All Forum Posts by: David Lambert

You could just wholesale the deal as well. I am sure there are people on here that could help with that if you haven't done it before. 

It sounds like you are trying to determine the rent increase based off the cost of the remodel and not the value of the remodel. It doesn't matter how much you spend on the bathroom. What's important is how the market values the improvements. Ideally, I would want to view comparables and determine the value of the improvements based on this data. Then determine a budget that would make sense based on that value. 

Also, are you budgeting a certain percentage of your rental income for capital expenditures such as this? It may be that these improvements do not warrant raising the rent but are needed in order to ensure the property is competitive for the market. In this situation having a capital expenditure fund to draw from "prices in" the improvements and does not affect your calculated cashflow. 

I love the idea of getting the remodel done while still receiving rents. It seems like a Win/Win. You don't have to delay listing the property even longer during a turnover and the current tenants get an appreciated upgrade. Great thinking and I hope it goes well!

Honestly, this sounds very shady. You are young, inexperienced, and seem very ambitious. Those are all great things but they are also things that can make you a target for someone looking to take advantage of you. Just because you know someone doesn't mean they have your best interest in mind. Providing a range of 120k to 150k instead of a specific salary is either a huge red flag or it means the position is commission based. You need very detailed information to make a decision like this. Perform due diligence and protect yourself. 

When I read the title of the post my first thought was......bet a paycheck this is about FL. Sorry you are suffering through this. Heading into hurricane season is a tough time to be emergency shopping for a new policy. 

This is a statewide issue that seems primarily caused by fraud and abuse. State lawmakers are finally attempting to address it but their proposed measures do not seem to instill much confidence within the industry. Many homeowners have all together lost their policies and are struggling to find replacement coverage. There have been some other posts on here about the issue and it has been covered heavily in the national news. 

Hey Mike! I am very familiar with this area! I am not an agent though. I would look into the NE side of Evansville(47715) as well as the nearby town of Newburgh(47630). I think both these areas have much greater long term potential than 47714. Both of these areas are experiencing tremendous growth and development. 

47714 has some benefits: UE has some foreign students who need housing, it also has some cheaper inventory and is more likely to have some rehab opportunities. IMO it has some pretty significant drawbacks. UE is declining and has been for years. I would not trust in its draw for a property that you are planning to hold for a long period of time. A lot of the neighborhoods in this zip code, particularly the southern portion, have serious crime issues. The problem has been getting worse for several years and the PD seem incapable of implementing a plan that will address it. Prepare yourself for the potential of tenant issues in this area which may be a challenge if you are out of state. 

Im sure a talented agent will be able to find you a deal that pencils out well in any of these areas. I just wanted to mention some things to consider. 

If you are looking to get into something related to real estate on a professional level but want to maintain a healthy work/life balance mortgages may be a good option. Getting involved on the finance side of deals is a great way to learn about REI.

I would recommend looking into loan processing as a start. It is a great position to get a career started in mortgages. Some lenders require little to no experience for these positions and offer great growth opportunities.This position typically works with all the departments within the lending organization and exposes you to the entire loan process. This can help you determine what your next step may be. Do you enjoy working with borrowers? Maybe a position in originations would suit you well. Do you enjoy the analytical aspects? Maybe Underwriting is a good fit. All of these positions are very commonly fully remote and well paid. 

Right now it is a little tough to get into mortgage lending, there has been a lot of downsizing. However, there are still opportunities out there.

I believe that most capital market partners require a purchased note to have the first 6 months of payments made on time or they can kick it back to the originating agency. To mitigate this risk, the lender will impose certain requirements to ensure this doesn't happen. This is my limited understanding at least. There may be some variance between lenders. Have you spoken with a knowledgeable broker? There are a lot on here. 

If his DTI is too high for a conventional couldn't he try a DSCR loan through a private money lender?