All Forum Posts by: Carlos Salazar

Welcome to town! I'm sure all of us would be happy to help. 

Nice way to find extra cashflow. 

I agree with @Charles Carillo and @David Wolber. I would put up a wall and not restrict access. If you limited access that would limit or even eliminate a pool of interested individuals.

Honestly, I think it may be more work than its worth. For one, you will need to change the key that gives you access to the house from the garage. Secondly, building a wall, especially if it is a single garage opener will be impossible or at the very least very difficult. Also, how long will take for you to make the money back that you spend on the wall? 1 year? 

In my opinion I would seek to rent out the entire garage and find a separate place to store your personal belongings. 

I'm glad you made the first the move @Riley Holt!  Any updates? I know it may seem like an inopportune time because of the holidays but it also gives you a chance to seem human.

Good luck!

When in doubt be yourself. Be persistent, honest, and the confident that once the deal materializes you will find the means and support to close. 

@John Bell Congrats on the pregnancy! 

Personally before looking to increase rent I would get a good sense of the rental market and what they value. What I would be more concerned with would be retention. Given your margins reducing or eliminating turnover would make you more money than increasing rent.  

I have. Some banks do not like to loan (HELOC) on investment properties. Call around and you will find one that does. example: BoA does not but WellsFargo will.

@Mike Shahi has a point. The school systems in PG county are not the best BUT keep in mind that some people don't have an alternatives, or they want to live close to family, or they like what the are has to offer (art district, coffee shops, proximity to DC, 295, 50, or 495) The majority of the demographic in Mt Rainier, Hyattsville, Riverdale have little options but to accept sub standard school those who aren't are paying for private schools (DeMatha, Seaton, etc.) or testing into Rosevelt. 

IMO

Better School = Higher acquisition cost and betting on appreciation not cash flow

Subpar Schools = Lower cost, might appreciate, better cash flow. 

@Hilary Stalder thank you for sharing. My personal opinion is this: You are a very reasonable and astute individual that if you decided to invest it would work out. I would recommend investing given your track record of success and use the proceeds to pay off the student loans. This would be a win-win. The cashflow would pay off the loan and on the back end you will take advantage of the principle pay down and possible appreciation (not to mention the tax benefits) in the meantime.

As Robert Kiyosaki would say.... "This is a simple case of having money work for you." 

Good Luck!

I see that you now have a game plan in mind. Good luck and please keep us posted with what you decide. 

When I think of PM companies I think of insurance policies. In the short term it may be favorable to save a few dollars on Management fees, but in the long term it can come back to bite you. With that said, don't just sign with the most expensive PM company you find. Interview them (plenty of great interview questions online)  and see who you feel the most comfortable with (and do they listen to you). You can also reach out to the county and see if they have any active evictions. Good Luck!

@Abdul Kingundefined