All Forum Posts by: Chad Summy

Looking for some advise: my wife is on board with at some point in purchasing a rental property, (and we will be seriously looking in a year) but with some stipulations.

- We do it on our own, we front the bill for the 1st property so we have proof of concept basically.

- I have to have it all written out for her to see and understand.

So focusing on that last point, what info do you find is needed or great to have to start?

Some of my thoughts:

- Know what type of property we want

- Have a lender lined up

- Have a rental contract created for tenants

- find highly rated service providers in the area (plumber/electrician/ext)

I want to be able to present her with a “Start up to rental property” packet. She knows it’s my passion and is willing to support it but she wants as few surprises as possible, and it’s needs to be in writing or she isn’t in board.

Thanks for the input in advance!

I found a property that has 2 homes on it, where 1 must have been a business out of it ( it appears on the MLS that it's been taxed residential/commercial) and the other the living quarters.

So a few questions:

My question is, how difficult is it to split the property. Where would I start?

And how difficult is it to get these homes rezoned as residential only? Can you rent a property that’s commercial but use it as a single family home?

@Chris Teti right that’s the moral dilemma. I’ve explained to him I ultimately want properties that are paid for and I can use them to fund/support a building to use for struggling families/single moms. So He has a similar heart towards helping people, he even suggested taking a mortgage out since interest is so low and just stick it in index funds to beat the inter rate.

@Michael Rice, it is nice but I’m paying it off as fast as possible I don’t want that family member hung out like a 30 year mortgage would be, I’m shooting to have that remainder paid off in 12 years. So it’s stopping me from saving any cash for down payment/reserves

I'm looking to understand financing options when having no cash in hand. So let me explain a bit.  My house was purchased/Reno'd with a family members money (150K total), in which I am paying back but its at 0% interest. i still owe $119K. I just had an assessment done that came in at 190k-220k. So my question is do I take out an actual mortgage on my home for 80% (its feels odd since I would have essentially 2 loans on one property)? then use that to purchase a rental property?  what are some negatives to this? Is there i better route?

I’m a 28 year old with a growing family where house hacking wouldn’t be an option. I currently own a home, and have some equity in it. Im wondering how I would go about getting into a rental property at this point but I don’t have a 20% down payment.

So where to start? I’m not in a “big” market compared to others ( I’m in Lancaster/Reading Pa) I’m not even sure it’s worth it. But I’d like to start local. But should I wait and say up a down payment I’d guess it would be years till I get a down payment together.

@David Haynes you have any experience towards the Lancaster Reading area? I’m a local there and wanting to understand if this is a worth while area and what to look for