All Forum Posts by: Elliot Smith

Hey guys the meeting went well we just got back. The duplex is is exactly what we were looking for needs love but didn't look to be anything major. The 2nd property was different it was a 2/1 built in 1926 the tenant wasn't home so we didn't go in. The major problem was both properties faced a 4 lane road/highway. However they are zoned mix use and all the buildin is heading out that way. The rents were.

Duplex 2/1 rent 695 very low for area

duplex 3/2 rent 750 again very low 

house 2/1 rent 695 very low again and this was back aways from the highway. 

The house had an additional build that used to be a 1bed 1 bath but he said the septic failed so it had been abandoned for 15years. He used to rent for $100 a month!

We did not talk about price I just wanted to build a relationship with him. The lots were .4 acres each with very big back yards.

what are your thoughts? 

Thanks guys! It sure is fun. And the best part is that it's something my wife and I do together and both love. 

I am so excited I sent out my first batch of letters on Monday to multi family homes. I only sent out 28 I ran out of envelopes. And I got a response! The man wants to sell two properties! And he has owned them since the 70s! Oh and they are free and clear! I'm so excited. Going to meet with him on Sunday. 

He wants to be done he is 75 and ready to stop working. 

I just talked to my lender from Umpqua bank yesterday and he told me they will take 75% of the rental that we bought in December. And the other one that we ran for a year off our tax return. They will also go up to 45% DTI. He is a awesome broker and makes things happen!

My wife and I currently have 3 properties and we are 25. We currently have $2500 of disposable income that all goes to savings after everything is said and done. In our bills we also fund a ROTH for both of us $917 a month. Would you continue to keep funding the ROTH (its not doing so great) or save for another property? 

We did pull $10,000 out back in December to cover our 3rd purchase. There was no penalty since it was all principle.

Thanks for feedback!

Thanks for this thread I am learning a ton. And don't worry my wife and I are spending our Valentines day working on property number 4.

Elliot 

We had a tenant move in on the 26th of December and we broke it down like this.

$233 last 5 days of month

$1450 January rent 

$1000 deposit 

$250 pet deposit

$2933 due on move in day. They were fine with all of this. If they can't come up with this then we shouldn't be renting to them in the first place. 

This was awesome. I listened to the 10x audio book all today. Very motivating! favorite chapter title "Don't be a little Bi***" Love it 

My wife and I have bought two homes on the conventional 5% down owner occupied. You have to live there for a year but it has worked well. The only downside is you have to "upgrade" because they will think you are doing it to get around the investment 20%. we capped out on this last one as we don't want to get a more expensive home. However we got 2 homes with 5% down in 12 months. We bought one in dec 2013 and the other dec 2014 closed almost exactly 1 year apart.