All Forum Posts by: Bill Goodland

@Jerry Stevenson I would say go for it if you haven't found anything else that's better. I would personally recommend using a conventional mortgage 5% down and saving an FHA for if you ever come across a bigger small multifamily. Key is equity in an expensive market like previously stated. If you can add value through a simple paint and flooring rehab, then great, but if you're going to buy turnkey, it might as well be new. My only advice would be if your strategy is going to be rent by the room, I would look for 4 or 5 bedrooms if you can

 I got it on audiobook for free from my library. Check it out

@Wendell Carmona congrats on finishing residency. I'm a PA myself and work with a bunch of docs. It really depends on your situation. If you wanna househack a triplex let's say, I'd probably use an FHA and go as big as possible. If you wanna do a live in flip on an expensive SFR, I'd use the physician loan and use whatever cash you have for the rehab. I'd avoid the headaches associated with a 203k loan

@Justin Tyler west philly has a lot of houses zoned for multi family. I’ve heard of people having good success transitioning SFRs into up/down duplexes

@Javier Cuevas Santos Landlording on Autopilot by Mike Butler

@Bernard Sanga yeah I don’t think Pay near me is really widely used anymore for the small time landlord. I refuse to pick up cash because you can either be robbed, or worse not have a record or payment if you ever need to go to court. Make them go to Walmart and get a money order mailed to you

I hear ya man and understand the fear, but all of your fears can also be mitigated by having adequate reserves and renting out places in a high demand area. Honestly, if I lived in a more expensive area I would live in flip. Especially if you do work yourself, materials are cheap it’s the labor that is pricy. Paint and flooring can add let’s say 10% of the value to a house. Add that with buying below market, some natural appreciation and you can make a good profit and sell tax free in 2 years and throw that towards the next place and index funds.

@Roger Martin awesome! Have any pictures you might not mind sharing?

@Parker Smith maybe it’s because I’m rather new too, but it’s tough to get a contractor to show you any mind until you actually have potential work for them

@Kyle Hoppman I use Cozy and it works really well for credit and background checks. $39.99 and the tenant pays for it. Free for you