All Forum Posts by: Stephanie Dupuis

About the job thing - I was without a job in 2006. Best thing that ever happened. Within 12 months I was making more money than at my previous job, and I had more time. I have often sat in amazement at this event in my life, and how many people never pass this threshold.

Being in the position I'm in now, I have the confidence to step out of my current j.o.b. situation before I'm in a heap of trouble and better my financial position. I'm following the @Account Closed

plan. I read a ton of his blog posts (perhaps all of them) prior to seeing him on BP and it makes sense to me. I also have solid business experience. This is an easy decision. If you haven't checked out Ron's youtube videos, I recommend them.

@Brett Russell is correct. Approach this from the other direction, meaning, figure out what the market rent is - then deduct your expenses to make sure you will get a positive return or cash flow from the rental investment.

Here's a link to the property Pro Forma I use. It includes the expenses.

Property ProForma

If you are unable to download, here's a list of the expenses:

Hi Paul -

I'm also glad to see you here and still on BP and pursuing your REI. Have you given any more thought to getting your license?

Steph

Hi Paul!

I took my exam a few weeks ago and passed. I'm currently on a much needed vaca through next week. Then, I'll be out there to find a firm to work with and finally fully licensed in the next 1-2 weeks. Looking forward to it.

Reading my earlier post in this thread I estimated my current j.o.b. to fade out in the next 1-3 yrs. Between then and now, my job has already had some serious hits financially - I'm making less and it's taking more time to make less. Not good for the psyche or the REI. So, getting my license is great timing. And I loved the RE coursework - learned a ton.

Steph

I agree with @Michael Seeker . Submit on properties that have been on the market for a long time. I'll submit if props have been on the market for 100 days or more. 180+ days makes me very happy. 180 days is when the banks get very motivated to sell.

I'll submit a bit below what I need to get a nice cashflow on a property. If it's not accepted, I watch the property. Sometimes it goes pending and then comes back on the market. As soon as it comes back on the market, I resubmit my offer without seeing the property. Quick action.

Lately, in my market I haven't had the luxury of this scenario happening. So I've been excited for winter to come along. Prices and selling are still a bit hot in my area, but this has been my m.o. in the past and it works. Hopefully it will work for you. If prices are selling are hot on your area, other methods may be needed to pick up local properties.

Hi Wilson -

I'm in the same position and have had no problem getting a mortgage. Here's what I've done, and what typically needs to be done. Others will chime in with their experiences:

• Report all income on your taxes. You need to provide at least two yrs. tax reports. Deductions are no problem. My reportable income has been low at times and my banker simply explained this to underwriting.
• You may need to see several bankers/mortgage brokers. Find one that has the capacity to work with you. Some are better than others. Get referrals from your agent or other REI, entrepreneurs, etc.
• Have your business docs (some want to see licenses), 2-3 yrs. tax reports, 2 mo. bank statements, ready to show/copy for lender.
• Hold of on major purchases during the lending period. The banks don't like this for most people, especially us.
• During underwriting, there are sometimes some hoops to jump through at the last minute - I've needed to run to the bank to verify where money went, where it came from, etc. This takes some time, but it's time well spent and really is a small hassle to be able to get a loan for an investment property.

I've been able to secure low interest rate loans. So, if your you're reporting your taxes, have plenty of savings and a good credit score, your interest rate should also be good.

Excited to hear how this turns out for you. Let us know if you have questions.

Hi Jo -

I'm familiar with the Seattle market. So is @Zach Schwarzmiller

and several others (go to the Find Members section under Network and search your area). Seattle is difficult in my opinion. Others have different strategies.

What are your buying criteria? What type of CF, CCR (COC), etc. are your buying criteria? Range from home? (How far from home are you willing to go in the "Seattle" area?)

This will help us help you. There are places to find CF properties, but it depends on your criteria. I'm not finding properties right now on the MLS that fit my criteria, but it fits other's criteria and may work for you. You may need to use other strategies to find properties, also. This will depend on your criteria. So...let's start there.

Did I use the word "Criteria" enough?!?!? (big smile)

Please do not paint the brick. I would never buy a house with painted brick - I always just walk on by painted brick houses, fyi.

I think this place looks fine.

• The trees are in the way. Trim them.
• Clean the brick, if needed (around the chimney, esp.).
• Clean the roof if you can or replace to a color that compliments the natural brick.
• Paint the shutters
• Replace the garage door with one you like, inexpensive
• landscape the front: a. Dora Rhody in garden bed of window with shutters (Dora or similar Rhody - they are sm/med. sized and don't grow too large); b. Heathers or similar along pathway c. Trim lawn along driveway Obviously, I can't see how much room you have, so the plants probably won't work - but you get the idea. The point is - Frame the front porch and walkway. Put fresh dark compost (not bark) in the beds. It presents better. Makes the house and plants look fresh. Keep the compost 1/2 inch below the concrete edge (don't overfill the beds). You just need a slight "color coat".
• Paint the siding a color that goes well with the brick - you'll need to pick the color b/c none of us can really see the true brick color online. From my puter - I'd say a Dorian Gray (Sherwin Williams) with an off-white for the porch and windows. But...that may look completely different in real life.

A note on the landscaping. I can't really see how much room you have there, so I'm really just guessing on plants and quantity. But I've found the above plants are affordable and present well. Not sure if they have them in your area, but you can look up similar varieties.

Nice house!

Ok...I call that finding a deal ; ). I also failed to get reposition out of the typo - my bad.

Thanks for clearing that up, @Ben Leybovich !

@Zach Schwarzmiller - what are reposituions?