All Forum Posts by: Account Closed

What are peoples thoughts on this language (proposed by Renter)

[Renter says ] The only remaining wording change I’d suggest is to make clearer that I’ll have rental insurance for all the things that this covers, and you’ll have landlord insurance for all of the things that this covers. Renters insurance covers a tenant’s possessions and liability in the event that a visitor is injured on the premises; Landlord’s insurance covers the landlord’s property and liability. So how about this version of the section on insurance

"The Renter hereby agrees that they shall fully indemnify the Landlord for any and all damage to or loss of the Renters property and any accessories or related equipment during the term of this Agreement whether caused by fire, theft, flood, frozen pipes, vandalism, or any other cause. It is required that the Renter(s) will carry personal insurance for their belongings that will be housed inside or on the Property. The Landlord hereby agrees that they shall fully indemnify the Renter for any and all damage to or loss of the Landlord’s property and any accessories or related equipment during the term of this Agreement whether caused by fire, theft, flood, frozen pipes, vandalism, or any other cause. It is required that the Landlord will carry Landlord insurance for their Property."

See y’all there!

Hey folks, 

I'm borrowing $380,000 for a primary residence/investment property. It is technically considered a single family but there is  a 4 bed 2 bath house,  a 1 bed, 1 bath apartment AND a studio garage apartment.

Breakdown:

main house will be rented for $2250/mo which will cover the mortgage exactly. 

I will rent the 1 bedroom studio  for $500 and live in the 1 bed/1 bath apartment for free (will eventually rent for $900) 

Do I pay the extra $3800 up front for the lower 3.875 interest rate (mortgage payment will decrease by $54/month and it will take ~ 5 years to break even on the original investment of $3800 for the rate)? I'm inclined to do this knowing interest rates will likely rise soon and in general, this will be a nice interest rate on an investment property. I have the cash to do this. 

Or, do I take the 4.125 rate? Knowing that this is still a good rate and I don't have to bring the $3800 to do this deal?

I'll mention that this is something I plan to hold on to long term and that this is a turnkey property- no real opportunity to BRRRR

Hoping to lock in my rate today. Thanks everyone!!

Hey y’all, I’m actively looking to move there myself and am putting in an offer on a multi family today! I’ll be sure to connect if/when I make it out there (currently in Seattle)

Looking to get my real estate license within the year as well (plus interest in invest/flip). 

Hi all! I bought my first condo when i was 22 with my mom as a cosigner. I have that property rented in Colorado and am now looking to buy my first single family with rental potential. 

My idea is to buy a single family home with a finished basement and some sort of other ADU (finished garage, separate rental on site, etc.) and rent out the basement/rental/garage while i live in the main property. I'm look in a touristy college town with approximately $200K people so I think the rental market will be good. Right now the properties that fit this criteria are between $350-$499K (~$176 per sq/ft).

I have $40K (liquid) in savings and I'm *thinking* that what i want/need is a conventional loan with 3-10% down. However, I don't really want to touch my $40K. I'd prefer to keep it as a cushion as it is my only savings. I'm thinking about a HELOC on my Colorado condo for $70K for the 3-10% down payment plus a little extra for renovations.

I bought my Colorado condo 11 years ago for $140K and now it is appraising at ~$270K. 

THANK YOU!!!