All Forum Posts by: Charles Morgan

I have run into the appraiser issue myself. I had to have one appraised 5 times, 90k, 93k, 90k, 35k, 101k. The three 90k appraisals were not accepted because the appraiser thought he was 1. safety inspector, 2. fire code inspector, 3. carpet inspector (yes he dinged me for needing a "professional" carpet cleaning!). The 35k was a snob from the high end of town (obviously something in this area wasn't even worth the price of the cardboard it took to build it...)

@Jered Sturm has done an excellent job detailing the benefits of owning over handing your money over to a(n) REIT(insert entity). I LOVE the tax benefits and BRRR benefits of owning.

I have to this point DIY'd my rentals, however now that I have a few under my belt I am ready to start PM'ing them. Especially since I want to do a bit of traveling when I retire. Getting the experience by doing your first one is a good idea. Raise your rent next year...

Thanks! About to post a property myself and will use the info from this post.

Moved to EP in 1978 so been here a bit! Feel free to message me.

If you wait three years for the next purchase you can qualify for the 3.5% down again. But you may give up a lot of opportunity in those three years. On the other hand you can actually buy as owner occupied next year and rent out this one.

Multi is definitely the best way to start, that way you can keep a close eye on the rentals while you learn.

I will never recommend MAK roofing. They did a poor job and charged extra for stuff that other companies included standard, they had low bid but you don't find out about the Extras until they start.

Hi everyone. That is a great idea. I have started buying in Alamogordo myself but would like to have a presence in Las Cruces also. I just found the local forums believe it or not, they should be advertised a bit.

Also as a licensed realtor you are not limited to the $23,000/year loss on your (US) Federal taxes. 

I do expect to get my license but I am waiting to retire next year before I do.

Single rooms typically will rent a little higher than the whole house (IE: 3 bed house $1000, 3 single bedrooms $400 ea.). You can mitigate some of the cleaning issues by having maid service for the common areas and the maid may agree to add the renters at a good rate if they wish.