All Forum Posts by: Erwin F.

Congrats, my man!   continue doing one deal like this every one or two years…. And you’ll be financially independent in no time!

Rent out a couple rooms and you’ll be living free now!

Are you able to find a good enough rental or stay with family short term?

One option is to rent out both homes, and renting a small apartment in a good area near school and kids schools.

This could give you significant income while reducing your expenses.  And if you’re able to sign a 3 to 6 month lease for an apartment and one of the homes, that’ll give you an opportunity to change your mind in a short period of time too.

I wish I was asking these great questions when was a young buck like you.

I say do a killer job at your current profession.  If your so good they can’t deny you, the capital will come.  Do this while networking.  Then buy the biggest house that you could afford and fill that bad boy up with roommates.

Good luck!  You got this!

I think I’ve negative cash flowed on my last three for the first year owned…. But after that, cash flow goes positive.  I don’t mind the year one hit considering we have 2 W2 incomes and we don’t spend any of our RE income

Ah man!  This is awesome!  I bought my first rental condo 6 years ago (I was 34)...  Fast forward to today, we have 6 and looking for our next.  

1. How much rent are you getting?
2. What is your interest rate?
3. How many beds/baths?
4. Got any pics?

So happy you got bit by the real estate bug.  Stay consistent and live well below your means, and you're going to be killing it 10 years from now!

We have 6 and we use TenantCloud.  It has the rent collection and maintenance requests.  It also could list units, take applications, digital signing of leases, and stores documents.  I like it because it automates notifications too.  I send a welcome letter with utility companies, mailbox numbers, gate codes, etc.  

Oh...  Another thing I've been doing.  I collect INITIAL deposits, rent, and other fees from Venmo.  That way the tenant just needs to their luggage and coffee maker on lease signing day.  Then after that, it all goes through TenantCloud.

I've been doing SFH from the MLS. I sent you a message of my realtor. Let me know if you need any other help.

@Andrea D., I wouldn't wait to house hack if your goal is to reduce spending.  With these interest rates for primary homes, you could reduce a significant portion of your housing expenses. Also, building equity wouldn't suck.  Then, you'll learn if you like being a landlord.  

I do really like Pinellas Park (we have 2 there) and Seminole (got one closed a month ago).  Gulfport is another area that I've looked at but haven't pulled the trigger there yet.

I hold fast to the 3x rule only because my requirements (3x income, no evictions, no felonies) is on my listing.  Then, I plug the applicants into a spreadsheet so I could prove that I compare each applicant the same.  I just don't want the possibility of being discriminating.  

I used to have on my listings 600 credit score.  But I have recently taken that off.  

@Terrance Hutchins, I believe they'd go down to 15%, but don't quote me on that.  I know for multifamily, they were requiring 20%.  I just do 20% down as it's a part of my own personal investment philosophy.