All Forum Posts by: Matthew L.

It will be under my name. Not planning on setting up an LLC until I pass 5 properties. Got your PM, thanks!

As the saying goes, when it rains it pours!

I bought my first investment property about 18 months ago and was just starting looking for deals to buy my next 1-2 over the past few weeks. I wanted to get a mortgage in the $150-200k range to cover it.

I came across an apartment that I want to make an offer on. Listed for about $60k, needs total gut reno and ARV is around $100-110k. I would fix it and hold it as a rental.

The day after I found that I saw another apartment that I want to make an offer on listed for about $90k and was recently renovated.

Based on my finances, I'm confident I qualify for a mortgage up to $200k. Since the total of the 2 apartments I'd like to make offers on is $150k, would a bank allow me to get 2 mortgages at one time (on top of 1 I already have)?

If anyone could recommend a mortgage broker in Atlanta that could help with this I'd greatly appreciate it!

My finances

$45k cash for downpayment

$55k yearly W-2 income

$17k yearly rental income

-$12k yearly mortgage/HOA payments

Current mortgage is $129k on a condo with approx. value of $200k.

Where do you get the money to buy & hold though? You have a regular job. Flipping is just a job, more enjoyable than most jobs for a lot of people here I would guess and it keeps you in the game full time so you can keep some of the great deals you find as buy & holds. If you don't enjoy flipping and can make more money in whatever 9-5 job you have then stick with it.

This is the most idiotic thing I've ever read. I'm guessing you don't buy insurance on your properties because it's "planning for failure"?

50% of marriages end in divorce; I'm sure the overwhelming majority of them don't go into the marriage planning to get divorced. Preparation does not equal surrender.

Am I missing something here? You own 2 houses on one extremely large lot. If generating some cash immediately is necessary, why don't you see if you can get the lot subdivided so you are able to sell the house you have rented for the cash infusion and keep the house you are currently living in?

Just how landlords screen tenants with minimum qualifications, you will get screened (by partners, lenders, clients, etc.) with minimum qualifications. I think a lot of people see having a college degree nowadays as a minimum qualification. When you are first starting out and do not have a track record of succesful deals, that degree might get your foot in a door you otherwise wouldn't be able to.

That being said, I think the cost of college tuition is the biggest scam perpetuated on this generation of Americans. If you're a hard worker and are confident in your ability to sell your skills, it's not necessary to succeed.

I'll happily take all the responsible pet owning tenants that other landlords turn away. They'll pay more money and will usually be long term tenants. The key is to do your due diligence to make sure they are responsible pet owners. This should include references from a vet, up to date shots and a pet interview to determine whether or not the pet is human or animal aggressive. I allow all breeds and  as a long as the pet's temperment is good. If you do allow pets, you should also require the tenant to get renter's insurance which covers the pet.

I'd like to be financially independent, both so I don't have to depend on someone else to give me a paychecka and so I have the freedom to go where I want when I want. There's still work involved with owning income properties, but you can almost completely outsource it if you find a good property manager.

Yup. It's amazing the free labor you can get if it involves scrap metal/appliances as incentives. I'm in NYC and if I have something to get rid of, I put a posting in the free section on craigslist and leave it on the curb. It's generally gone within 30 minutes.

 Well you can't keep subsidizing them but you also don't want to be heartless and jack their rent up to market rate overnight. I would suggest having an honest talk with them that your parents were able to keep their rents low but you cannot afford it, then raise the rents 5-10% starting in 2 months so you can give them time to plan for the increase; then do an incremental raise every year until it gets closer to market rate. They absolutely know what kind of sweet deal they have and even with a rent raise they most likely will stay because it's still well under market.