All Forum Posts by: Dean Weltman

Depends on the person, but girlfriends can be employees, too... Kidding aside, I'd be more focused on building a long-term relationship with a few contractors than making it like Hunger Games. I want a long-term relationship, not just 'What have you done for me, lately?' - which is what it seems like when you are so blatant about making them compete like that. 

However, in certain situations, that seems like a good idea, just depends on your goals - and I don't mean just the cheapest bid. I've been through a few contractors, but I've mostly been using the same guy for over ten years... Can't beat that. 

Three contractors at the same time? Does that sound like a good idea to you? Do you bring your girlfriends to your wife's birthday party? (Or insert better, more appropriate analogy here)

Tina Nuckols Was this part of an estate or something? I think you need to give some more information about the property to get usable answers. I'm thinking a visit to a local RE attorney may be the best option for you right now.

Talk to more lenders.

My wife and my mother are on the loan for our residence, a SFR. I want to 'buy' the house from my wife and mother using my VA loan, and I want to finance 100% of appraised value. This would result in me getting approx $90k back at closing. Can I do this? Several lenders have already told me I would have to do a refi, and that I can't get any cash back in this type of arrangement. Not sure how it's a refi, since I'm not on the loan. Anyone know differently? Useful info (approximations): Purchase price: $230k Down payment: $40k Current loan: $190k ARV (about to remodel it): $280k Thanks for the help. LO's please chime in.

You shouldn't give your 'not about the money' prelude in a place about investing... That being said, I read your short bio and think what you're doing sounds like an awesome life! Treat your investing like a business or like a hobby, and the returns will be likewise. But that part is up to you. Ultimately, if you support yourself and your family/employees/community from your investing, then I think you know what to do. Do you have to be at the leading edge of pricing your rents? Probably not. And taking care of your tenants by taking care of your property, and being flexible when justified, goes a long way towards running a moral or ethical business. If your rents are behind because you are behind (on maintaining rent parity) then it doesn't seem ethical to burden good long term tenants by making up the difference in a year or two... Make your gradual increases and don't delay or it just gets worse. Remember, it's not just your cashflow you're increasing, as looming capital expenditures aren't stopping their increasing costs because of your good intentions. Taxes go up. Insurance goes up. I imagine your cashflow on these two properties is much less now than it was, but if you have a large pot of rentals you probably aren't noticing. Good luck and have a great day!

I don't see a price listed...

LaMonica Evans Do what's right for you. I don't know anything about your realtor, but most don't do any investing - so first you might want to find a investing realtor. Second, do you want to own a house or an asset? It'll be a lot easier to move to a second property with 4 rented units at your back than the other way around. You've done the research or you wouldn't be looking at multifamily, so don't let this guy talk you down. It's easier once you get started because then you don't have a choice, but to get to work! I wish I'd bought a 4plex for my first few properties... Good luck!!!

Not looking good for what I was trying to do. I've been told it's a Texas thing... It happens. Thanks for the reply.

I believe it has to be under 180 days, and although you can do several lease options in serial, my lawyer recommended against making that a habit or carrying it out too far. Something along the lines of not much (or any) case law pertaining to that, and being one of the first in front of an unsympathetic jury might not end well... I was going to do one and decided against it.