All Forum Posts by: Devin Cutler

I am looking for the best provider to HELOC my house with so I can do our next FHA House Hack, I will need money to place the 3.5% down and will also need about $30,000 to make rent ready. Who has the best terms and who processes quickly, my neighbor is selling soon and I want to pick it up before it hits the MLS. #ThankyouCraigCurelop

Okay, I have a question I have a 2 story single-family house that and my wife and I live in the basement it does have its own entrance but is not a duplex. I also rent the spare rooms out upstairs, I have a tenant now claiming I have to give the notice to enter the common space, the kitchen, living room area of the upstairs area could this be true? Should I comply with her demands until I can end her lease? She is on a month to month I am going to give her 20-day notice today.

In my neighborhood, I have seen a couple of houses for rent. I know that if I could control the property, I could make close to $750-1000 more in rents. Using the rent by the room method, what strategy could I use to influence the current owner to lease the house to me so I may sublease it out? Any input or thought would be much appreciated!

Your not alone, I am struggling with the same issue!

I asked that I wanted to turn my primary into an investment property and make the next home our primary over the next year while renting out the rooms then leaving for another house again at the end of the year. I was told this wouldn't be allowed.

So, I was about to do a HELOC and Refi with my Companies Credit Union, but there are stipulations on what the HELOC can be used for, I was told, "you cant use the HELOC to buy a business or another home." Can anyone suggest where I should look for a HELOC that will allow me to use the funds to purchase another home? Not sure if it matters, but I live in Washington State. Any suggestions would be much appreciated!

Hey Osar , my wife and I are doing this to get our feet wet as landlords it has been very great for us so far, I think it is essential to consider the personalities of each tenant because they all have to mesh well for the living situation to function. With that said, what I love about renting by the room is that you can make more by renting the rooms then you could if you rented it to let's say a family, at least this is the case in my situation. I have three rooms I rent at $700 each for $2100 a month if I rented the entire unit out, I think the most I would be able to swing is $1700-1800 a month. Plus, if one tenant moves out, I am only on the hook for 1/3 the mortgage instead of the full amount.  

The tank is above ground.

So I have a two-story house, with an oil furnace that takes up a lot of sqft, I am considering having baseboard heat installed. I am wondering if it makes sense do this? I have separate renters upstairs and downstairs. It is not technically a duplex. I also would install locked thermostats if I did baseboards. What do you all think, is it worth it? I am paying about $700 for a tank of oil on average 3.5 times a year plus maintenance cost for the furnace this year is at $350.

First, we live in Des Moines, WA and our open to meet anyone looking to grow, develop their aspirations to be rental property investors!

Our goal is to pay off our current debt, we have this debt from building out our 1st home into cash flowing house-hack. In July we were 30k in debt now as of today we are at 9k we hope to have this paid up in the next 2-3 months then we are looking to refi the loan from an FHA 30yr at 4.25 into a Conventional 15yr at 2.375 for 3 discount points. At the same time, we want to process our Heloc I suspect we will get a line of credit somewhere between 80k-100k.

Then we will reapply for another FHA and purchase another 2 stories single family at 3.5 percent down. The house should have at least 3 beds 1 bath upstairs and 1 bed 1 bath downstairs. We will rent the 3 bedrooms upstairs to 3 tenants at 700-750 each for 2100.00 to 2250.00 per month. Then we will move out of our current home and rent our current living space for 1200-1400 a month, and we will cash flow close to 1000 a month. We then will move into the second and rent the 3 rooms upstairs to cover the mortgage, while we live in it the basement for a year then repeat the process. Our goal is to FHA 5 more homes over the next 5 years, then start working towards 1031 exchanging the properties into commercial multi-family buildings.

If we have enough money to work with after the FHA buy we want to try to buy a small home in the Tacoma area but the numbers will really need to make sense!

This year we will also be very aggressively looking for a mentor and like-minded people who are also really making moves and are 100% in on creating passive income. We are going to make business cards and hand them out like candy, we going to attend more meetup groups and we will put ourselves out there to manage other investor's properties. 

We have lots of goals but at the end of the day we want 2020 to be the year that changed our lives forever, please feel free to message me my wife and I are open to learning, helping and doing whatever it takes to win.