All Forum Posts by: Monique Rene Coates

 Would you try and buy a porsche with $24 and drive uber? Most likely no. Why, because it costs a lot of money to maintain, is very expensive and your risk of failure would be near 100% which would set you back for years. SAve up, buy a primary house first so you understand what it takes to own and maintain a home then consider buying rental property. 

Hi All. After many years my onsite managers are retiring. They are a couple that have pretty much spoiled me with their hard work. I have put notice out to the complex and so far only one single woman has submitted a resume. I'm guessing I can't discriminate by saying I prefer a couple. The job will be put out later today to a wider audience. 

How have you found onsite managers? Any tips on how to interview applicants? This is for a 55+ community. Mostly lower income. I'm expecting a big response as it comes with free apartment. Unfortunately doesn't pay great-minimum wage. 

 When you're screening a tenant it's not credit score or nothing. However, if you don't think reviewing a tenant's credit report is important, you're doing your screening wrong. What's on that report gives you a great indication into how responsible, or irresponsible, the potential tenant is.

Firstly want to thank this community and forum, I've found myself being directed back to it a number of times as I've been digging around the internet for information.  I realize my situation is a complex one, and I'll try to be as thorough as possible. 

I was recently awarded SSDI, and with that about $19k in backpay.  I know that's not a lot, all things considered, but it's very likely the largest lump sum of money I'm ever going to get.  My SSDI is my only income, and my disability prevents me from working to supplement it.  I live with family so my monthly expenses are minimal and leave me with about $500 a month that I comfortably could put aside for a potential investment (and/or mortgage payment).  I would like to invest it, but my options are extremely limited.  Medicaid is need based and takes most financial assets into consideration when it determines whether you qualify.  (I would be able to collect a net cash flow of aprx. $5k from a rental without getting kicked out of Medicaid.  In two years I'll qualify for Medicare and this whole thing will be moot.)

I can't invest in things like CDs, IRAs, ETFs/Mutual funds, or any type of savings account.  Real estate is one of the few things that I can invest in that won't knock me out of qualifying for Medicaid when I have to renew next year.  So, unfortunately, if I wanted to invest this money, I'd need to do it before October '24.  If I had unlimited time to figure out what to do with it, I wouldn't be in such a pickle.  

I don't have any wealthy investor friends or family I can approach for cash.  I don't own my own home that I can put up as collateral.  So far as I can tell, pretty much all traditional mortgages, as well as down payment assistance programs and low income grants, would both disqualify me based on the debt/income that a mortgage would put me at, and necessitate my occupying any purchased real estate as my primary residence.  This would defeat the purpose of my purchase in the first place.  

DSCR loans are going to need a minimum loan amount of $100k and a down payment of 20-30%. So the minimum I'd need for a down payment is around $25-40k on a $130k house. Even if I pushed my monthly savings up to $600 a month, it would still take me 10 months to save up the $6k to hit the very bottom of that threshold. And even then, it's highly unlikely that I would secure a mortgage and close on a house before my next income review.

I live in Dayton, OH and roughly an hour from both Cincinnati and Columbus.  I could get a very nice little income property for $130k in that bubble of cities.  If I had time.  

I'm running out of ideas for how to twist this to make it work, but I doubt I've been 100% exhaustive in my research.  If anyone has any insights or suggestions, I would be extremely grateful.  Or would it simply be better to put the idea of investing out of mind, and just go on a nice vacation lol.

Thank you all so much for your time.