All Forum Posts by: Josh Jacobsen

1. I agree with Dawn. You have better things to do with your time than to stress over a 25 day notice. I would take this opportunity to get your next tenant on a 1st of the month lease, rather than the 14th. Even if the next tenant moves in mid month, collect a pro-rated rent for the remainder of the month and a full rent payment on the first. 

Adam, 

I'm a window installer. I cruise around to different houses on a daily basis replacing metal windows with vinyl. We do great work, too. Last week alone, I went to 2 different duplexes, and worked on a third person's single family rental. The week before that, a 20 unit apartment building in Seattle. I've seen how a lot of people live, and talked to a lot of land lords about their experiences house hacking. I've house hacked too. 

I like the idea of keeping your first house as a rental. I did it. Re-fi and take the equity to buy another property, while cash flowing into your other pocket. Your house is a year and a half old?! No brainer, keep it. 

I also like the idea of house hacking your second property. I did that too. I got $1400 per month to rent out my basement. It was sweet!. Congrats on the baby on the way, by the way. Everybody I've talked to, while installing their windows in their multifamily properties says that multifamily's are the way to go. "One side pays your bills, the other side is your cashflow," was a direct quote I heard from a land lord on Friday. A different guy today told me that the key is who you choose as your tenant on the other side. I definitely agree. This guy had a sweet set up too. Side by side, 3 bedroom ramblers, with huge back yards. His tenant is a family of four. Room for the kids, room for the bow target. Separated by deep garages. Excellent set up for sure. 

 House hack with your wife and new baby. Don't use the full $40k on a down payment. Keep the rest liquid.  Your lender will require you to occupy the new place for a year. No worries, your baby doesn't need a huge back yard, yet. Take the opportunity to pay off your ride (I'd sell it. There are too many nice cars available that cost half of what you owe on your car.) and save up another down payment. By the time your kid is toddling around you'll be able to find property number 3. No Sweat.

I currently have 1 mortgage, am looking for a second. For some reason I've been told that Fanny and Freddie won't include my rental income to my DTI, either because I don't hold a 20% equity position in the first mortgage, or because I don't have a full 2 year rental history in it yet.

Hi friends, I have a quick question for the portfolio builders. I'm in the market for a new house to occupy, already owning and renting one out of state. The mortgage companies balk at the idea of my rental because I bought it a year and a half ago, so they've approved me for an FHA loan, and will not consider a conventional loan. My wife and I are planning on our next purchase being a long term rental, after we save money for another down payment anywhere from six months to a year down the road. I know that FHA rules kill cash flow on rentals. What is another possible strategy that utilizes an FHA loan, that makes money in real estate - if it's not buy and hold? What are some other ways I can play the cards I've been dealt?

3 feet from gold

I know of a fantastic window company in the area, SRC Inc. They are extremely good.

Can you earn positive cashflow by renting out your current residence and moving back in to your wife's house?

My wife and I are starting to look at buying another house. I have 10-15 contacts who are agents, and my wife is feeling pressure to use the agent her parents use. I'm in the camp that says whoever provides me with the best service is going to get my business. Is there some sort of unwritten ethical code to choosing an agent? When an agent shows you a house, are they then expected to represent you at every house you choose to see?

DJ Porter Where in Gig Harbor is the house at?

That's exactly why I read this site. Thanks guys!