All Forum Posts by: Nathan Harden

 Boom. Now we're talking. Love it! 

You are already adapting. You had a goal of 1 rental unit this year, had your chance at it but decided that selling it to a flipper was a better option for you at this time. 

That's how it's done. Not just being so narrow minded like "Oh man, gotta get my first rental."

You got the rental but had a clear enough mind that by selling that property will propel you to bigger things in the future.

Word of advice... Just saying "I'm a realtor" isn't bringing any extra value to an investor. 

That investor can go find any "I'm a realtor" in your area.

What sets you apart from the other realtors in your area? What knowledge do you posses that others may not? What experience do you have? How does the investor know that you are the better option over the other 1000 agents?

Investors look for VALUE. "I'm a realtor" Isn't value. Tell them the value you bring to the table and I promise, that will help you stand out.

All the best.

"Currently trying to find lenders for a DSCR loan"

You are going to have a very difficult time finding a lender that will loan on these smaller valued homes. And if you do, the fees get out of hand. QUICKLY.

Sometimes the juice isn't worth the squeeze.

I cannot speak for the landlording laws of Portland but I can tell you that you are absolutely able to charge those guests extra for having to clean up after their dogs. Peeing inside my property would never be okay, I would charge them for EVERY cleaning fee and damage done.

Don't let this slide. This is your property and they disrespected it.

Damnnnn Lilly.

"I was not concerned about this when I placed the offer. I really don't care about the elderly passing away naturally in a house, even if I live in that house." YIKES

To answer your question. Yes, this will effect your rental. In the way that you will have less people interested. Will everyone care? No. But there will be people that absolutely do not want to live in there.

3 milly?! I have to ask... Is this your first deal? If it is, please don't borrow all of that money if you don't have experience. It just isn't a good idea. I'm all about shooting for the stars but you're essentially trying to walk into a 3mil property with zero dollars out of your own pocket....? 

To answer your question. It would be PM, not HM lender. You would need to find somebody that you personally know because a HM lender would never give a first timer 100% of the downpayment AND rehab AND hold 2nd position without you having ZERO skin in the game.

So, is this possible....? Ehhhhhhh

It's not unrealistic at all. Difficult? Yes.

Doable? Absolutely. 

I love hearing the goal... Now I want to hear what steps you are going to take to get to that goal. It's one thing to say "I want to own 100 units" Awesome! Now, what steps are you going to take to essentially double your portfolio every year? How are you going to purchase these? How much capital will be needed? At what stage are you going to incorporate property management?

Also, keep in mind that 10 years down the road the market is going to look a hell of a lot different than today. Adapt with the times, don't be narrow minded. Be aware of the things that are changing all around you.

All the best. I'm cheering for you.

If it's a LTR and you're running into 10% vacancy, then you're doing something wrong.

It all depends on where you're from, the property and the area. If you're buying a house built in 1925, you're going to put more money away for CapEx & Repairs than if you were to buy a house built in 2010.

Capex, repairs and Vacancy rates are not a one size fits all.

Here's the thing, we can't answer this question for you. Only you can answer this for yourself. One person may say put it in a long term Buy&Hold. Another may say use the capital for Fix&Flip.

At the end of the day, it's what Joe wants. What does Joe want? Does Joe want to be a landlord? A flipper?

It sounds like you are already questioning if you want to be in SF rentals and you were only a landlord for 8 months. 

This quote "I'm wondering if I want to be in IL long-term or not and if I want to be in SF rentals long-term..." 

Sounds like you just answered your question. This does not sound like SF rentals are your thaaang. And thats FINE!!! 

Did what makes Joe happy. Not what the internet tells Joe.

All the best.

You are not going to find a contractor that will walk every property with you if you do not at the minimum, have it under contract.

Get a contractor or 2 out to 1 property and have them break down the cost of each item needing addressed so at least you have a ballpark of what the items cost when you are on your own.

"Okay, well this bathroom is about the same size as the bathroom that I walked last with Gary, the contractor last week. He said it would cost around $4k"

Boom. You then have a rough idea and you would be surprised how much knowledge you can get from just a little walk through with a couple GCs.