All Forum Posts by: George Smith

If you're positive of the market rents(verify with agent) and you have reserves I would raise to $50 under market rent and take the risk of losing them. That's a huge gap to make up at those increments. You can even print out rental comps to give them to show them it's still a deal in case they complain.

Yeah. I'm a little hesitant on anything that's not at least 7-8 years out although I kind of feel that the economy will absolutely crash if they keep raising rates. We've been living on cheap money for far too long. 

I was looking for a rental with 25k that I saved from my w-2 job. At the same time I had two kids and we were outgrowing the size of the home we were living in. I found a portfolio loan that included a purchase and building loan for a home that needed 35k in rehab. They only required 10.5% down(owner occupied). So I hired a contractor, rehabbed it, and moved in. 1 year later I've just been approved for a $40,000 heloc due to the equity I pushed into it. I'm now looking to partner with an experienced flipper to flip a property where I can pay back the heloc and use the proceeds to purchase another rental. I say another because we kept the original home we lived in and now rent it out. That was a 5% fha loan with an $8,000. Credit (after the crash) which covered my closing costs. I moved in with about $5,000 down on that one and it cash flows $200 a month which every penny is going toward the next property.

Every month the financing requirements are loosening up. 8k-10k credits for 1st time home buyers, changing the way credit scores are calculated, 100% ltv in home equity lines of credit.  I'm  not sure where this ultimately leads but it's obvious things are changing. 

Congrats Kevin!

I guess it depends on how you owe and how long it would realistically take to pay it if. And like mentioned...the spread between your interest rate on school loan and what you can earn on investment. If you'd like someone else to pay for your college education, then you should probably network at local rei to partner up with someone that has done it multiple times before.

Do you have a local rei in your area? It's a great channel to network with wholesalers.

Haha..Kim.  Thanks all for the advice. I just thought that I heard somewhere along the line that for legal purposes the name on the lease should match one or the other. 

Good evening,

I have a future tenant that filled out the application with their full middle name but their drivers license has only their middle initial. Should the name on the lease agreement match the application with the full middle name?

Thanks,

George

I would also try to get the current tenants and current owner to complete an estoppel agreement to get a better understanding of what's been agreed on between the two. I believe there are sample estoppel agreements in the file place.