All Forum Posts by: Erik Johnson

@Todd Witt I think that the landlord should provide the shower rod and the tenant should provide the curtain. If you have the tenant installing the rod and then remove it when they leave there will be holes in the wall and they might cause more damage when installing/removing the rod. But the shower curtain is disposable and the tenant should be providing this for themselves.

@Account Closed Welcome to BP. I think starting with a duplex is a great idea. Just make sure you run all the numbers(mortgage, taxes, insurance, management, maintenance, vacancy, ect) before you jump into any property.

@Brandon Last

1. Are you planning on having a mortgage on this property?

2. Are your Vacancy, Repairs and Cap Ex high enough at 5%?

3. How are you getting the tenants to pay for garbage?

4. How do you not have a budget for sewer? Is it free in Eugene?

5. You wrote Flood Insurance but there is no value for it?

6. How are you getting tenant to pay for lawn care in an 8 unit?

@Chris Weaver If he were to lease a car he would still have a car payment but this one would be never ending. And he would probably have to pay some crazy fees at the end of the lease term because he puts on 3k miles a month so he would exceed the 12k-15k miles per year on the lease terms in 4-5months.

@Chris Weaver Why would he want to get a lease? He would then be paying to use the car every month and would never own the car but must keep in near perfect condition(and paying near the same amount as a normal car payment).

@Daniel Lehman From what I have heard you don't usually get to use future rent that you should be getting from the property as income to help with qualifying for a mortgage. From what I've heard/understand you usually need 2 years of rental income before the bank will consider it as income.

Also if you can't get your car refinanced do you really think you would be approved to get a mortgage?

@Daniel Lehman How do you plan on renting a house bought with a VA loan?

Are you planning on buying a duplex, triplex or quadplex?

@Daniel Lehman

First I think you need to get rid of that loan at all cost (ie. refi, payoff, sell). That might depend on how much is still left on the loan and how much it is worth. If its only worth $5k it probably is not worth trying to sell and buy another car, though if it is worth ~$20k it might be better to sell and buy a cheaper car. You might not have been able to refi because you might owe way more than it is worth because of the high interest rate.

Assuming a 6 year loan at 24% you would have taken out a $11,000 loan. After 2 years you would still owe ~$8,800 on this loan.

Assuming a 5 year loan at 24% you would have taken out a $10,000 loan. After 1 year you would still owe ~$8,800 on this loan.

From this I'm assuming it is not a $20k car and it is probably worth closer to the $5k mark. If you were to sell the current car for $5k you would still owe the bank $3,800 plus the $3k you spend to buy a cheaper car and you are in $6,800 and now you have a cheaper(possibly less reliable) car. If you just pay off the loan you will be in $8,800 and have the same car you previously wanted(1-2 years ago) you would better know the reliability of the car and the recent maintenance of the car and you spent nearly the same amount.

Just some food for thought. Best of luck in your decision making and your investing.