All Forum Posts by: Tim Johnson

Would it be possible for you to take a look at them.... and if in good shape, offer them a reasonable price for them? Or is this unit rental price based without laundry? If the latter, it would seem prudent to simply require present tenants to remove them.

@Luis Acosta Every local municipality will have their own rules and allowances. A quick visit to your county or city office should give you a good answer. If you have your parents' tax ID# or address in hand - someone in the planning or permitting office will be able to help you. Good luck!

Putting the politics aside......whether it's gas or electric or hybrid...... my opinion: buy new, buy used, buy whatever you want - but NEVER buy a car on time. (and at the risk of just sounding grumpy....I'll throw in another opinion - leasing cars - unless this is a company situation - is even worse than purchasing on time.) Buy a dependable used car, and move as fast as you can toward real estate purchase. 

@Lucas Musil - Everything you're doing is good. But you're always missing the absolutely best source of market rental info if you're not talking to a local property manager. They are usually more than willing to share info or confirm and suggest adjustments to your research.

If you are house-hacking one side of a duplex, it is "owner-occupied" and you should be able to get a conventional loan at 5-10% down, and FHA at 3.5% down. I would check with a different lender.

Chris, just to reiterate what I stated at the beginning of this thread last week - a lot of PMs are real estate agents - and many realtors own PM companies. 

Some RE agents just chase commissions - and some PMs are next to worthless (though these don't last long). But a lot of them (both realtors and PMs) work really hard on building relationships with their investor clients and providing excellent leads and service.  Don't worry about titles and definitions too much - seek after real relationships, that involve trust and friendship.... it's possible (and desirable), even when running things as a business. Best wishes with all of your deals...

@Erik Ortiz "I don't want to buy it cash because obviously that's not very smart..."

What makes you feel that way Erik? It's more fashionable to speak of using OPM -  other peoples' money - but sometimes investing in a project yourself is the best test of your own numbers. How confident are you in your own plan and strategy for this property? Will a lender be more confident than you? 

Of course, if you don't have the cash.... then you'll need a plan B or C....

There are many property management companies that also buy and sell real estate. Usually those two functions (even in those cases) are kept separate. 

I've never heard of a PM "picking" properties for you as an investor - what do you mean by that?  Their 10% fee is very specifically related to a few management tasks for your property / units. PMs are like real estate agents... or any other profession - they're not all the same. There are great ones, who you learn to trust your investments and buildings with, and there are others that you learn to avoid. PMs will not help you pick, buy, or refinance your loans as part of their management fee. If you find one that can though... please let me know :-)

Hi Christopher, it's pretty hard for others to suggest a rent price without having exact details on your area. May I suggest the following?

Check on some public sites like Zillow, Rentometer, or Realtor.com - they will allow you to see all of the rentals right in your neighborhood for comparison.

Then check sites like your local Craigslist and Facebook marketplace..... again, you'll be able to compare other properties being rented nearby.

And finally, no one knows market rental rates like a good property manager. Usually they are more than happy to give you an estimate of what you might ask for your home...