All Forum Posts by: Nathan Platter

@Chris Roche Siding is a problem for both Curb Appeal and prevention of further problems.

Haven't seen the exterior but sounds like the siding's got to happen.

Hi @Kanwar Sodhi ,

Most states have a standard Lease form on their website. Go to the Georgia Sectary of State website and search for "residential lease agreement" and should find some things there.

Hi Angeline,

-Whenever I need to find quality workers, I use Thumbtack .com. YOu post the job you need (bathroom remodel, instal a fence,...) and contractors submit bids to you. They pay a membership to be on there, so only the ones that are investing in their business are on it.

-Go with a standard mortgage

-Go with a mortgage broker. They will find you the best deal since they work with BOTH big banks and smaller lenders.

-Property management typically runs 8-10% of collected rents.

-Final tips: Take action. You can spend all day analyzing and looking for deals, but especially when starting out, if you find something that meets your criteria and will help you make money, just go for it.

Hi Andrew, glad to have another fellow MN Minnesota BP member here!

Getting a a lender commitment should be easy, it basically states that "We at _____ bank will indeed lend @Account Closed the money he will need to purchase the property"

Excited for you landing your first deal!

Hi @Jason Tanker,

Glad to have another Minnesotan on BP! You'll quickly find that Real Estate can take advantage of many tax incentives, my favorite bring Buy and Hold rental properties.

Welcome aboard!

HI @Allen Carpenter ,

It honestly depends on how good you are at communicating the value of Seller financing. It's helpful if the seller wants to delay/reduce their tax liability, or if they want to collect income from the house rather than take the lump sum today,... 

The answer is an automatic no if you don't ask.

Hi Bobby,

I'm fairly certain the new owner must honor the in-place rent agreements (that's how my homestate Minnesota does it), otherwise, the owner could play Deed games and to raise the rents overnight.

Since you have month-to-month tenants, you can tell them to either vacate or sign a new lease agreement (at the $700 mark)

I inherited tenants once and they were gems. Tenants don't care who owns the building as long as PM is responsive to little things like repair requests, and their unit feels like "theirs."

I almost prefer tenants because you avoid lost rent from vacancy and the marketing/time cost of placing tenants.

Hi @Natalie Allen ,

This will sound silly, but try calling those "we buy houses" Bandit signs and wholesale the deal to them. If they want it, great! If they pass, ask why they don't want it and they'll reveal how they pick and choose their wholesale inventory. They'll reveal great information (priced too high, needs too much work, bad part of town,...)

Excited to see you do your next deal!

Hi @Anthony Warren ,

Your mortgage broker will be the most up-to-date on best reach your acquisition goals, but if my memory is correct, start with a VA (0% down) loan. After 12 months, you can then move out (no rush) and then get an FHA (3.5% down) loan, perhaps another 2-4plex. After yet another 12 months, you can move out and either rent or get a Conventional (5% down) loan.

But you have to go VA and then FHA, VA to FHA isn't allowed (if my memory is correct)

25 months from today, you could have two 2-4plex properties that are paying for themselves plus (potentially) a little cashflow, with very little down to get there.

As a US veteran, you are given the most opportunity for House Hacking.

Hi @Virginia Jones ,

The numbers are good. Not earth-shattering, but solid.

I used to work for a Turnkey company and ran these calculations all day long. If you send me a Connection request, I'll forward the calculator over to you.

From what you've stated, you'll be getting 7% ROI if you go all cash and 8% if you have a mortgage on the property.

Looks good to me!