All Forum Posts by: Stacee Evans

This is such a broad question, but the mistakes that lead to the worst outcome were poor tenant screening for my rentals and even air BNB's.  If you have rentals, have your criteria and stick with it.  It's better to have a property vacant or charge less than market to attract a high quality tenant then to get someone in fast.  It's easier than ever to screen tenants with all of the companies that can do the work for you.  I use mysmartmove.com, but there are plenty of other ones too. 

Hey Daniel, This is one of the best way to get into real estate.  If this gets you to buy your first home and you know and like the area, I say go for it.  You can always move out later and then you have your first rental.  Congratulations. 

You will need to know the repair costs so you can figure out what an investor will pay you for the deal. 

Based on you knowing so many people that can do the work, I say go for the 203K if you get a good deal.  No I haven't personally worked with anyone that has done a 203k loan, but have spoken to people that have and the biggest complaint is the time it takes.  

I have not done one, but I heard they are time consuming and sometimes the contractor does not get paid until the work is done, so you may need to pay the repairs up front and get reimbursed or find a contractor that is willing to get paid on the back end.  Sometimes the inspections can be delayed.  If you are able to make it work, it's worth it for the right property, but it will be a bit more work on your end. 

Thank you.

I've done over 20 loans and only paid a $20 fee once.  The rest was no fees. It sounds like a scam. 

I had one tenant pay in full for a year.  It was at the beginning of my real estate investing and I was "winging it" as a landlord.  His mom had recently passed away and he had an inheritance.  When the year was up, he not only moved out, but left the house in beautiful condition.  It was clean and he planted flowers and the yard looked  better than when he left it.  I think I just got lucky.  

Looking for a lender! I've purchased, rehabbed and rented out homes in Missouri. They are all tenant occupied. I'm looking to do a cash out, refi with 75% LTV and about 4% or lower, fixed for 30 years. The homes are in an LLC. Please let me know if you have any lender recommendations. Thank you!

I justs did this with 2 rentals.  Because of the low interest rates and paydown, my payments went up less than $100 a month, but I cashed out over $250,000.  I have purchase 3 cash flowing houses and 1 duplex with some of the money and still have plenty to invest.  I think it's a good strategy to refinance while the rates are so low.  You can make more on your money by leveraging it into other properties than by paying down your current houses.  I'd say make sure you are cash flowing and put down at least 25% on your investments.  Let me know how this goes.