All Forum Posts by: Kelly Asmus

Compare the rates and programs. The more money you put down, the lower your interest rate will be because you are less risky of a borrower. It's slight, but every little bit helps. Compare the programs, monthly payments and make sure your project cash flows. Also ask about how long you have to technically "owner occupy" as FHA tends to be a little stricter with their guidelines and appraisals.

Rentals.com. I use it exclusively, it's reasonably priced and it feeds to all the major website and portals. I have used craigslist in the past and have found the tenants to be subpar - it's free so I guess you get what you pay for.

I also use Listings to Leasing. Free Online Tenant Screening Services | Listing 2 Leasing

It's free for landlords and brokers. They do all the tenant screening, I just add the link to apply in my rentals.com ad. Each adult tenant pays $39.99 to apply and it runs credit/background/criminal/everything and sends me a notification once application is complete. It's SOOOOOOO easy. 

Agree. Be careful with rising interest rates, but there is opportunity in every market. I am still acquiring and holding rentals and as long as I have my costs covered and it's cash flowing I know rents are NOT going down. I'm in it for the long haul. 

Talk to your real estate agent and get a referral to someone they use locally or agents in their office. Brokers have deep networks of contractors they've used.

Get a job with a builder, learn how construction works from the ground up, save up some money and invest in a house hack or a multifamily property where you can get owner occupied financing, move in, get rental income that pays most or all of the rent and make updates to the property. In 2 years, you can either refinance it and cash some money out to buy another one, or sell and buy another one, rinse and repeat. Or refi it, if it pencils, and hold it, buy another. Start building your rental empire. 

Network, network, network. Talk to your friends, real estate brokers and other contractors. My new construction clients drive around to other new construction sites and take photos of the contractor vans they see at other sites. Then vet everyone. 

The rental market is VERY strong. I posted a SF for rent early May and got no less that 40 interested applicants for one 2000 sq ft house at market rent. Cover your bases, make sure the rent is to market and that legally you are protected. 

I will be interested to see if this data is turned on its head due to Covid and the rise of remote work. So much has happened in the last 2 years and has really changed people's perspectives about where to live. 2020 seems so long ago and so much has happened in our world. Clearly people are gravitating toward certain areas more than others and that got an extra shot in the arm the past 2 years. 

@Sam Wilson I have to agree with the others. You're leveraging a lot for little return. I'm local to the market and I have lots of clients doing the same thing. There are a lot of properties you can house hack and or that have existing ADUs. Slow it down and find the right project that pencils for you. Quite a few duplexes on the market as well, which would be instant cash flow. Wait for the right project that makes sense. Reach out if I can help.

There is opportunity everywhere, even in the Bay Area. Move somewhere you will love to live and has the amenities you desire, then find opportunities that pencil for you. If you don't love where you live, then why be there?