All Forum Posts by: David Thomas

I'm doing everything I can with my work schedule to make this one! What a great meeting you have arranged @Darren Sager ! Looking forward to meeting you @Will Barnard !

I agree with comments above on not including utilities in the rent. I've only had one Section 8 tenant and they paid their own utilities. Personally when I was a renter I was guilty of not being as conscious with consumption of any utilities that were included. More reason that my tenants will be paying all of their own.

Hi @Abdul R.

I have had good luck with Pillar to Post. Other people that have also used them report good things.

Welcome @Madhu V. !

What towns are you looking at? Have you started seeking out properties?

Best of luck.

congratulations @Narelle Myke !! Great job.

Welcome to BP @Sam Abbitt ! Sounds like a great plan. Do you have an agent that is also an investor? They can get you good leads - for free.

@Patrick Reagan I just closed on a property that had a UST. Seller covered all removal costs, soil testing and install of new tank in basement. There was minor soil contamination. It wasn't a negotiating point because the sellers attorney already had it as part of sale agreement for any buyer. Cost them about $10k.

A few other considerations: 1. With UST's some insurance companies will deny policy coverage for the home unless remediated. 2. Some lenders won't approve a loan. 3. Be aware that once remediated of the UST issues you will need to wait for an NFA (No Further Action) letter from the EPA in order to close or assume responsibility of receipt of the NFA to close without the letter (your choice with negotiating that) and it comes to you months later . Attorney would keep funds in escrow from seller for any issues that may arise. I just went through this myself.

Shay Linton Have you considered an owner-occupied Multifamily purchase as your first step? This gets you the rental income to offset your DTI ratio. Most big banks will consider up to 50-53% DTI for FHA . My local bank reps verified that a few months ago but I could be off by a point or two. Conventional loans are around 40-45% DTI max based on my recent purchase this month.

Nice work George P. ! Just curious about actual numbers per month and per door. Your "potential profit" noted has zero operating expenses. What about vacancy, maintenance, repairs, any utilities/sewer , etc? Just curious. Thanks ! Congrats again.

Does NRIA have any client that flipped their purchase? If I have a "minimum $100k built-in equity" I would just keep buying and re-selling every single one of their investment units available right!? I'd be happy to get my brokers license for that!