All Forum Posts by: Julie N.

@Mike B. In my early career when. I bought my first rental, the loan wouldn’t close unless the entire exterior of the home was scraped of loose paint and repainted. Apparently my mortgage Broker put me in an FHA loan and at the time, I had no idea that the paint would be an issue. About 2 weeks prior to closing is when I was told. We had to sign a hold harmless agreement and the work was allowed to be done and the loan closed. It was a serious risk to take but I was younger and a novice. It worked out though. I wouldn’t do anything extra or not required by the lender.

@Calus Glispie in my state you need earnest money to make an official contract. Technically it can be very little but it’s customary to put down more. If it’s a real deal tomyounthen more earnest money might be something to consider.

@Jack Walker there are always traveling nurses looking for rooms to rent for a few months while they are placed at hostpital. There are a few fb grounds for traveling nurses looking for housing. Give it a look. It will give you an idea of how in demand your rooms might be.

@Mahmoud Tellou. They aren’t reacin my opinion. Sure you see demo and reconstruction and can learn a thing or two of what’s behind the walls. But who was filming me last week when I installed a heavy convection/microwave oven ovet the stove by myself. It was A Sh*t show. Would have been a comedy for sure. In all actuality- the pros have crews and don’t do any of the work by themselves. So that’s the biggest misconception of those shows I feel. If I had lots of money, I would be out finding deals instead of doing the labor. But I don’t do I do both, which I think a lot of investors do.

@Josh Lyons I have an old Honda Odyssey. I just moved a stove last week in it. And it doubles as a large vehicle for kids and friends. I do lots of my own home improvement projects so I’m always hauling something around in it. You definitely need a larger vehicle - it’s really helpful.

Rehab units first- it’s a great way to possibly be able to get more rent per month.

Don’t forget to count any assistance as part of her income.

What does their idea of “upgrading” look like? Are there repairs/reconstruction that are needed or is it more of a wish list?

What does your lease say? If it says “no dogs” then they are in violation of it.

Take a loan from your 401k to use as a down payment. You will pay yourself back the loan plus interest. Usually over 5 years. It’s not considered a withdrawal so no penalties unless you don’t pay it back. Use your investment to leverage other investments. 😉