All Forum Posts by: David H.

Work hard and save your money

If you are just starting I would just put the money in an account until there is enough in reserve to cover 6mos of mortgage and maintenance on each property. I wouldnt put it in the market since u may need it and the returns on a small amount are not impactful enough.

It depends on your wife's knowledge or interest in learning the tax laws. I only have a few properties and wouldnt because I like to learn the rules and do it myself as I feel I can squeeze more out than the CPA will. Todays software makes it pretty easy to do a good job until things get really complicated

Seems like a no brainer to raise your price to me. If the deal is that good is it worth even thinking about over 2500?

It may not be an issue, most banks will count your rent as income once the property has been rented for 6 months so that will improve your debt to income. Worst case would be having to wait 6months on the one you are closing on. But you can probably find a lender to make happen now. Like Joe said just start contacting them

That's awesome!!! The guy probably does have something going on in his life but that's his loss and your gain

Here are my thoughts on crashes, be it real estate or stocks. You can sit around waiting for the crash so you can jump in and make easy money (which sounds alot easier than it is when everyone thinks the world is about to end) or you can be a smart investor and find good deals and make solid money the whole time while the other guy is waiting on the crash that may not happen for 25 years. My bet is the guy hustling the whole time will come out on top!!

Another thing, I think how you handle pre-screening and having tenants pay for applications is market dependent. In a hot market you can be stringent. I've found I had trouble trying to really pre-screen. So I just do that at the showings if they want to move forward. I dont live in a big city so I'm not getting tons of showings.

I have had almost the exact same thing happen. I think it's a combo of rent price, time of year and something else. Like if the comparables have something up on you like newer countertops or more updated, its prolly more price. I dont even count people contacting me on zillow that never respond anymore as inquiries really, cause most are daydreaming it seems lol. My house I just rented had a bunch of nail holes in the walls from hung pictures, I told the first 4-5 people that saw it I was about to fix it. None moved forward. I fixed it and the first 4 ppl came to see it wanted it. Amazing the small things that can hang ppl up. Lowering the price will probably help. Sometimes it's worth it if you are in a hurry to get it rented. But often I think it's more time of of year and waiting for the right person that likes the house

I think that color is fine so you shouldn't worry. But more importantly you have to realize you will make minor mistakes so getting anxiety over it is just going to stress you out. Long term even if you picked a bad color you can repaint or whatever at minimal impact. Like was said just breathe lol