All Forum Posts by: Stacee Evans

I have made lots of low offers this year and not all were accepted. The "lowball" ones were on properties that needed quite a bit of work and even though they were low, I thought the offer was fair.  My agent just made a verbal offer to the other agent so if there was no way it would be accepted, he didn't have to waste his time writing it up.  You may need a new agent, but if you like the one you have, ask if your agent will just make a verbal offer first to see where the seller is. 

Typically, a year lease is better because of the turnover costs and time with finding a new tenant.  As always, tenant screening is important.  I have annual leases on all of my houses except one that I rent by the room.  I want the roommates to have an option to move out if they don't get along. 

@Mark Ruvelson Thank you for sharing that and reading the boring CCRs. I have one if my rentals in a community with a HOA so this is a good reminder to do some digging before just paying for a repair.

A big advantage of a SFR over a townhouse is the HOA. I have heard horror stories of mismanaged HOA associations and often times the fees are so high that it's not a good deal. A townhouse will typically have less maintenance depending on what the HOA covers and often can have extra amenities that you're not responsible for which can make it attractive to the tenant. Appreciation is fantastic, but it's not something you can count on, so just make sure the numbers work without counting on appreciation.

Using a small local lender that you build a relationship with makes the process easy. I send a quick email when I make an offer on a house and they immediately reply with the pre-approval letter.  They know me and have other loans, so there is no approval process at this point and they will fund as fast as I need it and include repairs in the loan. This is just for one area I invest in and they are local to that area.  

I know the no and low money down is very popular, but it often puts you in a situation where you are over leveraged. I'm not saying not to do it, but consider other options and then decide what's best for you.  One option is to make as much money as you can, live as frugally as possible and save for the down payment.  You can then get into a house hack and own it yourself.  It doesn't have to be a 4-plex.  You could start with a house with roommates or a duplex, keep saving then buy a 4 plex for your next one and rent out your first one.  I was looking for partners on my past few deals and was unsuccessful, so I ended up purchasing them on my own and now I'm pretty happy about that. I love the idea of wholesaling to build up equity.  It's always good to have multiple streams of income. There really isn't one right answer, but make sure that whatever you do feels right to you.  I'll follow this thread, so keep us posted and let us know how it goes. 

Will do Dan.  Thank you for taking the time to help me with this.  

Thanks Daniel.  I appreciate that.  I'll give them a call to set that up. 

Thank you Taylor.  I already have a Vanguard account, so that sounds like it will be an easy transition. 

Thank Dan.  I really like the self directed accounts and I have a nice amount of money to work with. 

Thank you AJ.  I actually looking into other sydications to invest with.  My previous ones have all been profitable.