All Forum Posts by: Courtney T.

My In-Laws are getting close to full retirement (he’s been retired 3 years and she has a couple more to go). Their income is not what it needs to be and they’re looking for additional streams. Keep in mind we live in the Bay Area (East Bay)

I’m turning to my friends at BP. We’re evaluating a few strategies/options for them to get into a smaller home and rent out the larger home with a tiny mortgage. I’m thinking they could get at least double what the payment is by renting it out...

1. Getting a hard money loan to cover the purchase of the new home. Seems challenging and costly. How would pay back happen should something happen in the meantime??

2. Borrowing against her 401K - can you do that nearing retirement???

My preliminary research is just that, preliminary. If you have any other tips advice outside this perspective please dish that out too!

Thanks all!

Courtney

EZlandlordforms is a pretty good place to start. It customizes by state and prompts you for the rules. It’s comes at a small fee but has the applications, background checks, and everything else under the sun. 

Single families, on the older side, with minimal updates should run you about $650-$750ish per year.

Grand Rapids is always a good idea, I agree. But being that I am from California also, I think it would be hard adjustment to those winters! But it is definitely a market that you can live in and invest in simultaneously. Good luck and have fun! 

Good luck Dan! The market is definitely hot, I’m working on my third contract in GR and hoping to link up with the like minded. I’d like to stop by the meet up as well. When and where is it held? 

Hi Nancy. Please send me information as well if still available, thank you. [email protected]

Hi there, 

Please send me details on this! 

[email protected]

Please send me the info when you get a chance? [email protected]

What city is this in? I had the very same problem (in Michigan). Purchased a home, had to get a mechanical inspection of the venting from the HVAC. Paid for the inspection then also paid an "approved" electrician to come out and inspect. He inspected and ended up needing to do about $600 in work to re-vent. THEN had to pay the city to come out and reinspect whereby he noted the deck panels were not secured. Failed inspection and will have to pay again for another visit in the future. All in all, multiple visits for mostly piddly items totaling a lot of money. ugh. 

I had a bad experience so I’m watching this thread as well :)