All Forum Posts by: Devin Deswert

I agree with Matthew. Anyone who lives in one of your units should be on a lease. If big brother is a good tenet I wouldn’t sweat little brothers background to much. But both on the lease Incase. 

And what group is this? Do you have a website for it? Or on meetup?

I agree with excel. Hands down the best and most flexible solution. Also a note pad, if you want to get real fancy then the Evernote moleskin notepad.

Ya a 100 dollar a door is a really bad place to be I think, you can almost argue it's worse on scale. But guess it depends on your risk tolerance. As my doors go up so does the amount I cash flow. More tenets = more risk. More assets that break/wear = more risk. I need to get paid for risk. If your into building and working systems you can make more at the craps table per night with far less risk then REI at 100 per door. Which strangely enough builds and scales a little bit like real estate, especially if you are a come better and stack odds... anyways moving forwards. Let's say rents are 1200 a month and you set aside 10% for cap ex. That's only 120 dollars a month. It will take 5 months to cover a water heater. On 900 sq feet it will take you roughly 10 months to cover new carpet. A new central ac unit? Well that will take you roughly 41 months. Clogged toilet ya you can expect that to eat up a months worth of cap ex. Garbage disposal that's 4 more months of cap ex. Not even getting into things like appliances and structure. I'm sure I will get responses like "I do all that myself so it's cheaper" or " I sell before stuff breaks but after I've gotten 3000% appreciation" well you guys are neat.

Couldn't tell you. My broker asks for it then I send it in, every time she asks so I know that's what she needs. How it's figured in I don't know. But the 30k should already be on your w-2 unless your not claiming your rental income or cheating it. 

They will likely want to see your leases and the income on your w-2's.

What's the name on your agency?

Can't believe this guy is real or if it's a trolling post. Either way wholesalers = bottom feeders of the industry and need to just go.

Hey, VA loan and fha 203k rehab loan is two different tools you can use depending on the property. VA inspectors are pretty picky. My first duplex was new construction on a VA loan and even that got kicked back for issues that needed to be corrected. I would research what each loan would look like. Who knows you might find a great rehab with promising numbers. Like others have stated you can use the VA loan twice. It's been awhile since I've looked into this. But from what I remember you basically have a entailment amount. So you buy home one for 200k and that wraps of 200k of your 400k dollar entitlement. Your next property is 250k. Which is 50k more then what you have left and would need to come up with 20% of that 50k. Also from my sit down with a broker a few years ago your living situation just needs to change. Like new job and need to relocate, or kids and need more room, or kids moving out and you need less room. But who knows things could of changed. And remember just because you can put zero down doesn't mean you should. Always check your numbers and make sure the investment is right and not force it because you can do zero down.

I can't help with your current problem as I'm not a lawyer. But in the future I would recommend adding a mold addendum to your lease. In short it basically states that when leased the property was mold free and signing a lease places responsibility on the tenet to maintain proper climate control to prevent mold, in the event of mold it is the tenets responsibility to notify you and yours to remedy the issue. It's a pretty common form along with the lead paint addendum and smoke detector tempering. Also I hate how current tenets get a bad rap, you arnt inheriting them they are inheriting you, you are buying a asset they are part of what makes the asset. It's sloppy landlords that are the issue most the time. Durning your due diligence knowing what's signed is something you should know and should be able to see late fees/payments on statements. If it needs to be signed then produce the document and have them signed or they need to go and go when you are legally able remove them. Which varies greatly from state to state.