All Forum Posts by: Tim Johnson

If you're loving your realtor....and he's also an investor.....and has lived there all his life - I would sure ask him first of all for contractor / handy-man / prop manager recommendations. 

Yes, have both in your budget. Obviously, these figures will vary depending on whether you are buying new construction or a hundred year old home. Often 5% for each is a commonly used figure.

There are no exact steps since there is no "standard" way that each county or municipality works.

Always your most efficient and best step (in my opinion) will be to visit the planning department at your town, city, or county office. Yes, most will have tons of information online.....but as you pointed out, it's often confusing and not always clear. 

The exception of course would be if you are in a large metropolitan area. Good luck if you are asking in a city like Seattle. It can be far more challenging to get the "exact steps".

@Kiersten Hegna First question to ask: "Are you a real estate investor yourself?"

@Rodolfo Varo Sounds like you have your own answer. If your house sells, and you have equity, pay off your debts and start saving. If those two sound strange or difficult you might want to reconsider jumping into REI.

Rules around the use of door hangers and other forms of ads will be completely local. You will need to check with your own community about this. Sometimes specific HOAs within communities may even have their own restrictions and rules.

@Sean Link Thanks for this report. In my context here in Washington the inspection contingency defaults at 10 days (of course, you can do less, but few do more....). Also, if, during that 10-day period the need for a specialist (an electrician or HVAC pro in your case) arises, it is common and easy to get a 5-day extension for the contingency. Even in a very competitive market it pays to have a full inspection and due diligence procedure....best wishes on this property going forward!

 @Zachary Wurtz  I'm sure you don't intend it.....but this is how most folks on this forum will hear your comments:  "Hey everyone, I'd like to go to the casino and spend an evening gambling....would any of you let me use your money? You'll make a handsome profit once I share my winnings with you."  

@Ran Iarovich is correct. REI is a long-game, even if there is the occasional quick and easy profit to be had. That is rare. Cash is crucial. Especially your own. Have a job. Save like crazy. Definitely use your VA loan. Are you aware of what a serious benefit / provision that is? The multi-family househack mentioned above has been a stellar move for many.... but there are many other options. And you'll find them if you're willing to bear down..... yes, "stay ambitious but patient".

@Charlton Zang Jr  We really have no way of helping you since we have so little data about your situation. Lots of folks rent out their present home and purchase another home as their primary, allowing them to get into another home with a small downpayment. But perhaps you have plenty of capital? House hacking is a big favorite around here...particularly when starting out. But again, maybe you have family / relationships that don't allow for that strategy? More importantly, what are your goals and what are you trying to accomplish? Being clear on this goes a long ways towards choosing a strategy. As your questions get more specific, you'll find a wealth of advice, info, and suggestions from this forum.

If you know the son's neighbor, then presumably you know where the son lives. I would simply knock on his door and pay him a visit. Direct is usually the best.....