All Forum Posts by: Carini Rochester

Move after 6 months. Put in offers as soon as you want.

Using your home equity can work very well. I bought one property using my home equity. The risk, of course, is if you don't make the payment, it's your home they will be foreclosing on. As long as you (and your wife) have stable W2 income and you buy a good property, you will be fine. Take a little extra care in your planning and projections.

How's the structural engineering going? My engineering business is doing well right now. For some reason the pandemic seems to have increased demand!

Wish you all the best.

This may be optional, but I like to make sure the renters have renter's insurance. I require it. 

Scale to what? 60? 600? At some point you and your wife probably won't be self managing . . . ______ (fill in the blank) units. So, yes, to scale you either have to hire a property management company or become a property management company.

You have to study your own finances, the equity available, your tax strategy, the availability of opportunities for what you could do with freed up money to answer your last question. Maybe sell off one or two of your least favorite properties and buy something better, or the ones with the most equity and leverage that equity more effectively. Its a seller's market, so its a good time to sell, but you'll also be buying, and its a seller's market.

Any electrical should be run by a licensed electrician. Still, that's just two trades. Depending on your time and availability, you might hire them both. 

As long as they sign something that states that they are giving you permission to contact their references, past landlords, etc. you should be fine. I use the Zillow application system which includes the applicant giving names and contact info of past landlord and permission to contact.

75 LTV that requires a business entity sounds like a commercial lender. Is this from a typical bank? Keybank, Chase, Bank of America? A bank or a mortgage broker ought to be able to find a 80% LTV in your name.

Every spread sheet I've ever seen has it as a percentage of gross rent.

You probably don't need a General Contractor for a garage door opener. Just call any local overhead door company. (They'll tell you the cost.)

The original owner/seller gets paid off at closing.