All Forum Posts by: Christopher Lightner

@Michael Vittorio It seems like a standard house hacking plan. What I would like to see (and it would be property dependent) is what your returns would be and what time frame you would be looking at before being able to move on to your next property. You should probably establish some minimum cashflow or ROI goals so that you don't jump at the first 4BR/2.5 that comes your way and end up "house hacking" for 10 years because you are stuck there.

As far as CAPEX goes, are you in a position to save a small fund for CAPEX prior to purchasing your first property?

I think house hacking it a great way to get into real estate. If I didn't have a family, I would be doing it now to build my portfolio faster than I currently can. As far as the "best way" to spend money, that all depends on what skills you have and what opportunities are available to you.

If you need an agent, or just want to get together and talk shop, feel free to reach out to me anytime.

Welcome to the party @Matt Connolly! As @Amberle Farthing said above, it definitely helps to have a local wholesaler in your pocket to get first pick on a deal, but there are still deals to be had out there. You can even still find a decent buy and hold on the MLS if you are patient enough.

And if you just want to get some beer and talk shop, I'm your man.

Hi @John J.. Welcome to BiggerPockets! Being a government employee is a great place to be when starting your portfolio (I would know). Have you dealt with real estate before? Or is this your first foray into the field?

Thank you @Edward B. and @Russell Brazil. Maybe I can figure out something with some of my hotel points programs that will keep everyone happy. Now I just have to convince the tenant that this isn't a regular occurrence.

A car went through the fence in the backyard of my rental after taking out the electric transformer for the block a couple hours ago. Several houses are without power. I'm trying to figure out what my responsibilities are.

I see this as two problems. The first is the fence. Obviously I need to get a quote and get it fixed as soon as possible. The driver's insurance is going to pay for this.

The second is the electric. Am I responsible for putting the tenant up in a hotel until the transformer is fixed? Does the insurance pay for this? Or is it like a natural disaster, everyone for themselves?

Of course this would happen in my second month of being a landlord. Never happened in my six years living in that house...

Thanks for any suggestions.

Thanks for the quick responses. That was pretty much my line of thinking. There is no legally binding agreement. I guess this is that troublesome "human side" of real estate you always hear about...

Hey everyone, I've got a question about my situation. I have an applicant that I have screened and accepted to rent my property who is on Section 8. However we haven't signed a lease, and the PHA doesn't seem to be in a rush to get the inspection process rolling so it is looking like she won't be able to move in until after the end of the month. I am still showing the property and accepting applications in case she decides to pick another house, so my question is this.

What do I do if another, better qualified applicant comes along who has the funds to pay the deposit and rent on hand and sign a lease in the next few days?

There isn't a signed lease in play, but there is a lot of verbal goodwill between myself and the applicant.

That's awesome! My advice is make some business cards if you don't already have some. They don't have to be anything special, just your name, number, and email address. I didn't have any when I went to my first meeting and I regret it. If nothing else it shows that you are putting in effort into launching your career. Plus it gets your name out there as a buyer.

Hi Bertrand, welcome to BiggerPockets! What part of VA are you in? My wife and I live in Virginia Beach and I am also new in the game. I can tell you one of the local REIA's here is called Tidewater Real Estate Investors Group or TRIG. Their website is TRIGofva.com if you want to check them out.

Thanks! I think we will definitely be talking to a CPA in the near future.