All Forum Posts by: Christopher Hall

@Eric Bilderback

I’m soon to be 26 and have 3 properties, started a family, and am active duty military. It’s all In the drive of the individual.

Many of the young people I know who are not looking at buying real estate, are scared from the 2008 crash and think it’s going to happen again. Also, growing up very few people talk to you about making investments and how things can compound. Simple financial principles should be taught in high school but they aren’t.

@Maxim Yershov

I’ve been having them screen shot credit karma and send it with their pay stubs as the pre screening. That way they don’t have to spend money on an actual background check until after they see the unit.

I signed a lease with a couple. They have been good tenants as far as paying and treat the property well. The women is still in the house and the man has moved out. She claims she pays everything and he occasionally comes and goes with out helping pay rent. She claims he mentally Abuses her etc. but nothing illegal that I know of. I told them I would drop the current lease and sign with just the women so she could stop allowing him access. I believe the women’s story and would like to help her, but don’t know how to. The man says he is on the lease and doesn’t want off. Is there anything creative I can do to get him off the lease other than him agreeing to it or her getting a restraining order?

Thanks for your input!

@Bonnie Rhodes

I bought my first rental when I was 19. I now have two rentals and a primary residence ( now 23) that will be rented out in a year or so. All of this was doable because I joined the military. Just start when you can.

I closed on my third property yesterday and it felt great! I’m active duty and have bought a property at the past two stations I was out and then rented them out once I PCs’Ed. Now at my third station I bought another and plan to live in it until I move again. I buy with the idea of renting after I leave so they are all modest 3 bed 2 bath. Once I rent this property out I will break 1000 a month cash flow and that has been the goal for a few years now!

I manage them all my self and I haven’t had to many issues and COVID has been minimal ( one of my tenants lost their job.)

I plan to keep buying when I can to ultimately sell everything and consolidate into multi family or at least a central location.

I have capped my va loan out now. So I'm not sure what I will do as far as loan products moving forward. I've heard about renewing the va entitlement if I was to refinance a property that had a LTV under 80 %. One of my properties fits that description I'm just not sure how that really works out. I haven't met or talked to anyone that has done it. If anyone has any tips or pointers moving forward that would be welcomed!

I received the 1000 dollar deposit last night. I have only received the generic email. I have two rental properties. One of my tenants isn’t really being effected, the other was a bar tender. I’m considering just giving the bar tender the 1000 dollars in rent credit. I just want to make sure I’m supposed to have this money and that it is an appropriate use.

@Brett Palmer in the interest of simplicity since it seems that is where you are leaning, use the 200k and purchase another rental house outright. Then if the market did tank you are covered-ish. It sounds like your duplex has a good cushion, and you primary could be covered by your w2 if worst came to worst. Then you can make 1500+ a month for your new rental. Take that money and pay down your primary or the duplex. Likely in less than 7 years you could have two payed off rentals. If you are handling two tenants, 3-4 wouldn’t be that much change or hassle for you.

The real estate tycoon wannabes will roll about opportunity cost but everyone doesn’t want to manage an insane number of houses. With two paid off rentals I presume you could double your teacher retirement.

You could also keep 20k or so back as a safety net for vacancy, cap ex, etc. and feel like you are in a very good position financially.

My two pennies worth, sincerely someone that would love to have this problem!

@Alison Nowotarski

We have rented out our personal residence and moved into a cheaper rental house for the time being. It cost about 600 to move between truck rentals and fees for turning services and such on. I am making 233 a month from renting the personal residence out now and saving about 200 a month from lowering living expenses by moving into the smaller place. Only 1.5 months and I will be positive from the move and start snowballing with the money. We have talked about it a lot and I let me wife read this thread, I think it helped to get us on the same page hearing it from other people. I plan on keeping this thread updated with our progress as we get things paid down. I hope everyone had a great New Years!

We have sat down now and looked at our situation, I let her read this post and I think that helped to have outside opinions presenting options and showing the possibilities in worst case scenarios. We are looking into selling the cheaper car and buying something cheap 3-5000. I fully listed the house we are living in to see if we can move out sooner. I don’t think the mortgage companies will have fit if we move out a month early. We are going to look at the cheapest possible places like a 2 bed apartment we can get here for like 750 a month. That will help. Our current mortgage is 1117 and I can rent it out for 1400 give or take. That alone will be 6-700 more cash a month towards debt. We have sat down and looked at our budget and have both agreed to be very strict to what we have talked about.

@JD Martin

I am medical so night ops isn’t an option. Ride sharing would be very difficult given that we both work in opposite directions.

You are correct that the larger loan is the one worth 21000.