All Forum Posts by: Anna Maher

Originally posted by @Chris Mason:

Originally posted by @Anna Maher:

I'm considering quitting my W-2 job to focus full time on my real estate business.  We have enough passive income to live on and would supplement with house flips, etc. Does anyone have experience with how this would impact my ability to get a mortgage? If I have family/friends with good w-2 income that are willing to co-sign is that an option? 

 The math works out such that once all your consumer debts are eliminated, you can continue to get Fannie mortgages and purchase cashflow positive real estate provided that your existing actual net cashflow is 2.5x your personal housing expense, assuming also that you are honest about your rental income when you do your taxes. (Not implying anything about you specifically, the following is directed at the lurkers) If your actual net monthly cashflow checks the 2.5x box but you lie to Uncle Sam when you do your taxes, Aunt Fannie Mae will cut you off. 

 We are house hacking a 6-unit currently, so in essence our living expenses are essentially zero.  Do you know how that would factor in?

I'm considering quitting my W-2 job to focus full time on my real estate business.  We have enough passive income to live on and would supplement with house flips, etc. Does anyone have experience with how this would impact my ability to get a mortgage? If I have family/friends with good w-2 income that are willing to co-sign is that an option? 

I am looking for a RE focused quickbooks pro user. Anyone have suggestions?

Originally posted by @Alison P.:

All my tenants pay directly into a bank account that I set up just to collect rents. I then transfer the rents into my different LLCs and only keep $200 in that account. When they sign their leases, I give them a stack of deposit slips and I write their unit number on each slip so I know exactly who has paid when I bring it up online.  It has worked really well so far as my tenants are mostly low income and only seem to have cash (no bank accounts).  With them depositing cash into my account, I've never had to deal with a bounced check either or it "being lost in the mail".  My rentals are all in a small town and the bank is close for everyone, I understand that this may not be a suitable solution for landlords with multiple properties in different locations.

Did you just choose a bank that was most accessible for your tenants?  We use small community banks for our lending so its not convenient for most of our tenants to drive to those banks.   

Are there any fee associate with transferring funds between your banks?

Other than using deposit slips is there any way to track who is paying? 

We have had a lot of people apply but no one has met all of our minimum qualifications.  The main qualifications are that they have no evictions in the last 10 years, credit over 600 and verifiable income 3x the rent.  This one was the closest and initially seemed like a reliable option.  The unit has been vacant for 2.5 months now.  The rent is in line with the market and the unit has just been redone.  Its a b-/c+ neighborhood.  We just can't seem to find anyone who meets all the qualifications and seems like they would be a responsible tenant. 

We have recently had a potential tenant put down a deposit to hold a unit. After receiving the deposit, the future tenant has become demanding and unwilling to work with us on scheduling a lease signing.  We think the tenant is probably not the best fit for us and would like to continue to look.  Her credit score did not quite meet our requirements so I can use that as reasoning.  Obviously we will return the deposit but does anyone have any suggestions on the best way to approach this?

We recently closed on a 6-plex and are living in one of the units.  We acquired 5 tenants. I was given 30 day notice by a tenant who is on a month to month lease the other day via text message.  I called the tenant and told them I would need written notice. The tenant has yet to give me written notice and has not paid this months rent.  I told her she would still need to pay for the full month of rent and the tenant told me today that she is not planning on paying until the 18th.  I told her she would be liable for the late charges if she waited until the 18th.  Is this worth even messing with or should I just file eviction and get them out?  In the county I am in (Jackson County, Missouri) an evection takes 45-55 days best case scenario.  Anyone have any helpful insight?

I am in the middle of a duplex rehab that has hardwood throughout, however I want to put something more durable in the bath and kitchen. I need something that looks like tile for both areas since I already have hardwoods. What are my equivalent products? I want something that is durable and actually waterproof. In my experience I have seen vinyl plank that is “waterproof” bubble up with not much of a fight.

Looking for a foundation contractor suggestion in the KC area.  House already has a steel beam installed in the basement but the floor still slopes between 1-2 inches down towards the center  Walls are in good condition with no cracking and the foundation in the basement has a few small cracks below windows.

@Larry Fried

From what I have read it looks like to do delayed financing you must pay cash for the property initially.  Is this correct?  

I have around 55-60k in money to invest however I'm not sure it would be worth investing most of what I have into a deal like that. I am relocating to the KC area with hopes to rapidly ramp up my RE investing in the next 18 months so I am trying to be conscious of timing.