All Forum Posts by: Bill Schrimpf

Hi all – Just a heads up, NV passed a law (SB 151) that recently went into effect. This law impacts landlord’s least favorite topics such as late fees and evictions. Two key items I’m familiar with is a 5% cap on late fees and several procedural changes regarding evictions. If you are a landlord in NV you should familiarize yourself with SB 151. If your using property managers, makes sure they know about the changes.

The law is new enough that many specific aspects have not yet been challenged in or interpreted by courts.

That is a great choice!  You can do just about anything with that major, lots of oppertunities.  

Are you familiar with Reno beyond UNR?  

@Brock Richard - Thanks for your service!  

I am a Realtor, small time investor and 2nd generation local.  What will you study at UNR?

 My nomination for best line ever on Bigger Pockets "get hypnotized by videos of Brandon Turner's beard and the critters/real estate deals that reside in it"

@Jerame Bailey - Just came across this post that's a month old.  Sounds like your mentor has you bird dogging.  Hows is it going?  What have you learned?

 Your ready for a show in HGTV!

@Robert Freeborn - that's awesome what @Jay Hinrichs does and looks like he positions it in an interesting way.  

Something to consder, on the financially conservative side of things, and I'm probably going to get a bunch of blowback here, if all your cash and credit is out and already working several deals, looks like your overextended. 

@Diana Jing - Please take a look at the FHA web site.

https://www.fha.com/fha_article?id=539

Please dont' confuse FHA with other HUD products like USDA rural or VA...

@LaQuan Bates - Home is Possible is a down payment "grant", not necessiarrly a loan (https://www.fha.com/fha-downpayment-grants) . The grant is usually part of a package that will include a FHA loan. I put quotes around grant becasue Home is Possible will increase your intereste rates and will have a silent second among other terms your lender should educaton you about.

As a general rule, you can only have one FHA loan at a time.

You should talk to at least two lenders.  Lenders are people.  Some are great, have a waelth of knowledge and close deals.  Bank/credit union loan officers will be educated on products their bank offers.  A mortgage broker will be educated on products for several lending companies.

@Colby Easterling - Congrats on making the move!  Getting started is the hardest part and it looks like you have a nice place.  You asked for advice, familiarize yourself with landlord/tennant laws in your state is #1.  What's okay in Nevada may be completly illegal Alabama.  You don't need to be an expert, but a good baseline understanding the laws in your state is smart.  Your wife is absolutly correct, do a background check since that person will be in the same unit as you when your sleeping.  I would put locks on the bedroom doors, nothing crazy, just enough to keep some privacy.  Discuss pet policy.  Where I live, rentals that allow pets get another $20-$50/mo.  Discuss lease terms, month to month or a year.  Personally, I would do month to month in case it does not work out; maybe you decide being a landlord really isn't your gig after 3 months.

I could go on but won't.

Whatever you do, be smart and make sure you and your wife are on the same page about all choices.  Family first.

Congratulations again, it's exciting!