evan Craig great to connect! we are in anacortes now, we transferred from NAS Lemoore in April. My husband is a Pilot. We own 8 rental and I manage another 4. Honestly We are living on a boat right now. The market in Anacortes, Oak Harbor, etc is STUPID expense right now with rental prices not matching. This is even with rental prices at an all time scary high (will they last long term????)

 This is our 5th duty station in 6.5 years of marriage. So I only buy houses that make instant great rentals. This has allowed us to be protected even with last minute sudden moves. Unfortunately right now I haven't been able to find any houses that would make great rentals (which has sent me to MANY nights of drinking and bitching lol)

I am happy to give you the name of my amazing realtor and share any insight. Let me know if I can help!

Good Luck!

Congratulations! 

Your persistence paid off! Good Luck!

We used our to fund the downpayment for our 8th house so Cash out Refinance was our best option.

WOW!

First off, property managers don't get to get tired of dealing with a tenant. 

Second,

The word NO exists! What does you lease say? I have needy tenants but they quickly realize that I will repair things that are BROKEN but I don't improve the house. I tell them no. It took me a little bit to figure this but once I stood up for for my rights, they actually respected me better. 

Nope if they otherwise check out I wouldn't stress about it! If you are worried you can always see if they will up your security deposit amount (check if your state allows it, some states are VERY strict). 

We rental house hacked when we were first married. It was what allowed us to pay cash for my masters degree and still save up enough to buy our first house at a yearish into our marriage. We had looked at renting rooms out but we were never able to make it make sense. We have also done single family homes as multi plexus have not made sense although I would definitely do them if they did. There is nothing like living free fro just dealign with others.

The thing I wish I had realized before now was airbnb room rental. That way you can have roommates when you want and not when you don't. Plus you can make BANK.

We are buy and hold investors. While our houses are newer, we don't replace them till they go down. Fingers crossed we have had one unit that with a $300 repair has lasted 5 years longer than we expected. I have never heard them affecting appraisal and certainly not the 6k you are putting in. So I personally wouldn't add it.

Good luck!