All Forum Posts by: Erickson Sainval

I would look at your state laws on this. TN, I do not think there is a limit you can charge. I would look to see what the going rate is and decide on that. I would not dwell on this too much as this isn't going to be your money maker. The point is to attract tenants and screen them properly to get the best.

It must be done through the right channel. You cannot just write up a lease. Contact your local housing authority to make sure things are done right. The good thing is there are some tax deductions for renting to family. If you go through with it, make sure you have a chat with your tax professional to know what you can write off.

I would not suggest being an agent unless you really like helping others buy and sell homes. If you are just doing real estate for yourself, I would find a different approach. If your trying to learn could try property management or find a real estate company and be part of acquisitions.

Besides that, if you want to get started get with your local bank and see what you qualify for. Once you know what you can afford, find an agent. Next, find a property that makes sense that you can hopefully house hack.

You will have to look at their lease agreement to see if there is any language about eviction after the sale of the property. If there is no mention you will have to honor the lease. You could always pay them to break lease, but ensure you get that documented. 

Always look to use your own title company if you can. When you use the one they choose, you are giving them control. Always vet the title company that they choose if you decide to go along with the transaction.

You need it in a place that allows for it to be liquid so you can invest, it will grow at a rate that is beating inflation and is making you more money. If it can satisfy those three things than your all set. There are some vehicles for that, but it all depends on what you are willing to risk. VTI as you said could be an option (i.e.: brokerage account), high yield savings account beating inflation (if this exist, probably not), modified whole life policy, and more. If you are not ready to commit to a Roth, you could look at just doing a brokerage account.

I am still going through the internet, networking, driving around. I am not worried about the being recession proof, it all goes back to the numbers making sense. Having a conservative approach, and ways to increase value will do you better. So keep searching until you find the deal that makes sense and is a steal.

You must ensure they are licensed for the state you are doing business.

There are FHA new construction loans and usually require a bigger down payment than the usual 3.5%. Call a lender and begin the process if that is the route you would like to take.

Could try property management, handyman work, become a agent, and more. Though, hyper focus on being a loan originator, networking, and funneling leads would serve you best to get the capital going to do more real estate.