All Forum Posts by: Account Closed

So I converted primary into a rental, and figured I needed a rental dwelling permit. The town came by to inspect the home, found its in great shape. Problem is, to meet “code” it needs an egress window installed (~$5k), backwater check valve installed (~$2k), and electrical inspection, as the basement is finished. The costs and scheduling estimates and work to be done has been a complete nightmare to where I’ve considered selling this perfectly fine house. So is the C of O even entirely necessary? Also, for plumbing issue it’s a full day of work and tenants wish to be home while it’s being done. Do you allow contractor to do work while nobody is home?

I do a lot of side work along with renovations in my own properties (just the two so far). I’ve actually decided to get a mini van, something along the lines of the dodge caravan or Honda Odyssey. This way, you could have the cargo space, decent MPG, and if you decide to Uber on the side or get a real estate license, this will help as a people mover too. Who cares how they look, turning a liability into an asset is huge and this is a very practical option to look into. Plus I kinda think they look cool. 

So after looking for a property for almost a year I finally found a solid multi-family to house hack. Now I’m 3+ months into this closing process, full of lies and sidestepping from this sketchy seller, and the day of closing I find out a judgement still hasn’t been settled. I postponed the closing, but they apparently can’t find the person whom the seller owes $1,000 to. The lien will expire in 4 years and would be left in escrow until she collects or it expires. Lots of time into this now, would you go through with the deal and have the $1k in escrow? Or start searching again. 

I've been considering this too, it seems like a great idea in terms of ROI. I think it depends a lot on the school, as in size and type of school. Needs to have a large population, and shouldn't be known for partying, but for its academics. Plenty to consider, but definitely very interesting especially as a house hack

Hello BP... I purchased my first house about 15 months ago, fixed it up and am now renting the property as I search for my next rental property. I’ve gotten the permit with the town, rental dwelling insurance, and am changing my address back to parents home for the time being. Anything else I need to check off that I might be missing? I simply claim the rent as income at tax time as usual, correct?

Hello all, I am looking for thoughts and opinions on investing outside of the US. I am new to RE investing, but open to pretty much all avenues, once i get my footing. I feel like there has got to be some pretty excellent RE opportunities in fast-growing economies around the world with still-dirt cheap real estate, and in high traffic/touristy areas. Anyone ever explore this or think of venturing outside of the US for RE investing? 

I'm in Rochester, NY looking for my 2nd SFH rental. Been searching now for about 6 months and the numbers simply do not make sense unless purchasing with cash, which I am not. Meanwhile the housing prices continue to skyrocket. Is this all just a racket and I need to wait for some economic collapse? Because going by the 50% or 2% rule in my market here would be definitely impossible unless purchasing with cash or renting for $300 more than market rates.

I'm a maintenance professional so I don't mind doing some work. That said, my range is $80-105k, but really anything under 95k is gonna need a ton of work which I can't justify. So if I buy a house at $100k and rent it for $1,350 that's probably $400 cashflow after PMI. Now I used to think that was solid for a rental property. But after reading more from some on here, that'd be a big mistake.

Going by the 2% rule I’d need to rent out that $100k house for minimum $1,500/mo which for a 1,000sqft house just isn’t happening. The market is incredibly competitive, the best deal I’ve had that fell through was for a $97k house that needed minimal work and could have rented for $1,300/mo. I thought that woulda been solid, so what am I missing here? 

Thanks to all for the input. They declined my offer anyway so on to the next one. Learned from this one and move on.

@Matt Honeyford hey man thanks for the input, I understand that but every house I’ve seen not requiring cash-only has been well above assessed value. I used to shoot look for like 20% below assessed, but I’ve pretty much begun ignoring it. I’m looking outside of the the city at sfhs, so anything under 95k needs a ton of work. The market has just gotten extremely competitive so not sure what to do at this point and I’ve had like 5 deals fall through.

@Joe Splitrock @Jim K. @Tim Herman @Jay Hinrichs

Thanks to all for the input here. This will be my 2nd rental property, but my first with putting 20% down, so I need to be extremely careful here. In Rochester idk if the 50% rule is doable. Anything below 95k is going to need a lot of work, and I can't do a cash-only deal yet. (Btw thanks Tim for explaining that 50% rule and the way u add that big $ item to the monthly expense, not sure I've ever really thought of it that way). I'm just using the COC return of at minimum 12% my initial investment. I also loosely use the 1-2% rule. I'm just not sure the 50% rule can apply in my area. In this market, it's just very very difficult to find a decent deal without going a bit high.