All Forum Posts by: Jacqueline Coombs

Thank you, guys! My intuition is saying the same. I needed some validation from fellow investors and I really appreciate your feedback. 😊

Hi, everyone! I bought a 3/2 SFR (C+ class) last October for $55k with a 5 year tenant. I raised her rent from $765 to $800 in January on a M2M. I was originally planning on lightly rehabbing the unit (5k) this spring and getting a new tenant at market rate which is $1000-1100/mo but I now have 2 other rehabs that are coming up at the same time (my first investment rehabs!). My tenant is a single grandmother w custody of her 2 year old granddaughter and cannot afford more than $800/mo. She has been a great tenant and gives me rent checks a few months in advance. I am thinking about keeping her there for another year at $800 to avoid having to spend the 5k this spring and also avoid having 3 units turning over at the same time! I realize I will be signing up to lose $2400-$3600 for the year in rents leaving tenant there at $800 but it does put me ahead of spending 5k and having 3 vacancies at the same time. What would you guys do in this situation? Any help on this would be greatly appreciated!! Jackie Botham, GR, MI

Wow, I've never heard of auto and medical liens on a house before. All I have come across are property taxes and code violation fines which I factor into my offer. I would probably double-check that those other bills are legitimate for a RE deal.

Yes, @Andrew Matias, I am a full-time investor. I have 4 SF rentals and I am actively mail-marketing for more deals to either flip or wholesale. My primary strategy is BRRRR. Brandon goes over that strategy in the "low and no money down" book. The beginner's guide is a fabulous introduction! It was the first book I read about REI. I have since read about 50 books on REI, business and "millionaire mindset". It's a lot of info to absorb at first but what I did was set myself a time limit (6mos) for education and then committed to buying my first property. Setting goals for yourself is a great way to stay accountable and make steady progress!

Welcome! When I joined, I mostly read everything I could get my hands on to learn more about REI and jumped into my first rental purchase at about 6 months. Try to soak up as much knowledge as you can and as you learn more, the right strategy for you will become clearer. Definitely take advantage of all of the free information here on BP! Good luck!

Same situation here. Just bought a place and I'm doing a rent-back to the seller for a couple months while she finds a new place. I am doing all rehab on the outside and that has not been a big deal but the inside will have to wait until it's vacant. Some upgrades are impossible or impractical to try and do to an occupied property. I am planning on doing BRRRR on this one, as well. Good luck to you!

Does your city have a lead-abatement program? In GR, landlords can get up to 14k worth of rehab costs covered for new windows, siding, painting, lead piping, etc. You are bound by some rent restriction and must try to rent to families with young children for a few years afterward, however. That is the only program I have heard of similar to what you describe.

Be a great listener!! That is the number one thing people need who are grieving. I just went through a similar deal and got through to closing no problem. The initial meeting lasted over 2 hours. The deal was very much worth it and we ended up becoming friends throughout the process!

I just closed on a buy and hold rehab (BRRRR) deal last week here in GR as a result of direct mail. I am going to be sending out more mail and getting more properties under contract. My capital is all tied-up now so the next few I get I plan on wholesaling. I will let you know when I come across the next deal!

I am just finding out information on this for my latest SFR. I'm trying to figure out if it will be worth it given the rent caps up to 5 years. In GR, they do the entire project and pay for tenant relocation for 5 days.