All Forum Posts by: Tatyana M.

Hello BP,

sometime ago i asked RE broker if a Real Estate Agent can bid on HUD homes (Fannie Mae in particular) and was told "no, RE agent or a company where RE agent has even partial ownership can not buy HomePath properties".

Was i misled? or is there a way around this rule (assuming it is true)

thank you! 

Thank you Robert!

Hello BP Community,

i am looking to start my own property management company in a separate LLC (PA). Do i still need RE license or brokerage to be able to manage my own units that are under DIFFERENT LLCs?

thank you for your input 

Hi there.

I had one tenant that paid a year upfront - a family that just sold their house but wanted to stay in the area so kids would finish school before downsizing. The father started his own business and wanted to make sure that housing is covered if his business wouldn't take off. 

I knew upfront they would stay only for one year. When they moved out, the house was spotless, so i didnt loose much as far as turnover costs. i still talk to them as we built a very friendly relationship over that year. 

my experience was positive but i do realize that there were risks in this situation. 

I do agree with another post in there - those are people whos' situation doesnt fit the standards and therefore, would require another look on landlords part. it is not so black and white sometimes. 

hello Tom. Welcome to BP! you are definitely on the right track so far - thinking about house hacking (using FHA loan at 3.5% down maybe?), thinking about cutting expenses and saving up. I had saved up for my first couple of properties that were paid cash for (under $30k pigs) but it gave me an upper hand later as i could use them as a collateral to obtain a line of credit from a local bank. actually i was quite amazed how easy it was once i showed them i had some skin in the game and experience as a investor. in your situation, once you buy your triplex, you'll start getting equity with each mortgage payment as well as experience as a landlord of the other two units and a real estate investor.

on a side note, as much as many say that it is possible to make money in RE without much money, i disagree (sorry Brandon T), you will need money for the down payment, whatever small it is, the closing costs, and repairs (there are always repairs, always). dont get discouraged, keep learning (the podcasts are amazing, start from show 1!!!), keep saving and good luck!

thank you! 

 I believe they lowered the threshold for QSP to $1,500

hello all, just curious to see where do you keep property related documents - deeds, title insurance, etc? Are those documents replesible in case of a loss? What is the best place to keep them? Thank you

@Alex Deacon thank you Alex, 100% agree with you - slow and steady! how do you or investors you've mentored find ways to get health coverage? thank you so much! (Jason is right, nobody seems to be talking about the elephant in the room) 

Chris, food for though - every month you pay mortgage, you increase your equity. if you manage to break even on it (which you seem to do by budgeting properly), you increase your equity. in the future, you may use it as a collateral to obtain financing to get more properties.  i had some low cash flowing properties but it turned out they were a great collateral to secure a line of credit with a local financial institution. use it as an opportunity!