All Forum Posts by: Jayme Carlson

Starting my first eviction today. Boone county, Illinois. My question is, since I live in the other side of this duplex (I’m househacking, do I have any extra leverage versus if I didn’t live here. Is there anything that makes it easier since it’s an owner occupied property, or at least a quicker process?

I have a tenant in there and she asked to have her boyfriend move in. I said ok. Now they broke up and he’s refusing to leave. The cop told is that she needs to file a civil eviction. Is that correct? Do I need to stay out of it for now?

I quit my job in December to go out on my own as a handyman. I'm not taking out any loans to start my business as I saved up enough to start. I've got verifiable income from the last several years but there's no way to say for sure how much I'll make this year being self-employed. I'm curious how that will effect my ability to finance my rental property purchases in the future, mainly this year. I already own 1 duplex and I'm looking to purchase a 4-plex this year. Will I have trouble getting financing? I was looking at doing a 203K loan for the 4-plex. Is there anything I can do right now to better my chances for approval? 

I didn't start paying attention to Kiyosaki until the early part of 2016. And I saw him make several predictions about a collapse in 2016 and it never happened.  So I take it with a grain of salt. I do believe he is a very smart man for sure. So I'm curious if he's got something else up his sleeve, marketing wise, when he makes these predictions. 

 Here are a few examples:

https://www.youtube.com/watch?v=z2gd0Es8cxQ

https://www.youtube.com/watch?v=cFkHeHuuQyc

https://www.youtube.com/watch?v=o8sErW8Wxlw

I've worked in construction since I was in high school so I would like to tackle most of this myself, just maybe not the gutting. But I've always been the laborer and therefore mostly oblivious to the costs. So I'm looking for some general numbers here of what it's going to cost me. Per SQ/Ft numbers are fine. 

It's a 2 story house built in 1890 and converted to a duplex in the 80's (I think). I'm pretty sure it's balloon framed. I plan to gut it down to the studs, removing plaster and lath, with drywall over the top. Remove the windows, electrical and plumbing also. I'm guessing I will have to do some framing to shore up the flooring. Then all new subfloor, electrical, PEX plumbing, drywall, windows, carpet and hardwood flooring, kitchen cabinets, bathroom fixtures, ect. 

What should I expect for costs per SQ/Ft? $30? 50? 100?

Located in North Central Illinois.

New investor here. I own one duplex and I'm living in one of the units. My goal is to buy at least one 2-4 unit property every year for the foreseeable future. My question is about financing. When I was getting the loan on the first one, the underwriter was wanting to see 6 months worth of reserves ($3000) in savings or some other form of liquid assets. Now that I'm starting to look for my second property, I have been informed that they will want to see 6 months worth of reserves for each property I own, on top of the one I'm applying for a loan for. I have a 401K, but it doesn't have any options for hardship withdraw. So I'm trying to figure out what my options are for a type of savings account that I can keep these reserves in. Something that has a decent return, so my money isn't just sitting there. But it also needs to be decently liquid. 

I am a bit naive as to all the investment account options out there. Should I be looking at some sort of mutual fund? Or an IRA? I have a few hundred dollars in a lending club account, should I add to it and use that? Is that liquid enough?

I am also a new investor having just bought my first duplex about 6 months ago. And this is my first post here as just joined yesterday, but here goes...

Don't let them talk you out of this just because you are naive to the process. Everyone has to start somewhere. 

Once you have a plan for your financing, and you can prove to them you are putting in a serious offer, then try to negotiate the closing costs and taxes. If they aren't taking you seriously, they won't be very willing to negotiate. But, I'm guessing you're going to have more trouble securing financing than you think. Especially if you have any student loans. 

The next tip I will give you is try to get the closing date as early in the month as you can (that's if rent is due on the 1st) OR as soon after rents are due. The reason for that is you will then receive a credit for the rents at closing. For example, lets say rent is due on the 1st and you get the closing date scheduled for the 2nd. That rent money is for the remainder of the month, and if you're the new owner, that money is yours. So you will get a credit at closing for 29 days worth of rent. That will be a huge advantage for you if you are strapped for cash at closing and being forced to pay for closing costs.