All Forum Posts by: Mike Hanneman

How much is this property? What are the comparables' in the area? Make sure you double and triple check what market rents are for the area/proximity of this property! On average, how long are multifam. homes on the market in your area? Don't treat multifam. homes the same as SFH as far as length of time on market and purchase price.

Do you have an agent? If not get one! Have them look into the property and ask the sellers agent for "feedback" on the property. This is info you won't get by asking the sellers agent yourself. This is agent talk and it goes a long way in the way the deal is made, in my experience! Being on the market this long could mean so many things...I wouldn't worry about stuff like that as your due diligence will figure it out. Submit an offer, get an inspection, and then go from there.

Doing a house hack as your first investment property is a very good way to get into REI. If I could go back, this is what I would do.

Removing a tub is going to automatically rule out your property to a certain number of people, why would you want to isolate your property like that? I want my rentals to appeal to the most renters possible.

You can still make a tub part of the design feature and will impress even the renters who don't use a tub. Look at free standing tubs or some of the newer tub surrounds look really good and could possibly save you money on tile. 

Start talking to lenders about a refi and price them out. You'll want to amke sure you have at least 20% or more of equity.

You need to look into your state specific laws. Maybe even ask an attorney, should be able to answer with a quick phone call and be no charge. 

It's normal for people without a large bank roll. You can get rentals for cash flow, but then that's more money tied up in the rentals instead of flip houses. Once you start doing a few flips you'll be able to get more properties with the money you'll make on the flips, assuming you are buying and managing the flips correctly.

Yeah if you put floors down over it it will still smell, you are doing nothing to get rid of the oder. Concrete is a porse material. You are going to need to wash it and then maybe even seal it, use Killz and something similar not too expensive.

He needs to check with his current lender to see at what LTV the PMI automaticlly comes off, or if it ever does, with his loan.

It sounds like your friend isn't a very fast learner either! Foreclosing a home then buying another one with PMI terms like that. How did he get a loan for this home if he had the foreclosure?

You would need to check your landlord tenant laws for your state. That should tell you how to handle that.

 I imagine though that if the interest goes to the tenant then the interest should carry over so the buyer can distribute the interest back to the tenant.

I wouldn't put in Granite due to them having to be sealed regularly, and you don't want a renter to have to deal with that.

Laminate flooring is the most durable as long as the area isn't prone to water, i.e. kitchen, bath. Vinyl is durable too it just shows deeper scratchs more.

Steel appliances are the same appliance as the other colors just with a different covering, no difference in durability. I'd get the cheapest appliance for my market that matches my overall design.

If it's just for your information or your curious about what your remodel job added to the value, just call one up and schedule one. If you are trying to do a refi or any other loan, the bank will "have" to send out their own.

You can either have them mail it, meet them somewhere, ACH transfer, Paypal, some othe means of electronic payment. If you do meet them have them either pay by money order or cashiers check.