All Forum Posts by: Account Closed

I would leave it alone.  Just have annual inspections and cleaning of the chimneys and let your tenants enjoy their homes. 

Julie, welcome to BiggerPockets.  

My cursory review of Indiana's licensing process shows that it is similar to most (all?) states.  You will submit fingerprints for a criminal background check after you apply for your license.  Upon receiving your background information the board will either approve your application or request you appear in person to provide clarifying and mitigating information.  

I don't know, but I hope that Indiana will take a "whole person" view of your life and weigh your past five years of sobriety in your favor.  But if not there are other ways to be involved in real estate to include being an investor.  Spending time on this website will show you the almost unlimited ways you can succeed in real estate (as well as the many ways to fail).

Good luck.  

There was another thread recently like this where the tenant was sick.  In that thread I gave a hard boiled answer that you should always follow the lease.  But I think that was wrong, I think what I would do in this situation is ask my spouse for her opinion.  No reason to make this uncomfortable situation uncomfortable in my own home.

From your original post it seems your only investing goal is "building wealth for retirement." If that is what you want to do, then your current savings rate into a well diversified 401k and/or IRA that you contribute to throughout your investing life, will do the trick. There is nothing wrong with that. It just takes discipline and patience and turning a deaf ear to those that believe any investment other than real estate is to be avoided (many on this site for instance).

I suggest however, that "building wealth for retirement" isn't the best goal.  It is too vague; for example, what does "wealth" and "retirement" mean to you?  So start thinking and writing and come up with an investment road map towards a well defined goal (and share it with your girlfriend -- may as well see if you two are on the same page now).  

If real estate fits into your goal(s) then define what kind of real estate, how much of it you need, and the location you want to own it.  It may be that the only real estate exposure you really need/want is to buy a nice home and live in it for many years.  There is also nothing wrong with that.

There is a lot to recommend with your strategy.  For instance, you will learn a ton about being a landlord in your market and how to deal with military tenants.  You will also become profecient at quick turnovers between vacancies.  

However, with a VA loan you will not have enough equity for a HELOC for many years. Then, once you do have enough equity you will find that HELOCS in Texas on investment properties are not so easy to get after all.

A better strategy is to take advantage of the low interest rates, get a 30 year VA loan and find a different route to the next property...like saving up another 20% for a regular conventional mortgage.

Please let me know if you need a recommendation for an agent in the area or a national VA lender.  

Good luck.

It doesn't matter what the agent thinks, the market value is based on what you and the seller agree it is.  You and the seller will either agree or not and, if not, both will move on thinking the other unreasonable.  

In 2 weeks neither will ever think about it again.

You and the tenant already agreed how to handle late rent in the lease.  The lease, as you know, is a contract intended to formalize your relationship and take emotion out of future interactions like this.  I assume she agreed to the lease in a sound mental state and did not request a rent waiver clause for unforeseen medical problems?

Are you responsible for her not being adequately insured to include disability insurance? 

Are you going to take food off your table because she hasn't saved an emergency fund? 

What if her sickness is caused by lifestyle choices she made for her entire life like smoking?

Why are you willing to take more financial risk for her than her family?

If you want to give her a new lease then do so in writing via an addendum so there is a specific end point and not something open ended and vague.

I am curious to hear if anyone has made referrals to other brokers a key part of their licensee activities / income stream.  

Also, whether this was done with one of the low-cost brokerages that seem to specialize in this activity.  

Thank you,

David

Tony, it's your first deal.  You will look like a fool.  Don't worry about it.  Just get the property under contract and do your due diligence.

David

Most brokerages that offer management services will have a person or team that manages the rentals.  They dont just allow any of their agents to manage for others.  

But I too would be interested to hear if there are any that work as you describe.  Perhaps my understanding is outdated.