All Forum Posts by: Kevin Harrison

@Bryan O., VA loans are only for people who are or were active duty military, and while they are a great loan they can not be obtained by everybody.

@Charlie Fitzgerald has the right idea. it will really put them under the gun.

That does sound like a great team to start with. @Jay J. also gave you some great information. But if it were me and I was serious about this I would set up a "meeting" (not just a casual get together but a focused meeting) with your friends and figure out which each of their goals are. How you would set up the company, who would do what, how much everyone is invested, which area of investing you actually want to focus on weather it be notes or SFH's or MFH's. Then you can see if you are all on the same page and work from there.

Just as another thought. Although it is still painting. Try white washing the walls. It gives the place a beachy/old farm house feel. My wife did this to some paneling in our mud room and it looks great.

sorry I read the question wrong to begin with.

That's because Copper is worth money. if a place is left vacant with no protections then people break in and steal the copper.

That said I have never heard of a place that requires copper pipes for things that are not under pressure. I would check the local law for yourself and see exactly what has to be copper. I would budget replacing the copper into the price of buying the house. I would also keep in the back of my mind that if you do buy one of these places you will need to have safeguards in place during any vacancy periods unless you want your copper to go missing again.  

I always prefer to have a garage. That's just me personally. Usually that 4th bedroom will be converted into some other kind of use room, unless you are targeting large families. Large families will almost always cause more wear and tear on the house. I would leave it as a garage.

If you own the home why don't you just get a HELOC? typically they are at lower rates and you only have to pay for what you spend and not try to guess the cost ahead of time.

RUBS stands for ratio unit billing system. Its a system where you break down the utilitys by # of units or SQ/FT and then charge utilitys back to the tenant according to their share.

This really depends on your personal opinion seeing as you already know your numbers.

This isn't really aimed at your situation in particular but it might give you some food for thought.

https://www.biggerpockets.com/forums/311/topics/306636-should-you-sell-your-house-or-rent-it-out-asked-and-anwsered