All Forum Posts by: Bill Schrimpf

@Jeff Daring - I'm not familiar with your market, but at a high level, house hacking is a great place to start.  You get someone else to pay all or part of your housing expense for the immediate future.  Not a bad deal.  

Down the road, you either refi or sell.  Nobody has a crystal ball to predict the future but, generally, rates will likely go down, property will appreciate and rent's will increase.

Getting experience as a landlord is valuable too...

Worst case scenario, you have your mortgage payment significantly subsidized for a while and sell when your ready.  You will like tax time too.  Depreciation is cool.

Best case scenario, rates drop, property appreciate, you refi.  Rents tend to go up over time too.  I don't know your market, but that's been the headline here in Reno.

Make sure you're working with a realtor that has their own investments in the town you moving to, preferably has their property management license too.  

I guess the absolute worst case scenario is you hate being a landlord.  It can be a drag if the property needs lots of work and has a tenant.

Hi all - I'm looking for a lender that can close on or before April 12. The loan is second position, secured by a seasoned, cash flowing, sfr. Hopefully 80% LTV. PM or email if you have a product. Thanks in advance.

@Caleb Graham - great questions.  What's better, sfr just you or the small multi fam with a significant percentage of the mortgage paid by tenants?

@Michael Saladin Sounds like your head is in the right spot.  @Antony Wang is right, get a small multi fam, 4 or fewer units and you get the first time buyer loan perks. Anything with 2 or more doors is an amazing start for house hacking 

@Sawyer Bullock - Welcome to BP! How long have you been in Reno and what areas look interesting to you? I'm happy to connect and talk REI for a bit!

Does anyone know the process and timeframe for obtaining an Insurable Title after a tax sale in NV?

Hello Ahamed - You mention SFR and 2 cities, but to give you better answers, can you please explain your top priorities for the investment and the anticipated holding period?

Did you send an e-mail to them?  Usually pretty responsive there.  PM me if you need it.

@Sean Dye - I'll echo may of my colleague's comment above about training and how to actually be a good agent, help your clients and make some money for everyone.  That knowledge is invaluable.

Not mentioned: 

* You will have MLS fees and likely Realtor fees you cannot escape.

*  What are the office/desk/technology fees in the office.  

* What about mandatory desk/floor time?  Some brokers want you there 40 hours a week doing office admin work and call it training.  

* Ask about E&O insurance, is it per transaction or a yearly lump sum?

* What is your commission split?  It is flat, variable, sliding scale?

* Will you be part of a team?  Will there be office admin to help if you need it?

* how available is your broker to help; are they too busy with board meeting and the 100 other agents?  

*  When you get licensed, everyone (including BP) will try to sell you leads, signs, more leads, business cards, more leads, name tags, more leads, health insurance, leads, print/mail services, leads.  Ask the agents in your office who have been in the biz for over 5 years about this stuff before spending money on it.

Welcome to the circus!