All Forum Posts by: Account Closed

I agree with @John Warren on this one. I bought two SFH early this year and quickly realized that the real money is in MFH. Plus it's typically easier.

Since you seem averse to using debt leverage (very bad idea, by the way), you may try searching Bigger Pockets for an Apartment Syndicator in your area to invest with. You can typically earn 8-12% preferred returns and receive an equity split when the property is sold. 

As a landlord using a Leasing Agent to fill my property, when should I expect to pay the agents? upon signing of the lease or move-in of the tenant? My concern is that the new tenants will still need to complete a move-in condition report and if I pay the leasing agent now, they will have no incentive to follow through with coordinating that upon move-in. Thanks. 

It's State Farm. 

I am an out of state investor, self-managing a rental in another state. Suddenly, my Insurance company (who already binded my policy on closing) is starting to at concerned and is asking A LOT of question such as who will manage the property? Who will handle service requests? Who will check in on the property? Who will enforce the collection of rent? Etc Etc Etc. Luckily for me, I have family in that area. But I cannot feel that this is NONE of their Business. Especially considering this is a piddly little SFH Rental. Am I wrong? Is this normal practice?

Never do business with family. that's my take. instead, offer to help them learn so they can invest on their own. Teach a man to fish, and all....

A lot of people don't know it, but you can call FEMA and request a property flood report and it will tell you if your property has ever flooded based on insurance claims. unfortunately, the property owner has to do this. you may compel the seller to do this first, and share the report with you, before you move forward in purchasing the property.

No. Must rent for MINIMUM 1% of ARV (Although some investors are OK with 1% purchase price). Cash flow first. appreciation second.

Hi everyone,

I've been looking into connecting with a success/life coach in my area when I heard about GoM1. The concept sounds great but it's hard to find a lot of information in the public realm outside what their site provides. I live in the Austin area and would be disappointed to join only to learn there are not many other members around me. 

Does anyone here have any first hand experience with GoM1? Also, I hear the price is steep, around $300, which is understandable if results are achieved and the monthly meetings/curriculum warrant it. I'd love to learn more. 

Thanks!

@Dave P. you may want to check your ARV. Per the report, it is only $250k. Also, I do not see an expense item for property insurance. Finally, will you be living in this property? Because, if not, I'd love to learn how you are able to get a loan on this quad with just 3.5% down! If you will be living there, you should adjust your monthly gross income to reflect that. Be sure to underwrite the rents to market. I use rentometer.com

@Matthew A Brady If your father is going to sleep there the majority of the week, I suspect it can be argued that the property will be his primary residence allowing him to qualify for a Fannie Mae loan with only 3% to 5% down. However, he likely will have to pay Mortgage Insurance which can be substantial. Personally, I am a fan of piggyback loans. For example, on a $100k property, I take out a loan for 10% and combine it with my cash down payment of 10% to meet the minimum 20% down to avoid having to pay Mortgage Insurance. A good mortgage broker will set this up for him. 

On a side note, it will be hard to find a duplex in Houston where he will break even exactly. Most duplexes I've seen sell for $250k and up. He will likely only have to pay a few hundred per month in this scenario though. 

Best of luck!