All Forum Posts by: Michael Kulusich

Being new to this could be wrong but, I would think if they both have stellar credit ratings neither one of them would just let credit go easily. Not easy to get stellar credit so I would put both of them on Lease this way can hold both of them accountable .

Thank You Brain, self directed IRA sounds very interesting. I will definately research this avenue as it sounds like just what I'm looking for. With $150k in 401k I would think that should be more than enough.

Thanks again

Last year was first full year of having rental, got back 2k rather than owing around usual 5k to 7k. I might not be looking at the whole picture being a newbie but that and building equity works for me.

Hi everyone, I am looking for a Lender in Los Angeles area to discuss options on how to go about financing a second deal. (No deal in works wanted to find out what limits were before started search) Refinery I have been working at for 11 years is being sold and I am unsure whether to cash out my 401k to Finance next deal, before new company takes over. Or just take part of it put to cover 20% down with rehab. Credit score is not greatest but last check it was at 710. Over last year have been really working on paying down debt from divorce. Average about $120,000 a year from job. First deal was a SFH in canyon lake area purchased for $195,000 with FHA loan, does not cash flow. Rent covers a little more than mortgage , taxes and insurance. Could rent for more but use as tax break. If anyone can refer me or have any suggestions would be well appreciated . Thanks Mike Kulusich

Hi everyone, closed on my first deal about 9 months ago on SFH, current tenant has given me notice that they will be moving in few months. When I was shopping around for insurance on property agent had mentioned if I was to add second bathroom it would add about 25k to value of house. There is pretty decent size laundry room in house, was wondering if it smart to convert laundry room to second bath. House is little over 1400 sq ft so was thinking second bath might attract more perspective tenants. Any thoughts. Thanks in advance .

Thanks for info , was pretty sure central heat would not be worth change over but thought water heater might be cost effective if opened door to bigger pool of tenants . Natural gas not a option or I would go that route . Thanks again

I am a newbie and closed my first deal on a SFH in Canyon lake area of southern ca a little less than a year ago . Had a lot of perspective tenants turn away due to house not having natural gas but having water heater and central heat ran from propane . I never had to deal with this so had no information to give and propane companies were no help when it came to estimate on what average monthly cost would be . Current Tennant has just informed me that he will be looking to buy house in next few months and will be moving . I am wondering if it would be good idea to at least change water heater over to electric as I would think this should not cost every much . Propane company's will not fill tank unless you lease from them and they can charge as much as 4.00 a gallon . Can anyone help with advice , any input would be greatly appreciated .