All Forum Posts by: Michael Bertsch

Also, Lowes and Homedepot have consumer credit cards with no interest for 6-24 months. Buy new appliances as needed and let cash flow pay them off. In the meantime, it's building your credit.

Me personally I would just buy a new fridge without ice maker. You can deduct 50% of it the first year with bonus depreciation which is nice. If you buy used, that's not possible. Since you have a new fridge, tenant is happy and one less item to break for awhile. Another thing, I would never not put a fridge in a unit. You know what will happen? Tenant is gonna scratch floor and knock holes in walls trying to get theirs inside.

Time is an investors best friend. It's always best to start early as possible. Let the tenants pay off your student loan.

Unless there is a lot of appreciation, I would not touch it. You have it locked in a a good interest rate and I'm sure you are cash flowing well. If you were to refinance, you would have to pay closing cost which would cost $5k +. I would save up for a low down payment owner occupied house. Then, live there for a year and repeat. I believe there are some banks that will do a Line of credit on investment properties if you are really interested in that. Just be careful prime rate is slowly creeping up.

-Buy in great locations with good school district. You want your properties to appreciate over the years and you attract better tenants. -Try and stick with newer houses so you are less likely to have problems with electrical and plumbing. Galvanized plumbing breaks down over time and will cost you a lot of money. -Have strict criteria when screening tenants.

1) porcelain tile throughout whole house 2) replace all valves on water supply lines with quarter turn ball valves 3) replace bath mixer with single handle faucet 4) use landlord locks 5) place scrap vinyl flooring in cabinets under sink traps to catch water if there is a leak 6) I like tankless water heaters. Low maintenance and can last 20 +years. They just need to be flushed with vinegar every year. 7)when replacing roof, use architectural shingles. They last longer and more durable. 8) use screw in shower curtain

Chase Quickpay has worked well for me and it's free.

Quicken Rental Property manager has worked well for me.

I appreciate everyone's feedback. I just had run this by everyone here on BP. I know this is an incredible opportunity and you all have talked some sense into me regarding the variable interest rate. Thank you all again and I wish you all good luck in your businesses!

I would greatly appreciate a little insight from some of you experienced guys. Today, I found my first private lender. He is a very successful surgeon. I have know him for many years. He has given me full access to much of his capital. I can buy SFR, multi families, and anything that will yield a nice return. They can be amortized the full 30 years if I like. He wants LIBOR +2 points. The variable rate makes me a little nervous. What do you guys think?