All Forum Posts by: Greg B.

Account for the PM

It sounds like you want to take that expense out of the equation in order for the deal to be a deal. Not a good way to look at things. If you were going to flip the property would you lower the cost of an estimate to make the numbers look better?

Account for the cost of having it managed. If its a deal with that cost, its a deal without it but don't leave it out simply to make the numbers better.

Account for the PM

It sounds like you want to take that expense out of the equation in order for the deal to be a deal. Not a good way to look at things. If you were going to flip the property would you lower the cost of an estimate to make the numbers look better?

Account for the cost of having it managed. If its a deal with that cost, its a without it but don't leave it out simply to make the numbers better.

https://get.biggerpockets.com/rentalbook/

This is a good place to start. Check these two books out and come back with more questions. Living in your first rental as a landlord, to me, is the best way to get started.

Good luck and keep coming back for more info

I'm just getting back into the real estate game but during the time I had my rental I didn't allow pets. No cats, no dogs. It didn't change placing a tenant. It seems like everybody today has some little dog or whatever but a lot don't. Look for good, qualified, full rent paying tenants.

Like someone said earlier, this is your business and your first "sale" don't get in the habit of discounting your product to the first customer to walk through the door.

Good luck

@Damian S. the deed and the mortgage are two separate instruments. You can record the deed in the new buyers name without changing the mortgage.

@Wade G., I'm confused. She didn't want the property listed because she didn't want people coming in and out of her home but you're about to list it and have people coming in and out of her home. Make sure this woman is on the up and up. She needed $20k but is now willing to take $7k for you to do what she didn't want an agent to do for her. I'm guessing she may be trying to save on paying a commission but then again she's losing on the back end anyway.

Do some investigating on her before you hand over that check

I know a guy who did this with one of his tenants. Always seems to be the SFHs. The tenants would upgrade the property, take care of all maintenance, lawn, snow removal, no phone calls. The perfect turnkey tenant. It actually worked out great until the cops raided the place. The only reason the tenants wanted to do everything was to keep the landlord away. Background check was clean as a whistle. Great credit. Good references. The problem was the people who signed his lease didn't move in the property. This is but a simple warning. It might be different in your case. 

@Troy Sheets I was told the same. Depending on the lender. Up to 75% of existing rents. The key word in all of this is EXISTING. There MUST be a written agreement and time left on the leases may be a factor as well. This is only information I received from MY credit union though.

Look at it this way...you're 10 months closer to cashing in on your first deal

And probably way more educated on this stuff than you were 10 months ago

Keep plugging away

Purely entertainment

I do watch Flip or Flop because Christina is a hottie

Rescue My Renovation isn't half bad but it's not really a flipping show

I watch HGTV and DIY mainly for the design ideas

Maybe bring in a co-signer/partner with income for the additional $7k personal loan