All Forum Posts by: Andy Rousch

Looks like the trend is to add a separate washer/dryer! I have to agree, I don't need much but a washer and dryer is one thing that would be a deal breaker for me. It will also help reduce your turnover on tenants saving additional money to help repay for the installation. I agree with @Nathan Gesner to get another bid. $5,500 is pretty steep. It will just be two water lines that tie into your already existing water lines, a drain tied into your already existing drain pipes (or even into a dry well depending on your laws), a 240 volt electrical line to be added for the dryer and a cutout for the dryer vent. I would try contacting an electrician and a plumber separately and get a quote for dryer electrical hookup and the plumbers quote to tie in the new lines 

Instead of college go for certificates. Much more affordable and straight to the point of a profession. (unless of course certain professions definitely need a degree). And use that money saved on schooling to purchase more properties. 

@Shayne Williams It looks like your in the Pittsburg area? I'll send you a private message I just got a rental out that way and have a great team out there depending on what you are looking to do hopefully I can add some value to you one way or another 

Yes I would not pay $500 just to view a property without some type of legal protection if you did not like the property. @Jared Hottle had a good idea to write an offer and maybe that will get the door open since they will see you are serious. This does sound crazy though I have never heard of someone charging to show a property especially not $500. You can probably low-ball the person because their house is going to have zero showings 

@Miles Dirmann It depends on the market and what you are comfortable with really. If it is much cheaper to get a single family and rent by the room to the point where the cash on cash return is greater than it may be worth it over a multi-family. If you are renting by the room the turnover rate will most likely be similar to a multifamily though so if you can get a good deal on a multi it may be worth it as well. I would suggest going for the best deal as well as something with the most value add so you can use equity to purchase the next property. If you go with a single family and rent by the room strategy than use a conventional loan rather than FHA if possible

@Cory Yoviene check out BP show 520 I believe where the guy makes $47k/month using arbitrage. I am personally not a fan as I would rather own too for the many other benefits. It isn't a bad way to start though if you can't get a mortgage on a property just yet, if you just want to test it out, or if you can find someone that will rent a property to you way below current rent rates 

Yes pretty much what Chris said, just make sure that you have a lease that you can provide to your lender and depending on the lender and regulations at that time make sure to not accept cash for rent. Some banks will want to see proof of rents entering your account. After your first year of owning a rental you can use the "schedule E" on your tax returns to show your rental income as well. At minimum, a lender will use 75% of the rental income but 75% of your rental income should cover your mortgage, tax, insurance, etc. anyway. 

If you are going single family, than you should use a conventional loan and save the FHA for multifamily. There are ways around it but a rule of thumb is you can only have one FHA at a time unless if your family size increases, you move over a hundred miles away, and a couple other loop holes. FHA allows multifamily purchases at 3.5% while conventional you will need between 15 and 20 percent from most lenders. For single family on the other hand you can use conventional at 3% down. Not sure if you are living on campus or not but IF you are living on campus for school, that would be a great time to make your first purchase and get a house hack if possible. In the mean time get a little capital one starter card with a very low limit just to keep building your credit. If you lack credit in the future, other options can be used such as proof of utility bill payments, phone payments, etc.

Going to try to make this, but won't know until the morning 

Right it is crazy, I was going to follow through and find another reason for eviction, but after reading the NJ laws right now on eviction it states you can serve a year in prison if you evict someone and then they get Covid and pass away from it because it would be looked at as your fault for making them live with another family which increases their odds of getting Covid so its a lose lose. I am curious if this has actually happened to any landlords yet