All Forum Posts by: Henry Peñate

Thanks for your response 
@Theresa Harris that’s the thing that the water has to be under homeowner that’s why we decided to advertise that way , and we’ve taken recent pictures as we’ve packed and cleared out most places .

Good evening all

We are in the process of closing on our 2nd property in 4 days . We still haven't found a tenant, maybe due to the fact that we haven't vacated our current home and had no showings. We've listed it on Zillow , nextdoor and Craigslist . We received a few applications that we've followed up in and got stuck there with those potential tenants. Our next step is doing the old school way and putting a sign on the yard. We've debated listing it with our agent on the MLS but just seems high priced to pay one months rent to list . We've listed it at $1800 with water payed by us and the average rent in our neighborhood is going for $1700. We ask for any advice on how to advertise our home as last thing we want on our hands is a vacant home and having 2 mortgages.

Thanks to all in advance

Hello to all fellow investors

My wife and I are closing in 7 days on our 2nd property and renting out our current primary.

We’ve posted our home for rent on Zillow and received a handful of applications. We plan on having showings and/or an open house once we vacate the home. With some passing background and credit report , we plan on proceeding with a few of the applicants with a email consisting of verification of proof of income, employment, rental history and identification. We also have listed restrictions on home. We’d like to hear from our fellow landlords on other checklist items we might have missed or the process that other landlords use to achieve putting a tenant on the property. Should we require renters insurance, and with the CDC extending the eviction on tenants how do landlords verify or handle the matter of tenants not paying rent? Or how can we enroll in auto payments with tenant.

We have in place a lease and income and credit requirements.

Thanks all in advance !!

@Jeffrey Donis @Taylor L. there’s a few the e myth books by m. Gerber which one ?

@Steven Foster Wilson That sounds amazing , great achievements to celebrate!!! I can’t believe I forgot about bigger pockets books , thanks for refreshing my memory , I’m definitely adding to my cart !!

My wife and I our a few days from closing on our 2nd property and renting out our primary. We also plan on taking out an equity loan on our current primary to invest in a multi family in the near future.

We’ve read Rich Dad Poor Dad and ABCs of real estate . I’ve got 10x rule , Tax free wealth and Millionaire next door on the wish list and ask for recommendations on any other books that’ll strengthen our minds as our lives have already changed since reading rich dad poor dad in just a few months.

Thanks to all in advance !! 

My wife and I are excited as today we have our inspection on our property we look forward to owning and one day renting out or doing a 1031 exchange but before all that we’d like to gain more knowledge on how we transition our current home to a rental property. We currently have home insurance and don’t know if that’s something we keep or do we get renters insurance, or what other add ons are recommended. Our home is ready for rental just for a few minor touches nothing major. And we are planning on refinancing and taking out an equity loan in the near future to continue investing.

Thanks to all in advance.

So we’ve just had our offer accepted on our 2nd property in this crazy market and after celebrating our little win our lender has brought to our attention that being that our down payment and closing costs will be funded from our savings which we without knowing transferred our income tax from our checking to savings . Now we have an issue because my wife and I pay for our mortgage through our checkings (our primary home which is only under my name and the home we are now purchasing will be under her name due to some credit issues on my end). Maybe an issue come closing that may force our loan to be rejected without proof of debt to income ratio on the rental. Contract has been sent , inspection is ready for tomorrow but still no info on how I send option money to seller. We contacted our realtor hoping to list our home for rent and have proof that our mortgage will be covered , instead she just suggested another lender by saying she’s had bad experience with our lender which was only one time , we don’t feel the need for that as our lender has helped us a lot and we are in option period . How can we assure ourselves everything won’t fall at closing and also we have asked our realtor for a renters contract a few times and we haven’t received one which is something we should be familiar with , so a template for a renters contract by our colleagues on here would be very helpful.

Thank you all in advance 

@Kyle McGarvey I’ve thought of how it could affect the loan process by starting a new career. Would it make a difference if my primary is owned by me and the house we'll be moving into for atleast 12 months will be under my wife’s name , I’ll then go back and refinance,  add my wife to home loan and then take an equity loan out on current home. 

Hi all , I am at a point where my wife and I are in the market to purchase our 2nd property and rent out our current property and then refinancing and taking out a equity loan to purchase our 3rd property to rent out. In the process of that plan I want to transition into a new career , so I ask from all that can help if any entry level opportunities or even internships that have openings so I can do my part to get my foot in the door. I have experience in scaffolding in the refineries for 8 years and I also have been a technician for water and sewer plants for 2 years. I would say the strongest skill I have is my work ethic.

Thanks to all !