All Forum Posts by: Rich Nickel

I just purchased, rehabbed and leased up my first rental property in August.  I placed ads on Craigslist, Zillow and put a sign in the yard.  I probably had 15 inquires in a 2 week period and ultimately found a tenant with a 780 credit score and good history.  Will they stay more then a year?  i'm not sure.   I know they are here for school enrolled in a 2 year program.  They may move before the year is out.  My point in posting is, it was not that hard to find a renter in this market.

I also only had a one year lease signed for the same reasons mentioned by @Michael Ran 

all the best

Rich

 @Dev Horn You are a boss! Great ideas, well said... the quote is more then that, it's the way you think about others as well as yourself.  

Have a wonderful thanksgiving

Rich

Bought our first house at 20. first rental property SFH at 28.

Advice.  Buy investment property before you buy your personal home.  Buy a personal home when you have enough cash that your next investment property doesn't need that cash.  You will always benefit from putting your money where it pays you, as opposed to where it just reduces your expenses or is a personal asset for you to use.

Rich

@Will Rodgers

this business has much of what you are describing, remodeling everywhere involves the level of contractor you are talking about.  You have to ask the question, if an accident happens, personal injury or property damage, are you prepared to take that on yourself.   You sound like you have confidence the handy man can do the work.  You have a decision to make.

Rich

@Sebastian Gast  My understanding is the 90 day rule only applies to properties purchased out of foreclosure?  

@David J.  Of the initial $3000 budget, how much of it was used to actually purchase the list you mailed to?

Rich

When we lived in Washington state in the early 2000's it was appreciation. Between 2001 and 2004 one of our SF rental properties went from $122k to $165k it cash flowed $100 a month. Nothing to write home about on he cash flow side. But we we're in the market and that's what mattered most.

In Houston I'm looking for cash flow and help on the tax side with depreciation. 

@Jeremy Zindel Great info. When i bought my first rental property a few months a go i wanted to do what you are doing. All i have found is 12 month seasoning periods. I have not even able to find a lender in my area that will do what you are doing. You have spurred me on to go shopping! I believe it's to important a component to REI to not have this piece sorted out.

@Wade Guy  the tension with the question centers around motivation. Is seeking out people that are in an income bracket that you want to be in motivated by greed or a genuine desire to improve your life and that of your family. We all have had those people in our lives that have a motive, normally unstated, they start coming around because they want or need something.  So is putting yourself around people that are where you want to be primarily about the money they have? Or is it about bettering yourself and placing yourself in situations that will benefit you.