All Forum Posts by: Jeremiah Perry

I was looking into condos for awhile and they seem like they can be a hassle particularly if they have stipulations about not being able to rent them out. I would think a SFR or a multi family unit would be the way to go. Im pretty sure when I used my VA loan it had to be owner occupied for five years (maybe things have changed) but Id want to be as comfortable as possible during that time.

Are you offering it as a rent-to-own property?  Id be a bit leery if they were just renters.  Anything other than paint could get expensive to undo if they are not professionals and they jack it all up.  But if they are planning to buy it then Id say they are much less likely to bail on you once they have their own money invested.

Johnny, out of curiosity what is the plan?  Did you already have some properties on the line?  Where are you currently living?  Hopefully you are not paying rent now....  I guess it would depend on those questions if I would do it.   If my primary residence had increased in value a ton and it was just me (no wife or family) and I had my eye on a multi family unit then sure. 

Buy her that Rich Dad, Poor Dad book!!  I did that and well it didnt "cure" the money spending bug it did give the wife some perspective at least as to why I am doing what I am doing.  Its an easy read and pretty short.

Jason, I would say this is a good place for it.  I have been looking into mobile homes lately, do you have experience with it?  I am probably not at your level but would love to hear about your project and how it goes.  Tucson has quite a few mobile home parks and the trailers themselves seem so cheap it seems too good to be true, so Ive been hesitant.  Any information would be great!  Good luck with your venture.

Hayley, Jon is right about having to honor the leases.  Your Realtor should be able to find out what kind of leases the current tenants have.  It could end up being a non issue if there lease is up prior to you needing to move in.  I have also been told that like Jon said offer them some money to move.  Thats really a smart move going that route while still in college! Good luck!

Ellis, that is a really good plan.  I dont know anything about the New Jersey market, but that is how I wish I started!  Not only are you going to have the tenant pay for most if not all of your mortgage but it will be a good experience on learning how to manage your property.

Yishi, those are some good points.  AC is a huge one here, especially since a huge portion of renters, at least the ones I've met are all Tucson transplants.  Being from the north the heat down here is really something and those weird inventions "swamp coolers" just do not do the trick, although dual cooling (AC/ swamp cooler) can be good if you have someone regularly maintain it.  And I agree 100% on the flooring, carpet just does not cut it and tile can be installed very cheaply and has a much longer lifespan than carpet.

I agree, you're in the positive.  Win in my book.  Things here in Tucson seem to be going the same way the great cash flow houses are much more difficult to find.

Marcy, I would say that getting your husband on board is going to be a pretty important key to your success....I bought my wife a copy of "Rich Dad, Poor Dad" and that really helped give her an understanding as to why and what I was trying to do.