All Forum Posts by: Zane Cress

My only experience with VRBO was a couple years ago and the very first inquiry was a scam attempt. I shut it down and stayed with ABB since. I think if you are doing good with one or two other sites then you don't need to worry about this one. Replace it with booking.com and see what happens. 

I see renewal addendums stapled on top of leases at most property management companies. For independently managed properties I prefer a new lease each year, especially if you are raising rents every year or two. 

You do not have to give a reason, and there are plenty you could give so that the tenant doesn't feel personally attacked about their crappiness and ruin the place further. Depending on your state there should be an easily accessible document online that you can give them which will be state specific. 

I know selling your primary comes with the tax free capital gains up to 250k/500k. Does a for sale by owner when they carry the note change that?

My grandfather is interested in selling me his primary residence and me making the payments to him instead of getting a bank mortgage. He owns the house outright. Would an extended payment plan over 5-10 years still be tax free each year for him if he doesn't get a lump sum all at once? I'm assuming the answer is yes, we would probably structure it without interest so the payments would be 100% principal with no interest to report.

Lowes or Home Depot hollow center prehung doors are $150 new. I bet if you go looking at a builder supply or home materials recycling store you can get one for less than $50.

You need to hit the meetups and build connections if you're trying to work a quad at those price points. 

You should have a lender that you have used a few times. They will mail you multiple times a week with market updates and rates. I have 3 lenders that email me ballpark rates, but it still comes down to the deal and the loan type.

Get rid of that old tub and put a new one in. Best way to make sure you solve the problem should be in that bathroom instead of below it trying to cut up subfloor. You might find some water damage in that floor under the tub that you can't see yet that needs to be fixed as well. Fiberglass tubs aren't that expensive to replace and if you have a spare bathroom to use then you should be fine. 

Hi Kim

Have you spoken to anyone at Commercial Bank yet? I use John Carson here in Athens at the Epps Bridge location. I recently spoke to him about setting up a heloc on a 5 unit portfolio that they hold the jumbo loan for. He said it could be done. 

Another option would be private lending. Perhaps someone would give you 150k with a 10% rate and the condo as the collateral backing it. If you are in and out quick the 10% would be minimal cost to you. 

Depending on where you live the government has may programs to assist first time female home buyers. Maybe look at something that is zoned agricultural, house on 5 acres? Find one with an in law suite. Put a glamping tent out in the woods and rent it on Airbnb? Get creative. 

Or go find a second or third hustle and build that down payment money up until you can qualify for a bigger place. I think there are some sacrifices ahead of you in order to get started on this journey but in a couple years it will be well worth it.