All Forum Posts by: Gavin Welch

Anil, I can help you.  Call me at 863-670-0303

Thanks

Gavin

sorry for the short answers, but on golf course

there is a ton of them.. 

Amazon and county line road

Sorry about that Wayne is correct.  Its sunbiz.org.. 

Monique, It depends on the cost of houses in your market.  If you can get a decent 'starter home' that the numbers you gave work for.. Then go for it.  Make sure your can rent it out for more than the expected mortgage plus extra expenses.  If you could purchase a 60K house with 20K down.  Financed 40K you'd pay around $200 per month mortgage plus expenses.  Lets figure $350 to be safe.  So you pay $350 per month for a couple of years.  Stock pile cash and possible get a roommate and live for free and save the additional money.  

Then, when you have some more cash saved, buy house #2 to live in and rent #1 for $700 to $800 per month rent.  Save cash from house number one.  Live in house #2.  If you can repeat the process you have build yourself a decent group of rental properties.

I invoice on the 20th of the month and have them mail to a PO box.  I'm in the process of changing the tenants over to www.cozy.co.  Its an online payment system.

Inform the tenants of the late fees.. Some tenants will consistently pay late fees..  Or you can evict them... Most of the time it better to start over.  Once tenants are "off the reservation" its hard to get them back to living by rules again..  

Good Luck

Jedd, I would research both options.  On the seller financing end... Instead of giving 10 or 15%  upfront ask if they would accept that same amount as payments upfront.  That would allow you to "snowball" a cushion of cash in the case of vacancies and capital repairs.  Just a thought... You never know till you ask.  

The banks typically want around 25% on loans for investment properties, which would limit you to a purchase a max of 4 properties.  

Good Luck

Gavin

Hey Paul,  In my state (FL) the eviction starts at the county clerks office.  Buy some donuts and head down there.. They should produce anything you want.. Donuts go along way.. 

Good Luck

Gavin