All Forum Posts by: Emily Lopez

Here's a bathroom I did some time ago. I am now realizing I never took any full after pics of the entire bathroom. The final pictures here are before I added the edging tile to the shower. So the after pics are before the bathroom is quite done.

Really, really nice job.  First one's the hardest. Now, you're off to the races :) 

I'm in the middle of one right now. I will post when it's done. It's just a remodel to rent but still a remodel.  I'll create a new post when it's ready. Should be a few weeks, fingers crossed. 

I agree with Michael Paris in asking if you are more interested in the business side of it or the hands on knowledge. If it's the business side you're interested in, studying books and classes will be an adequate resource.  If you are interested in hands on knowledge, I would recommend trying to find someone to work under as an intern or an apprentice. I have learned all my constructions knowledge on the job working hands on with professionals in a mentor type environment. 

I allow pets.  Not allowing pets eliminates a large part of the rental market.  You do need to check with your insurance agent as certain dog breeds would not be covered under your policy.  

When I first started, I didn't allow pets and realized people just get them any way and lie/hide them from you. I charge an extra $25 a month per pet.  When I was a renter, I had a cat and gladly paid extra to be able to have her in the home with me.  

Yes, its likely you'll have a few bad experiences with people's pets and damage but you will also have many instances where pets do no damage.

You are going to get a lot of advice in response to your request and you'll have to sift through and pick the pieces of each that work for you.  I will tell you a little about how my husband and I got started (we had big student loans to deal with, too).  A lot of people think they have to do one or the other (pay of their student debt or invest) when you can to both at the same time.  We started out with ten thousand dollars less than you in student debt and are down to 36,000.  This has been over a few years. We bought our first home when I was 23 and my husband was 28 (now 25 and 30).  We currently have 4 rental units (one is a two unit property).  Although I would've loved to eliminate that debt early on, we never would have had the necessary capital to invest in homes if we had done so. Both my husband and I work reasonable jobs (probation agent and state trooper) so we're not making insane amounts of money, just saving every bit we can to put back into property.  We also save all the profits from our rentals to invest in the next one, we don't spend a dime of it.  

For you, if you have the luxury of living at home rent free, I would do so.  This helps you because when you go to apply for a mortgage, your monthly expenses should be quite low.  I would buy a home and rent it out.  Depending on prices in your community, a multi-unit property would be a good option for you if you did want to move out.  Everyone will tell you its to risky.  When I bought my first property, my dad told me it was a bad investment and too risky.  Its not a dangerous risk if you have appropriate emergency funds for anything that may come up and don't buy a property out of your price range.  YOU have to do what YOU feel comfortable with.  Be aware that if you buy a non owner occupied investment property, you will need to have at least 20% down if you go through a traditional mortgage.  Once you buy one it gets easier.  The first is the hardest.  Feel free to respond with any additional questions and good luck!

My husband and I currently own two homes and are working on purchasing another three unit property.  Before I began making my own investments, I worked for a home rental company for about 7 years learning everything I possibly could.  I also run a finance blog with general information and tips called mindfulmoneymatters.com