All Forum Posts by: Matt T.

Personally, I'd hold out and find a multifamily property in the area where you live. You should be able to qualify using your VA loan with little out of pocket expense as long as you live in one of the units. Could be a great way to get started.

I understand the above points concerning resale issues of a 2/1; however, in my market I can get a 30% plus cash on cash yearly return renting a 2/1. I'll take my chances with the resale issues 20 years down the road.

I currently have a 2/1, 3/1 and 5/3; I don't have a problem renting any of them. I'll buy any combination of bed/baths as long as it's a good deal going in. The key is to have them competitively priced.

I've been lucky enough not to have any pet owners yet. I think the fees and extra deposit would make it worth a look though. Pets are negotiable; smoking in the house isn't.

If you make 10 offers and more than a couple are accepted, in my opinion, you are offering way too much. Do the analysis to figure out the amount that makes financial sense for you. As stated by others, there are many ways to get out of a contract (i.e. subject to "partner approval", "obtaining satisfactory financing", inspection, etc).

In my area, the utility companies have a "budget plan". It averages the usages for the year and the tenant agrees to pay the average each month. Although it won't solve the bigger issue of why the house is not energy efficient, it will prevent the sticker shock of a $400 January bill.

I fall somewhere in between. I do install vinyl siding on most of my rentals but do not make major upgrades if I plan to rent them. They get new carpet, linoleum flooring in the kitchen/bathrooms, fresh paint and mid grade counter tops. Unless I was renting to a family member, I wouldn't make any investments in the property that I counted on being in good shape when it was time to sell.

Congrats on soon reaching your goal Rich. I'm new to the forum but have already learned a great deal from your posts.

I'm sitting at 4 continents and 43 countries; including many of the countries nobody wants to see.

I know what you mean about being difficult from far away. I am currently working in Afghanistan. Although we live in different states, and I am only dealing with REO's right now, I can share what I do to research properties. It may work for you.

My County Assessor has a web page with all active properties in the county. I enter a search under the name field of all banks I know of in my area to locate REO properties. If I find one, I search the previous transactions to see from whom it was foreclosed. I then search their name on the site to see other properties they own. It's a good way to identify possible future foreclosures or a potential motivated seller. I update my list weekly and repeat the process.

My county seems to update the owner information in a timely manner. The properties are almost always changed to the bank's name prior to hitting the MLS in my area. Might be worth your time to see if your county has something similar. Good luck!

I put Corian in my personal residence. Heat is definitely an issue and knives will leave cut marks if not careful. I'd never use it for a rental; simply wouldn't hold up to a tenant's use. My next personal residence will be granite.