All Forum Posts by: Joe Butcher

So I am considering the possibility of accepting S8 on my rental property. Was just looking around the hud.gov website and......surprise.....it's confusing....REALLY confusing....and overwhelming.

Anyone out there who can give me the quick and dirty on what I, as a landlord would need to do should I go this route? Step 1, step 2, etc?

Thank you.

Joe Butcher, Dallas, TX

You need to bring it to the title company along with your earnest money deposit and open escrow.

There's some previous discussions on it if you just use the search bar.

Here's one: http://www.biggerpockets.com/forums/52/topics/72944-sfh-vs-multifamily-rentals--pros-and-cons

Also check out Podcast 61 with Ben Leboyvich from a few weeks back. (Click on the "learn" tab above)

One of the more interesting points he made was that on a multi-family, you can force appreciation.

I wouldn't be sending postcards to probate leads. The sellers are in a potentially sensitive frame of mind in dealing with the death of a loved one, and postcards seem.......maybe insensitive??

Something a little more formal may be in order. Just a thought.

Not to mention what are you going to tell the insurance company.....that it is owner occupied or a rental?

Not being entirely honest in one area usually has a snowball effect that necessitates more of the same.

The interest rate isn't that much different. My rent house is at about 5.25% and that's still a good rate compared to the nightmare rates of yore.

Welcome to BP @Travis Hintzel .

Be sure to read this and all it's associated links: http://www.biggerpockets.com/real-estate-investing

Click on the "learn" tab above and check out the podcasts and blogs....you can learn everything right here for FREE.

Join a local REIA group.....this is where you make real connections with actual live human beings™ ! : )

There is a post about it here: http://www.biggerpockets.com/forums/48/topics/95691-dallas-fort-worth---dfw-list-of-reias

I like NTAREI but you should attend several and see what works for you.

Good luck!

There's a few discussions already, one of them here:

http://www.biggerpockets.com/forums/79/topics/98294-unlimited-funding-by-marko-rubel

I will also mention that I just did my first deal and used hard money to finance the initial purchase and rehab. The HML wanted almost all the same proofs of income and employment as the conventional financier that we refi'd with. (pay stubs, tax returns, bank statements,etc)

@James Wise and @Rafael Floresta for the win.

At every REIA I go to I meet agents, RMLOs, inspectors,appraisers, etc, all of whom either own rental properties, have done flips, done wholesale deals, etc.

Seems to work to their advantage.

Personally, if I lost my job tomorrow I would see that as an opportunity to try a job in the RE world.

@Randon B. have you considered Killeen, TX?

Military base there, plenty of renters, not too far from Austin, easier market to get into than Austin.

Just a thought.