All Forum Posts by: Tim Delaney

Does USAA know that you are living in it? Usually when I close on a house, the insurance company sends out somebody to do a visual inspection. Often times they come back with a list of repairs that they would like to see to protect the home or mitigate liability. 90% of the time those items were on our list to fix anyway, and sometimes we even haven't done before we get the letter from the insurance company. Did USAA give you a specific list of renovations they want done? The other thing I have done especially if we are approaching winter months is just tell the insurance company that we will have them done in spring.

If you're thinking about selling it, you'll probably be better off selling a vacant then with a tenant. As for the decision, it's really tough for any of us to say without knowing your goals, your situation and the numbers on this particular house. You should do a deep dive on what your goals are and why you bought a rental in the first place.

Check with your lender before you do anything. If you're using traditional financing on your primary residence, they're going to do another credit check on you just before closing. If they notice you have another house and your debt to income can't cover it. You're going to lose your loan from what I understand.

Welcome! I don’t have much to add for wholesaling other than to remind you to maintain integrity - too many less scrupulous wholesalers have given the name a bad rap.

Don’t pay attention to what other people do. I only invest in my home market. I have over 50 units. I find it easier to know my market and various sub markets really well. There is also ease of management in having a handful of tradespeople that can deal with all my properties. I can also allow a tenant to grow with me - just moved a family from a two bedroom to a three bedroom apartment.

Personally the only reasons I would choose to invest in multiple markets is a) because I wanted an excuse to go somewhere regularly or b) for economic/geographic diversity.

I had the advantage that my home market was good. If you can’t make it work in your market I would pick one and go deep into it. There are many nuances in any one market that take time and knowledge to really understand.

Look up your local laws on how much notice you have to give to to end tenancy and then give them that notice.

Good decision! I know some people feel like they need to invest in a course to hold themselves accountable or feel like they are doing something. But there are plenty of us that have success without doing a course first. Connect with as many people as you can in the markets you want to be in.

What makes this a good deal? The cash in and the interest rate are not enough information to make a decision on.

Section 8 refers to a voucher that some people use to pay for their housing. It is not something you invest in. If you are referring to Section 8 housing, that can be any apartment or house in the US. Section 8 vouchers pay up to fair market rent. So find a deal that makes sense with a fair rent and then you can choose a tenant that has a voucher. You could also buy from an existing landlord that has a section 8 tenant.

I’ve had most luck with signs in front of my plaza and word of mouth - networking at Chamber of Commerce and chatting with other business owners in the area.