All Forum Posts by: Rhondalette W.

@Derrick Carpenter

 Hey Derrick, congrats on being a successful accidental landlord. I am not an expert but this is what I would do. I would keep the property and refinance it taking out the equity and buy your next house with cash (not sure what the market is like where you live). We can buy homes in B/C class neighborhoods around Dallas for $90K-$100K. You may buy at auction with cash or a foreclosure.  Then get a mortgage on the property to get your cash back and then purchase another with cash (repeat). Once your reach your desired number of properties then work on paying them all off by flipping or using cash flow on all properties going toward smallest mortgage and when its paid off roll all funds into next smallest mortgage in a snowball manner. Good luck! You have so many options... 

Congrats on your first property. I just read another post about how the landlord lost 3 years of cash flow due to A/C and Maintenance issues. So, make certain that you set aside money each month for CAP EX and maintenance. Six children may put lots of wear and tear so make sure you set money aside for it. Sounds like easy income from Housing Authority each month. Nice success story.

@Owen Dashner

Thanks for sharing your A/C nightmare with all of the newbies here at BP. It scares the "socks" off of me! I only have one property so far and my first tenant moves in in a few days on July 1st. After reading your post, I will make certain that I set aside the CAP EX and maintenance fees. Thanks for the wake-up call.

Michael welcome to BP! Sounds like are already off to a great start with having your first property. Congrats!. You will love the support that you get here at BP. As I read your post I noticed that we have very similar goals of owning about 10 properties to help with early retirement. I have one so far and am also seeking 9. I believe you can find the contacts (contractors and network) you are looking for right here. Welcome!

 I may have been a little late finding this information but It is still really good stuff. Thanks!

 Hey Walker,

I attended one of Phil Grove meetings a few weeks ago. I was impressed with his wife's knowledge of the real estate business. She is also a licensed realtor. But they were advertising a "Big Event" and tried to pressure sell me on spending $1000 for a front row "VIP" ticket to the big event. When I questioned the reason for the $1K fee they said they would take me in a limo to a fancy restaurant and take me to see a property they were flipping or a deal they were working on. I didn't attend the big event non did I pay the $1K VIP charge. I think these people are probably very knowledgeable but I am skeptical about giving my hard earned cash away. 

Hey Walker, Congrats on closing on your first property. I think the first property is always the hardest and scariest. You will learn so much from the experience. I am wondering if you use the calculators here on BP to figure out the cash flow and ROI for your property. It sounds like (from the 2 numbers you provided) that the property may meet the 1% rule. I am wondering what your mortgage payment will be with taxes and insurance? What monthly cash flow do you expect from the property? Once again congrats on jumping in...

 Hey Jane, welcome to BP! It sounds like you already have your plan and strategy all figured out.Here are a couple of blogs that you might be interested in relating to rent to own strategy. 

• The Two Types of : Advantages & Disadvantages

  by Andrew C. MacDonald, almost 4 years ago

  Call it rent to own, lease to own, lease options, or whatever you like. The strategy has been gaining popularity thanks to the numerous benefits of rent to own for each party in the transaction. There are two fundamental approaches to putting these deals together; the tenant first approach or the

• Homes: How Profit from a Lease Purchase

  by Brandon Turner, over 2 years ago

  amounts of time and stress. This article is going to look at a creative way to sell a house for as much as you want without any added costs or stress: the rent to own home ownership strategy. Why Would Tenants Rent to Own a Home?Sally and John are a hardworking, newly married couple just starting their

 Hey Nicholas, welcome to BP!. It sounds like you have a great mentor in your father. You are way ahead of the game getting started early. Here is some great information that I simply cut and pasted from the "Learn" tab above to get you off to a great start. 

Enjoy!

What to do First As a New Investor:

We believe that we’ve got some pretty great places for beginners to start learning about Real Estate Investing - here are three free and easy ways to get started today:

Listen to The BiggerPockets Podcast - Just download a couple of episodes and conveniently start learning about Real Estate Investing on the way to and from work, the gym, or anywhere! We’ve got stories of successes and failures, flippers and landlords, and our guests range from first time investing newbies to moguls with Real Estate empires worth hundreds of millions of dollars.

Read The Ultimate Beginner’s Guide to Real Estate Investing - The name says it all. This guide will give you a great grasp on the basics and prepare you to begin interacting with the community on BiggerPockets.

Create an account and engage with the community - Something like 95% of those folks that set out to invest in Real Estate quit, fail, or are unable to maintain focus on their goals. The best way to prevent that and become successful is to begin networking. We strive to keep our forums among the most welcoming and informative you’ll find online - there are no dumb questions and there is no problem too small to talk about. Go introduce yourself today! There are thousands of investors that want to see you grow and succeed. 

Hey Jay congrats on your decision to buy your first rental property. I copied and pasted the information below from the "learn" tab listed above. This is a great way to get started. We are all here to help so if you have a specific question just ask and we will help you. Enjoy learning as you get started. 

What to do First As a New Investor:

We believe that we’ve got some pretty great places for beginners to start learning about Real Estate Investing - here are three free and easy ways to get started today:

Listen to The BiggerPockets Podcast - Just download a couple of episodes and conveniently start learning about Real Estate Investing on the way to and from work, the gym, or anywhere! We’ve got stories of successes and failures, flippers and landlords, and our guests range from first time investing newbies to moguls with Real Estate empires worth hundreds of millions of dollars.

Read The Ultimate Beginner’s Guide to Real Estate Investing - The name says it all. This guide will give you a great grasp on the basics and prepare you to begin interacting with the community on BiggerPockets.

Create an account and engage with the community - Something like 95% of those folks that set out to invest in Real Estate quit, fail, or are unable to maintain focus on their goals. The best way to prevent that and become successful is to begin networking. We strive to keep our forums among the most welcoming and informative you’ll find online - there are no dumb questions and there is no problem too small to talk about. Go introduce yourself today! There are thousands of investors that want to see you grow and succeed.