All Forum Posts by: Nigel Guisinger

Most lenders will look at two things. One is the income you earn and the second is the global analysis of your personal financial sheet. If you are unemployed they will look to see what the PSF shows. They will look to see if you have enough income to cover. A good rule of thumb is that they want to see 1.3 To 1.5 debt coverage ratio. 
while it sounds like you don’t want to go back I to the workforce this may be required in order to get the docs that the lender will require to get the asset. 

If you like the house write the offer based off the income it produces. Start there. Subtract out taxes, insurance and reserve  and profit . Then figure out your mortgage Loan max based on that and place an offer. 

In the deals I’ve seen with taking possession early, there is usually a daily rental charge of closing is delayed. Look to see what was put in for that amount. Early possession is needed in some cases and a reasonable charge should be applied. 

We are here but got in before we expected to. The welcome reception is sold out so what is everyone doing that isn’t attending. 

Subject to your local and state laws, post a 24 hour notice and show up. Don’t make this a bigger deal than that. If you are running this as a business, your business has policies that act in accordance to the state and local law and you intend on following those policies. The feel back from the tenant is irrelevant. Because one of two things happen. 1. You find no issues and move on. 2. You find issues and you resolve the issues that were found. 

Go see Albert Lee Appliance. They match the box stores and are great people. I own an appliance store in Oregon and they have always been great to work with 

Best way to compare an investment in this question as I see it is to use the income approach and figure your cash on cash for each the condo and the single family property. Make sure to add up all real costs and compact the net numbers divided against the down. That will let you know what is best to purchase. 

While there are s lot of neigh sayers above I'll take a different approach that I haven't seen anyone say. GO FIND A DEAL! Lock it up and use your $1000 to buy the option. With that you can either wholesale, which I personally don't like or you can find another person to Go in on the deal with you and you get a fraction of the deal. Part of something is worth more than all of nothing and the education is extremely valuable. Investing is a long haul not a sprint. Find a REIA group and there you will find investors and lenders. And that is where you need to start. Best of luck and don't lose the drive.

Daniel. I agree with what you are saying with the exception of the dishwasher. As a tech you know that Bosch had a control board recall within the last year. The company I own did thousands of those repairs since we are Bosch’s certified repair company for the mid valley of Oregon. I like their product but for my rentals I do use the Amanda ADB1500. It has all the same parts as every whirlpool model. But you are spot on with the LG and Samsung they are garbage and break in about half the time of a GE or Whirlpool or Bosch product. 

I agree with what Matt Said above. I will even go one step further, when you have a need go to a local small appliance store. Most will march price of the box stores and when you have a repair they will remember that you’re loyal and your get additional help or a lower price.