All Forum Posts by: Will Browm

I have a personal house with a slightly underwater mortgage and two paid for homes in a C level area. Both rented out yesterday! My plan is to not depend on any income on my rentals. I do not have the credit nor desire to borrow so my next house(s) will be cash buys. Conceptually, I would want to hit 10 or more homes before I start collecting any income.

Brian, I too have spent most nights and every weekend for the past 8 weeks doing my part in the rehabs. I am beat! I hope to sub out more work in the future. We will see.

Welcome Justin. I also am also from the Atlanta area, rather new to REI and the site. Take your time (I didn't), get a feel for a business plan, then look into books or blogs that specialize in that area.

With a P&I payment of $3860 you would be over 70% of the rental income (when fully rented) once you added taxes and insurance. That assumes you would be paying rent too...

Assuming the 50% rule you would be in the negative with costs and maintenance.

I am a newbie but went to C level neighborhoods (D+ maybe) for a whole different reason. Not wanting (nor really able) to borrow more funds, I was able to buy two houses for less than I have put down on my personal home purchases. It is a pain dealing with lower income applicants but I am staring at 3% monthly rental return on the funds I spent. I am going to religiously assume the 50% rule but I have done so many repairs in the beginning, that I think many are further away than I am planning for.

James invests in the area I live in. I don't have the debt nerves for this. He is not wrong, nor am I; different business models. Find your niche and work it. I personally am open to adjusting mine if I don't find it working to the level I assumed.

Will is correct.

The label is the law in every state. The first words on the Termidor SC label are:

"For use by individuals/firms licensed or registered by the
state to apply termiticide products."

I passed on both. Brian - the couple is not young at all but they admitted they were in a new relationship.

The female was delinquent on $28K of student loans.

While I am nervous, I have no debt on either home and will choose to be patient. Thanks for the replies.

There is no way the weaker could cover the rent alone. Dang, maybe I will refuse both.

FWIW, the 6 month offer came when I explained that I would not be able to consider a tenant with no job. I called her after the shock of a $0 income on her app. I guess regardless of the temptation, I will stick to that.

Tried to give you all the details and some comments remind me of some factors I left out.

-neither family showed any evictions or housing issues. The man in family 2 admitted an eviction from 7 years ago but it did not show up.

-The second family is not married and have no rental history together. The one with the student loan debt is the better income??? I will ask about this.

-the lady offering 6 months rent did contact me before the family members death. I did find the obituary FWIW.

My second home is a bit smaller and less expensive but I may offer it to the odd one out. have not marketed much yet.

I have my first two homes rehabbed and marketed for rent. My first has two separate families interested. Trying to decide; probably a no-brainer but I am asking for advice.

1) Family one - Mother with two kids, moving here from Michigan. Credit is okay but she has no job here. She is willing to give me 6 months rent up front plus deposit (funds deposited now for July 1st move in). She has not worked for 6 months but recently inherited funds and wants to move to Atlanta.

2) Family Two - One has bad credit (almost all due to Student Loans), one has okay credit. They have more than enough income (rent is 22% of income; verified via check stubs and called employer).

Neither has any evictions or criminal background. I could try to talk family two into my second home that just was completed today. I am nervous about lack of job history but the six months deposit is tempting.

Thanks in advance.

As a pest control branch manager that works in a region including FL and GA, it is pretty important to know more about the activity. While J Scott's advice and pricing is accurate for subterranean termites in GA, FL deals equally as much with drywood termites and that is much, much more serious and expensive.

Where in the house was the damage? What did it say about the activity?