All Forum Posts by: Michael Williams
Michael Williams has started 65 posts and replied 199 times.
Post: Mortgage/ Promissory note for private investor
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Looking for an example mortgage/ promissory note for private "family" investors. I have a family member whose willing to invest with me to purchase my first apartment building, they want monthly payments for 2-3 years until I'm able to refinance to property and pay them back in full. Should I contact a lawyer to draw up some kind of contract or are there templates I can use for real estate private investors? I will still have a lawyer review everything to make sure it's all legal, and does it vary by state?
Post: Clogged drain from hair, tenant's responsibility right?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
No you are not responsible, it's good they told you it is clogged because if the issue gets worse its documented. You could be nice and buy them draino the first time but if the issue gets worse and you need to hire a professional you can tell them you will charge them for the plumbers service. It should be in the lease agreement.
Post: Short-term nurse rental
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
You could register your property on "Travelnursehousing.com", I haven't used their service. You could also post your listing at the local hospitals in the area, UC Davis, Kaiser, etc.
Post: Timeline of events for buying a rental property
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
And have some cash reserves for repairs you may have to do on the property and any other discrepancy that will occur.
Post: Timeline of events for buying a rental property
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Zeke Sanchez: Great! I was in the Marines also. House hacking is a great way to use your VA loan to get into real estate investing. Do your research now and locate a real estate agent and lender in the town you plan on moving back to. You should research your market and look up all the multi family (2-4) unit properties in the area to see how much they are selling for. Before you buy your first property read "The Book on Rental Property Investing" and "The book on managing rental properties" by Brandon Turner, they'll help you understand the process of buying and managing your first property a lot easier. Good luck!
Good morning to all, I am curious of what steps I need to take from now to next November in order to buy a rental property. I am currently in the Marine Corps and on deployment overseas. I will be back in next April. I get out of the service next November and will be moving back to Texas with my wife with the hopes of using my VA loan to purchase a property (multi family). What steps do I take next as of now to the end goal in regards to getting pre-approved for VA loan, finding a property or working with a real estate agent and closing on everything? My ears are open and ready to learn and listen! Thanks in advance.
Post: Commercial mortgage brokers
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Jessica Tsao: Yay I can't stop saying hella, it's regional hahaha. I am speaking with multiple lenders, I do not have a property I'm purchasing yet, I'm still speaking with property owners but nothing has come of it. I want to be ready when I do find a commercial property, what are the best terms and rates I can get? I have a private family lender but I wont have access to the funds until summer 2022, is there a way I can negotiate with a seller and lender to complete a sell if I have proof of funds. I'm looking for lenders that can help me be creative with the lending process. Thank you in advance
Hey there. I grew up in Sacramento! I get made fun of all the time when I say hella or hecka. Anyways, I am a lender in CA and there's not always a need to pay a broker. Are you looking for a broker for a better rate? Because brokers will take a cut, not necessarily a better deal. How many units is this purchase? What loan amount are you looking for? There are options with direct lenders it just depends on the type of loan. Hope this helps. Cheers
Post: QOTW: What is the funniest thing to happen to you in RE Investing
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Alicia Marks: While we were house hacking our first duplex, our tenants in the front house had two pit bulls they'd leave in the backyard. The tenants would leave the food out and it started to attract rats, one night I was taking out the trash and I felt something on my foot, I looked down and a giant rat had crawled across my foot.
With the stress of the holidays looming, I thought it could be fun to share the lighter side of real estate. What are some of the funniest experiences you've had as an investor? How did you handle it? What would you do differently? Did it change how you did business going forward?
Post: If you had a 100k to invest what would you do with it?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
@Jayden B. I’d invest in a multi family property, to house hack or rent out. Invest in your older self, it’ll be your retirement plan in 20-30 years.
Post: Shall I invest or shall I buy a primary residence
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
@Jay Wang Invest! A single family residence is a liability not an asset.
Post: Tenant Asking for Blinds
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
@George Kopp Also, make sure you agree on the type of blinds she puts in. Hopefully they’re not blinds that depict anything that would offend anyone that sees them.