All Forum Posts by: Andy Rousch

I like to do side jobs and act like I never see the money 

Hey @Deatrick Carter I have a great insurance guy in my network I will see if he is licensed in Arkansas and if he is I will send you a dm with his info! 

Anyone in New Jersey interested in having a meetup at mountain creek? (I know it hasn't really snowed yet) but I was there on Monday and a few trails where open. If anyone is interested I would love to get a group together to go on the mountain for a bit than talk real estate in the lodge. Either respond here or shoot me a dm!

Sounds good @Erick Sembrano I will send you a dm about a 5% down conventional program for multifamily 

@Erick Sembrano I used a HELOC because I wasn't sure of the exact amount I was going to need, and then I refinanced to pay off the HELOC and bring it all back into one mortgage. Either strategy would work though. I also wanted the experience of using a HELOC just so I know exactly how the tool works for the next time that I want to use one and also so I can explain it well to others. Also, what @Josue Velney said is true too. Keep asking around small banks and you might find better programs. My partner and I were able to leverage a paid off property as a down payment towards another rental with no cash out of pocket other than closing costs which was a pretty awesome tool but it took about 5 different banks to find one that had that program. Keep asking around and at the very least you will gain education even if you don't find a program right for you 

@Erick Sembrano I have done it before to pull money out in order to purchase another rental. It does have to be your primary for at least a year and it also uses up your FHA loan. There are multiple ways to legally have multiple FHA loans at the same time as well depending on a few situations

Are you able to pull money from any other area to get the 15% conventional down payment? you could do this just to get into the house, and then refinance out to a owner occupied 3.5% FHA to get your other 11.5% out and put that money back into whatever it came from

I would probably go and fix it myself (or a handyman if you have one). You shouldn't need a professional plumber for a hair clog, but also use someone who's not going to just jam the hair down and possibly cause a bigger clog/damage pipes. Also, they make little plastic ridged tools to unclog a drain. They work great but be very careful with the plastic ones because the first time I used one it snapped and went down the drain. Use a metal one if possible unless if you are very gentle. Best of Luck!!   

I agree with @Danielle Jackson  will it be worth hurting a tenant relationship for the $70? You can also look at this as a learning experience for future issues and future tenants if the same thing happens you can simply guide them to check the switch (and power cord as well while your at it). Or if you are close you can run over and hit the switch/show them where the switch is. I personally would eat the $70 and learn from the lesson, but everyone is different! 

I am most likely going to need to evict my Grandpa's tenants now that the moratorium lifts for NJ in 2022. One hurdle I had is my Grandpa owns the property but is in a retirement home. For anyone managing loved ones properties make sure to get a POA before they go into a home so you can take their tenants to court for them to avoid tenants taking advantage of someone who can't go to court for their own property!