All Forum Posts by: Nathan Williams

it doesnt get taken off your DTI but rather the rental income would offset your mortgage. Not sure if your LLC plan would work but I believe each lender can have their own underwriting guidelines on how they calculate rental income. One lender I talked to wanted to see 2 years rental income to even consider it.

definitely sounds like your property manager couldnt care less about this.  A very good property manager would attempt to smooth things over with the tenant on your behalf to help them temper their expectations without you even requesting you to do so.

I dont currently use a property manager but when I did there were trip charges in the contract but the property manager wasnt looking to nickle and dime me by charging a trip charge for every single request that came in.  

since this is on the house hacker subforum are you referring to potential house hacks not cash flowing?  If so I don't think a house hacks has to cash flow to be a good deal.  At the end of the day you still need a primary residence and having extra income coming in from your house still helps even if it doesn't pay all of your expenses. 

I think the target audience is more important than the message.  For someone lilke me and I assume most/all on bigger pockets, there's no words you can use in a letter or phone call to convince me to to sell any of my properties in some wholesaler deal.  And if someone was quoting me some price that is well above market value I'd be instantly suspicious of whats the catch.  However earlier this year my uncle somehow got finessed into selling his home for like 25% below market.

So yeah the key is finding someone like my uncle and not someone like me.

If you are coordinating repairs with handymen you are already doing a large portion of what a Property Manager would do and might as well self manage. But if you insist on using a property manager you might as well let them handle the rental listing as well.

Is it legal to have a sliding scale credit score requirement that is dependent on the tenants out of pocket if you are accepting section 8?  For example if full rent is $1600, your min score is 625 but if your out of pocket is $1000-$1599 it's 600, $500-999 575, etc. 

I have more to gain with a market crash but I don't see it coming. 2008 market conditions of people who couldn't afford their homes to begin with are still not there and there's way too many home owners who locked in historically low rates and will just hold on to their homes during a recession. So while demand will and has already begun to soften so will the supply tighten up. The most I see is a moderate correction followed by extended period of flat prices. 

pretty much standard.  Many wont charge if the current tenant simply renews their lease so you are not getting charged a full month's rent every year.

its easier to get financing personally and then quick deed to your LLC

and then you must consider what value a LLC is actually bringing to the table... its pretty much main purpose is to limit the liability on your investment so if a worst case situation happens the most someone can sue you for is the value of the properties the LLC owns. And for this to work your LLC needs to be ran on paper properly which is a bunch of overhead time and money wise. You may be better off just making sure you have solid property and umbrella insurance.

 we did but the appraiser refused to even consider our dispute