All Forum Posts by: Eliott Elias

If the private money lender is willing to take on second position, then yes.

It sounds like you are far from closing. You need to explore ways to delay this foreclosure.

Talk to a real estate attorney on how to do this. Even if there was no death issues, I doubt a title company will be able to close in less than two weeks.

Lenders should be taking the mortgage off your DTI if you are collecting rental income. I believe it is 75% year one and 100% after that.

 

You should have a list of buyers before you contract any property. It is tough building a good buyers list of people who are ready to pull the trigger on deals you have. 

I never recommend self managing. Especially if you have other obligations. A good property manager will pull their weight in Gold and make your life very easy.

One bad instance with a tenant, and you’ll wish you had one.

Inspectors are a waste of money, unless you use them for negotiation purposes. They are not specialists, they won’t disclose all issues, and they are by no stretch of the imagination qualified enough to detail all issues with a property

Have your contractor instead walk properties with you.

This depends on the scenario and what kind of investor you are.

I like to keep rents sustainable, not high enough to where I will have high turnover, not low enough to where I can easily replace a tenant for higher rent.

The purpose of house hacking is to reduce your monthly payments and have enough income to hopefully pay the full mortgage payment every month. You can do this in any market.

The first thing you should be looking for is what market you want to live in.

You never need property managers until you need them. Don’t wait until that point. They typically charge anywhere from 8 - 10% of monthly rent.

Facebook marketplace is where you will get the most traction.