All Forum Posts by: Andrew P.

"PS: My rental properties are individually cheaper than my primary residence. "

Oh, well that's good to know...thanks

I assume i'd have to call my insurance company to change it to a "rental property"? So insurance would be higher, so the escrow account wouldn't be enough to cover. Do they re-adjust the mortgage, or do you just pay extra towards your escrow account each month?

How much of a price jump should I expect for my insurance premium?

Thanks

The termite companies in town charge a monthly fee to check their bait boxes

For your investment properties, do you pay for a new termite bond if it isn't already in place?  

Recognizing the rent as income wasn't an issue. After 12 months I'll have enough for a downpayment on my next home. I'll just put 5% down, and continue to do that every 12-13 months until the bank gives me a hard time. It's easy to put that % down in this area, and still cash flow ~$300/month. I'd like to continue this strategy for a few years while I still have my full time job. Then, I'll try a couple flips when I have more time and have networked with local contractors I trust

I bought my first investment property in February. I put 20% down and cash flow about $400/month. I purchased another property in July that I'm living in. I plan on living in it 12-13 months, then converting it to a rental, and buying another primary residence. I'm a little concerned with timing. We all know it takes about a month to close on a house. How did you guys manage this? In terms of when you put your house on the market to rent, and when you start the closing process for the new home? Did you have problems at the bank getting another mortgage out before your house is rented?

I can't speak for San Diego area, but I think it's fairly difficult to achieve the 2% rule or the 50% rule on a move in ready property. If you're new to REI, I suggest getting a move in ready place, as long as it cash flows. The only way you'll achieve 2% in my area is on rehabs or foreclosures

Well it is my property...i'm assuming you mean the property you occupy?  

Keep in mind, these are VERY good tenants.  I have had zero issues with them, and rent is always on time.  

And yes, they do maintain the yard themselves

I have a buy and hold, and my tenants mentioned the gutters needed to be cleaned.  I know it's going to be different for everyone, but is this something you provide for your tenants?  

When I said it was "turn key", I meant it was move in ready without having to do any renovations.  It does cash flow, but not as much as a renovation project/turned rental would