All Forum Posts by: Drey Taylor

This shouldn't be a problem.  The wife and I have done simultaneous mortgages before.  Easiest method would be finding a good broker that will handle both the rental property and the primary residence.  You don't want to be dealing with two different outfits and trying to get them to communicate.  They're going to underwrite you for having both simultaneously.  Ideally you can quality for purchasing the rental property without the income the property is expected to produce, which will make the process slightly easier.

Other things to keep in mind with large rentals is wealthy people go through divorces too.  Many times that can result in one or both parties to end up renting.  I know a few cases of multi-year tenancies at higher end properties due to divorce.

@Aleksandra Draws

Wow, the internet is awesome.  You can come on the site, tell some strangers what you're doing, ask for advice and now you're getting the whole picture.  Unfortunately many traditional residential agents have never had investment property, don't know how to run the numbers for cash flow and can steer you in the wrong direction.  Glad you reached out and best of luck to you!

Check out 123LandLord.  We're handling 5 doors and we really like the ability to handle repairs, expenses etc through the software as well as online payment.

@Juan Llamas- Sending a private message.

Welcome @Aaron Crow~!~ Glad to see you're going to get back into the game.  Are you going to keep the J-O-B for lending and cash on hand purposes?  My wife and I are focusing on living as far below our means as we can stand (check out Mr Money Mustache for general idea) so we can sock some cash and get more long term holds as well.  It's nice that I have a decent paying W2 so I can qualify for Fannie loans.

Wow! Great timing on reading this post.  My wife is a Realtor and helping a client find a new home to rent.  Her client found a lead on Craigslist, inquired and received a fishy email, which was forwarded to my wife for vetting.  A property where market rent would be ~$1,600 is listed for $1,000 with all bills paid!  What a deal, right?  So, the "owners" have already moved down to Harlingen for their church and the utilities on the house are paid for because the owners are involved in a government program that covers the rent.  The email had clearly broken English and the name they used was not the current owner, but who owned the property last year.  When she reached the owner by phone he got very frustrated when this was brought up and ended the phone conversation.  I'll have to ask the wife for more details, but this was so crazy!  This was for a house in Frisco, TX by the way.

@Account Closed- How many units in each complex?  Where are they located?

Message sent.  

I have to do this when I'm out in the corporate world too.  Must provide business purpose and list the attendees.  It's easy if you have a system.  I usually write it on the receipt and then take a picture of it with my phone.  Attach it to the expense in quickbooks or whatever system you're using.