All Forum Posts by: Elizabeth Colegrove

Great to connect :) The husband and I own 8 rental houses.

I had two houses in Charleston SC that I bought in 2012 that had 50 % equity. I did a cash out refinance that allowed me to remove equity up to 25% (I even had 6 properties) and than restart the 30 year loan. While this doesn't work for everyone this helped us use the equity for another property and pay off a considerable amount of debt. Worked out great for us, I have an amazing lender who works in 15 states (I believe htats the number) let me know if you want her info ! Good luck!

Oh I didn't take it as a whine but a "don't do what I did move". Even those of us who have been in the game for what seem like foever but just 5 years and 15 tenants make mistakes. Heck I signed a buyers agreement for 120 days on my 9th purchase. Bad idea lol. 

I love the fact that we share the good and the bad. LOVED IT!! Thanks again for sharing.

Great Great post!! I love it when people share transparent stories as i too have made the same mistake. I have found the same thing being on top of the landlording is as important as finding a great acquisition if not more important when keeping my properties safe. 

PS- Not sure if you can do this but I have a $50 handling fee if I have to bill back for utilities. It helps encourage people to pay and gives me money if I have to deal with it.

I rent to active duty military and the sub-par credit score would make me VERY worried. I would also HIGHLY recommend that you check his orders to make sure he staying in the house the length of time he is signing a lease.

Great to connect! My husband is active duty navy so we are buy and hold investors. Turning our personal homes into rentals was the way we got started. The key I learned is baby steps. This has allowed us to grow at a substainable pace.

What does your lease say? Do you have a specific consequences? I would charge my tenants for these charges if it was something that the plumbers inexperience cause and not what @Dawn Anastasimentioned, and therefore would have happened to anyone. On the other hand I have a 16 + page lease, that is VERY specific. It goes over exactly what is expected from our tenants and the consequences. So it would not be a surprise that this was not okay.

Welcome!

We invest in Hanford. We got started 3 years ago when we arrived due to Military orders. For us its been an amazing buy and hold location. We have 5 houses out here and its served us very well. 

Welcome again, and I look forward to seeing you around.

Love this post!! 

Shortly after we got married at 22 and 23 we realized that we wanted to be able to early retire, when my husband retired from the Navy at 44 and 42. 6 years laters we are well on our way to our dream. Like you mention have small goals leading to big ones, willing to do the sacrifice leading to it and most importantly keeping your goals in mind.

My husband is active duty and we have 8 houses and are working on our 9th. Over the years we have found it really depends on the individual mortgage broker. Some have countered our entire lease amount, other 75% other only whats on our tax returns. The thing we have learned is to ask around and find the person that works with our situation. Not every place is created equally. Once I find a mortgage broker I trust I go from there! 

Let me know if I can help! Good luck!!!