All Forum Posts by: Heather U.

My tenant, who has been with me for a year, has been great and would like to stay.  My property manager emailed and said he recommends a modest increase in rent. She pays $1150 and would now pay $1175. I was thinking give her one more year at same rate but this is my first renewal so I have no idea.  Is there a standard way people usually handle this? 

@Chris Park I'd first check the breed of the dog and your insurance policy. If she is a responsible tenant thus far, then hopefully it falls in line that she will also be a responsible dog owner. I'd want to know how old the dog is and how long it will be home alone as my concern would be barking if it is an apartment where neighbors can be annoyed.  If you do your due diligence and all checks out ok, I'd rent to her again in a heartbeat.  She has been a good tenant and likely will stay longer because it may be harder for her to find a place that allows her and her big dog to rent.  Big dog or small dog doesn't matter in my mind. Sometimes the bigger the better because it's harder for them to find a place that will take big dogs.  Full disclosure....I'm a huge dog lover!!!

@Derek Harris and @Jaysen Medhurst 

Just learned how to tag people!! But my above post wouldn't let me edit it so just adding it here! Thanks!

Also, just a note, though I said I'd like 12 doors and that is our goal, if there is way to keep rolling the money and keep buying, I could see doing that!!  That is why the SF's are appealing I guess.  Thanks!

Thank you Derek and Jaysen.  I hear what you are saying. Why keep monkeying around with Sf's?  I can't see how to work out the cash to go immediately to a multi.  So I have around $100,000 cash.  Do I look to buy a 4 plex for $50,000 down and another for $50,000 down. Or I could do a bigger unit and use the entire chunk as the down payment.  At that point then the money is gone and we are done buying houses.  Which I guess is ok if we hit our 12 door mark. With the Sf's I am able to rinse and repeat and can continue buying.  Just trying to process this. Thanks for your thoughts!! Appreciate help!

Just wondering if there is a better way to do this or am I doing it "right"?  I have 3 SF's and will close on another this week, in North Carolina.  We bought these in 2019. 

Property  1 traditional finance

Property 2 paid cash

Property 3 traditional finance (couldn't cash out refi one above fast enough)

Property 4 paying cash (this included the cash out refi money from property 2 plus a heloc from our primary residence)

Our goal is to have 12 doors with a cash flow of $200 per door for a total cash flow of $2400 per year within 4 years.  So we need 8 more doors.  

After we cash out refi the property number 4 we will have about $110,000 cash (including $35000 from our Heloc) We were planning to use that to buy another Sf in cash, and continue to cash our refi that until we have 4 more SF's and then the last time use the cash out refi money to put a down payment on a 4-plex.  

The only other option I can see at this point is to use the money for an 8-plex.   

Is this the best way to use the cash and keep it working for us?  What am I missing? Any other ideas????

@Kenneth Garrett 

Thanks for your thoughts.  We are going to try but not sure. Agree that with competition we might be out of luck. 

@andre

@Andrew Postell It isn't a cash only situation but the house is only $80000 and I think will have some other offers so we want to make ours more desirable.  

I have house "A" I'm closing on Feb. 28, for cash.  I just found another house "B" I really want but we are basically out of cash.  I'm thinking of writing a cash offer on the second house, trying to push the close date out as far as possible and as quickly as possible cash out refi House "A" and use that money to purchase house "B".  I'm sure we'd get enough money from the refi to cover our costs(price, closing and rehab)  for "B" and also have a lender who is willing to cash out refi right after I close Feb. 28. Is this a bad idea?  

We actually DO have enough money to pay cash for house "B" but its from our investment accounts and really want to try not to use it unless we get stuck with the first plan not happening fast enough. If this happens we would then borrow the money from the investment account, pay cash for house "B" and then cash out refi that one to pay the investment account back!

Thank you!! So when setting aside the amount for the repairs etc...what rule do people follow?  

Agree with Curtis.  A good team no matter where you invest is a must.  If you have that, it doesn't matter if you are local or otherwise.  I  invest from overseas but I have a GREAT property manager! Good luck. (Though I like your house hack idea if you can find that.)