All Forum Posts by: Leah Stuever

Yes. Do utilities included is generally the easiest. Unless you want to split the bill evenly among all of you (including yourself) if your space is comparable. But it is always going to be an argument that you are using more then they are. So it is likely easier to just have it included. Then you don't have to try to track them down for another payment every month along with the rent. 

1 - unlikely but not impossible. What you might want to look at is getting into multi family homes. There are some loans that look more at rental potential then your personal income. 

2 - If you live in one of your own units, very possible. 

3 - Rich dad poor dad, What every real estate investor needs to know about cash flow.

100% loan is going to really make the numbers hard to work. You can certainly talk to a mortgage company but most dont want to put all their eggs in that basket. They want to down payment so they have some wiggle room if the home gets destroyed or something happens and they have to sell it. They can still get their money back. 

You may want to look for a partner willing to put up the money. You manage the property, they put up the deposit. You carry the loan. And you split the profits in some way. 

Conventional loans can go down to a few percent if you qualify. But you will owe more monthly and it makes the numbers harder to work

What legalities are you worried about specifically? 

Yes. It is considered income. 

Your best start at 18 may be to get a front desk job at a real estate agency. Get your toe in the water. Learn the lingo. Help out agents. There is a lot of money and financial parts of real estate that at 18 may be something you want to learn first. 

Yes it is always best to deal with an agent that is an investor or has experience with investments.

Funding is up to you. There are tons of ways and they all work for different people. There is little functional difference between a mortgage broker and a bank. 

Call an insurance guy and ask for estimates. You want as much to calculate in as you can. Also calculate a few % for vacancies. 

Including utilities is more based on what is normal for an area. But certainly I dont do it because that is an unknown expense every month. 

Seller financing deals are listed on the MLS. The commission splits will be listed out in the listing so everyone know what they are getting. With seller financing it is sometimes a % and sometimes a flat fee for the agent(s). Depends on what the seller wants to do.

I have not partnered with anyone. I have talked to others and a well written contract is important. I would use one to write up the contract if I ever do one. The split really depends on who is bringing what to the table.