All Forum Posts by: Kathleen Osborne

My first travel nurse moves into one of the units at my triplex tomorrow. I listed on Furnish Finder ($99/year/property). I had 5 solid leads within 2 days. Well worth the money.

If you go this route, I suggest buying the best mattresses you can afford. That is the biggest complaint I've head on a couple of travel nurse Facebook groups I belong to. Some of the reviews for properties on Furnished Finder also complained about mattresses.

I'm hoping to turn my other 2 units into furnished rentals when the current leases are up.

Give it a go!

Someone paying $2,000/month in rent is probably going to take care of appliances. If they do not, the security deposit will cover replacing parts. I agree with the others about the possibility of damage to the floor if you let tenants move their own appliances in and out of the space.

Good luck!

I signed up for RentRedi last fall. My tenants complained that it was too difficult. So I collect checks and money orders in person for now once a month. That works fine with just three tenants about a mile from where I live. That will not work when I grow and I plan to grow.

My landlord uses Appfolio and as a tenant I find it super easy to use for paying rent and entering maintenance requests. I think it costs a bit more than RentRedi - but I learn over and over again that you get what you pay for. I will probably sign up for Appfolio when I grow,

I've got to find a better way to wrangle all the business receipts though. Hope someone has a great suggestion for phone app that will allow me to scan and categorize the receipt mountain in the car, on my desk, in my purse and the few that made it into the folder in my desk.

Good luck!

Way to go Sam! 

Anything over 4 units will likely require 20 - 25% down on a commercial loan. I would refi your single family home for 30 years. If it appraises for $280,000, you should be able to pull out $210,000 for a down payment and rehab on a triplex or quad. Use the Bigger Pockets calculators to make sure you are getting a good deal before you make any offers. 

Rent out your current home and live in one of the units in the new multi-family. Consider buying the multi-family near a hospital and furnish one or two of the units to rent at a premium for traveling medical professionals. They usually rent for 12 weeks at a time since their travel contracts are 12 weeks. You can check the going rate in your area on Furnished Finder.

Good Luck!!

I can't comment on the self-help eviction as I'm not aware of that in VA.

As for selling vs. keeping, I'd get the guy out along with all the smoke and dog smells, paint with Kilz, make sure everything is in working order, change the locks and start over with a fresh tenant. Do a credit check and back ground check so you get a tenant that will pay on time every time. 

With this being a seller's market, you would probably sell your current property quickly. Rolling into a 1031 exchange would probably not go so quickly. Work with what you've got, build more equity and worry about an exchange at a later date.

Good luck!

Leila,

I think you could learn something valuable to take into your real estate career from property management: proofing leases, editing lenses, checking references, doing walk through with new tenants or exiting tenants. Another great internship would be in a mortgage lending office. You would see/hear first hand what buyers must present to be deemed "worthy" of a loan.

I'm not certain, but I think 2 years of W2s (even part time) in the same field would help you qualify for an FHA loan. The longer you save for the down payment, the larger property you will be able to afford. But don't be afraid of cosmetic work. As long as the foundation, roof, plumbing and electric pass inspection and you can see past and smell past the negatives, you can make more in later years if you buy something that needs some paint, soap and freshening up of appliances or toilets.

Again, Good luck!

Leila,

I read this book and recommend it to anyone looking to invest out of state: https://www.amazon.com/Long-Di...

I know you are eager to get started, but I'd suggest getting a part time job with a property manager, loan officer or realtor to get even more experience, keep adding to your savings account and file a W2 or two so you can qualify for an FHA loan with 3 to 3.5% down and house hack. Why not invest in a duplex, triplex or quad right where you are and do some value add painting and landscaping while living on site?

Just some suggestions. I wish I had followed my dreams similar to yours in my 20s:)

Good luck landing your first deal!

Sorry, more questions than answers...

Can you afford to have a lawyer draw up paper work to grant you ownership? If your dad needs to go on Medicaid for nursing home care in the next five years and he sells to you for under market value, the state may be able to come to you for the difference in what you assume verses market value at time of assuming ownership. If you rehab, keep every single receipt to prove improvements made with your money.

https://www.medicaidplanningas...

Good luck. I ended up buying my parents home from the estate after they both passed away. I spent about $3,500 in some rehab and rented it out for five years. I sold last year and used the proceeds to buy a triplex. 

Good luck. 

Atif, it is soooo easy to go over budget (especially if unexpected problems are in the rafters, foundation or behind the walls). But don't give up. We all learn from every mistake. My biggest problem is considering expensive finishes and fixtures, when mid-grade will show well and sell/rent well.

I don't know the TX market. But consider driving around neighborhoods you want to buy in. Look for bad roofs, blue tarps, over grown grass, broken or leaning fences. Find the owners of those properties on GIS and send them a letter asking if they want to sell. Properties could be in disrepair for many reasons. Sometimes it is because the owner can't afford the mortgage, much less maintenance.

I used the BP calculators to analyze ever deal I made an offer on. Enter every fact you know of: taxes, water, trash, closing costs, HOAs (try to avoid HOAs), etc. Plug it all into the tracker with a clear idea of what you want your CoC or flip profit to be. Be patient and get a great deal next time.

Good luck!!

Atif, it is soooo easy to go over budget (especially if unexpected problems are in the rafters, foundation or behind the walls). But don't give up. We all learn from every mistake. My biggest problem is considering expensive finishes and fixtures, when mid-grade will show well and sell/rent well.

I don't know the TX market. But consider driving around neighborhoods you want to buy in. Look for bad roofs, blue tarps, over grown grass, broken or leaning fences. Find the owners of those properties on GIS and send them a letter asking if they want to sell. Properties could be in disrepair for many reasons. Sometimes it is because the owner can't afford the mortgage, much less maintenance.

I used the BP calculators to analyze ever deal I made an offer on. Enter every fact you know of: taxes, water, trash, closing costs, HOAs (try to avoid HOAs), etc. Plug it all into the tracker with a clear idea of what you want your CoC or flip profit to be. Be patient and get a great deal next time.

Good luck!!