All Forum Posts by: Elizabeth O.

@Kevin Beres

Your numbers don't sound too far off from my first rental purchase.  Congrats for at least getting to this stage, many people won't.  

Why are you putting 25% down?  You should be able to do 20% I would think. 

If all goes south, do you have enough of your own money to cover the rent each month until you sold it?

I'm not an expert by any means but I have three properties now and each deal I do has a better return. 

We all have to start somewhere.

Good luck to you.  I hope everything works out.

@Paul Rolon

Seems like you have it good with the va loan and getting the seller to pay closing costs.  Now you just need him to lower his price.  

I like to eyeball deals first and if it was 150k and that was what I was going to pay for it then id at least have to make 1500 in rent.

If I see that's a possibility then I run all expenses.

So you really need to offer him something that would make sense to you and not offer his asking price.  

Try to never run numbers based on a high rent.  It will more than likely never be that number and if it is it's a bonus.

For reference: I just bought a 4/2 in chesterfield for 98,500 and am listing it for 1195 to rent.   

Try a lower offer if you really like the place and it doesn't need much work.

Best of luck

#1 I found my realtor through my property management group.  I've been fortunate to find a great group in Richmond.  

I like how it flows.  They fix up, manage and find me tenants so I couldnt think of anyone better to know the market and what rents.  

Clorox toilet bowl cleaner with bleach. I just spent last week doing this in a kitchen and hallway. The grout was a dark gray/black in most areas and a light normal color where there had been little traffic. I squirted the gel in all of the grout lines. Left for about 20 min. I then took a kitchen sponge and ran over the grout with the rough side of a kitchen sponge. I let it sit for another 20 min and then toweled off. Once the grout dried it was remarkably lighter. Area looks a lot cleaner and took about an hour. The gel is very slippery so be careful. Good luck

Dennis Standers I used a heloc from my primary residence for the down payment on rental property #2 and #3. Biggest thing is that you have to make sure you can cover the payment. It's going to be basically a second mortgage payment. So in your case make sure the rent you get in the other half of your duplex can cover at least 1/2 to all of your mortgage plus your heloc loan. It's scary getting started but as long as you run the numbers and plan ahead you can really make the heloc work in your favor. If you can... Change your post title to HELOC so people who use the keyword search will see it. Good luck!

Read, re-read or listen to the audio books over and over. Rich dad poor dad or any book in the series/brand. You could also pick up the books that are mentioned at the end of each podcast. That's what I have done. You pick up more info each time. I'm not a fan of spending money when things are out there for free. Your ultimate move is to make a move. Good luck.

Nick Pendleton I do have an llc set up for my rentals however I cannot obtain a conventional loan if I purchase through my llc. I would check with your lender (if your using one) to see if they would allow it. You could always transfer into it after.

welcome!

I am not a flipper but I took out a heloc to fund a buy and hold.  My advice is to get the heloc before you have the deal.  It took a few weeks before I had the actual checks and really it took that long to fully understand everything with the multiple options, time lengths and interest rates.  

Just make sure you have plenty left over each month for the payment.  

Good luck!

@James Wise 

Thank you for responding.  It seems when I don't ask the simple questions, I later find out I should have asked.

I am filling out an application for a business account with my current bank right now and  it just occurred to me that perhaps I should set it up at another bank.

Is there anything wrong with having your personal accounts at the same bank as your business accounts?

Any advice would be appreciated