All Forum Posts by: Luke Foote

One of my best tenants is going through a divorce and has asked if I would accept housing assistance. She is on the waiting list. I was honest with her and told her that I haven't dealt with this before and that I would check into it. The property she occupies is a 900 sq ft 2 bed 1 bath with a family room and a non- conforming "office" in the basement with a single attached garage and a large shed in a fenced backyard. Rent on that property is $800/month and positive cash flow of $ 340/month. I don't want to go any lower on the rent. I would like to here from other investors here in Lincoln about their experienced dealing with Lincoln Housing Authority good or bad?

I made the jump 2 1/2 years ago and like you I was fearful, and confused. So we started small simply by buying our next home and keeping our first one and renting it out. We are fortunate that I have a background in property maintenance and my wife has a business background so we are able to manage the property ourselves with a good attorney in the beginning to make sure our lease was good and we used a tenant screening service, sure we made a few small mistakes here and there but we fixed them and stayed the course. We continue to study and learn as we go. Real estate investment is not a get rich quick game and it's not a race. The last thing I want to say is that you need to have an exit strategy in place when you start just in case you find yourself in over your head or you decide that this isn't for you.

Josh; this is our first property so we're pretty small time. We've had the same tenants in the house for 2 1/2 years and they have rent set up through their banks bill pay service so we get a check usually on the 30th of each month like clockwork and we put that money in a separate account we have set up just for the rental. We used a screening service and if have to look back at our records to tell you exactly which one but that was very helpful.

Lance; thank you, I saw the thread on here about the meeting. Once things slow down a bit for me I'll attend. I'm just looking to gain knowledge right now.

My wife and I have our first single family buy and hold property and we've managed pretty well so far, but need to learn more before we acquire more properties. We are going to stick with single family buy and hold units for right now.