All Forum Posts by: Jason R.

I have three potential tenants scheduled for showings in the next couple days. We are renting our MIL studio. The rental is in high demand and I am wondering how I can choose if all three tenants are interested.

-Should I run tenant screening on all of them? Then choose based on results? Will I need to explain to each why they were not chosen?

-The unit is on our primary residence and I would like to choose partly on my non-discriminatory gut feeling. From what I’ve read this doesn’t seem to be enough.

-Should I only run a screening on one at a time? Or am I pretty much required to except applications from them all.

I’ve just never had to deal with a situation where more than one party is interested. Just trying to get the best tenant and avoid a sticky situation.

My 2018 REI goal is to buy two properties. One an FHA loan and the other purchased conventionally. Both MF. My family and I will live in the owner occupied for a year plus. We currently live in a house with a detached MIL apt rented in the back. We will keep this property and rent it out completely. I'm wondering if I should do this in a particular order? FHA first? Conventional purchase first? Will owning two other properties affect my ability to get an FHA financing? Also, is there anything I am overlooking or should be concerned about with this plan?

I'm a super newb but I've been thinking about how to apply my modest chunk of cash. My wife and I currently own a home with a MIL apt rented out in back. We are considering house hacking/owner occupying our next property, ideally 3-4 plex. Idea is to use an FHA to keep down payment low and not blow all our cash. Then use remaining money and a small HELOC, if necessary, to buy a less expensive property (duplex) with conventional financing. We would move out of the multi family when we've saved for our next place and have found the next property, whatever that may be. I like your question and hope you get more responses.

Braxton, I'm just reading this now. Can you tell me what you ended up doing?

Also, curious how you were financing this. I am new at this but I thought you generally needed 20-25% for a conventional loan. How did you get below 20% options. Owner occupied FHA would unlikely create that kind of ROI and cash flow. Just trying to learn. Thanks.

Hi BP community!

I'm planning and scheming to buy my first designated rental property. I already live in a home with a detached mother-in-law that pays a good chunk of the mortgage. So I have a small taste of cash flow and a few years of light land-lording. I was tempted to post here asking simply for direct advice on my situation. Instead, I thought it would be more fun to ask about YOUR first deals or first properties. How did you get started? Would love to hear about them and hopefully learn something. Could also say what you would've done differently.

If you'd like to share any direct advice for me this is my basic situation:

-I'm a 30 hour a week RN

-Have about 25K cash available now

-Substantial home equity available

-No debt outside of our mortgage

-Excellent credit

-My wife and I are willing to do another owner occupied/house hack to get a MFH if advantageous

-We live north of Seattle in a hot market. Prices are high and there is substantial competition. There are other more affordable areas within a couple hours more or less, but would need to manage from afar.

It would not be difficult to obtain a property with my financial situation. I am more concerned with putting myself in a position to continue to expand my portfolio. I don't want to spend all my capital then be stuck. I am interested in buy and hold, BRRR, and maaaaaybe a flip if necessary.

Thanks in advance! You guys rock!

Alice, yes definitely keeping our property. No matter what we do next that is a goal of ours.  We do have significant equity just from the past few years. Are you suggesting refinancing to get cash out for another property down the road? I guess I'm wondering what's to stop us from doing that now? 

Appreciate the feedback!

Bettina! Booom! (sound of mind blowing) Love this advice. My online searches and schemes have led me to Spokane a couple times. So much more affordable and more to work with. I also love the drier climate and mountain activities available in the region. Thanks for planting that seed.  

How many units in your building? 

What and where is Readiness?

Congratulations on  your retirement!

Hello BP community!

I'm Jason. I'm in my late 30's, married with a baby. We live in a home with a detached mother-in-law rental. I've enjoyed being a micro-landlord and the rental income has allowed us to live nearly mortgage-free. This positive experience has turned me onto real estate and other related opportunities. Other background includes holding a real estate license and working as a Associate Agent for Redfin, both for a short period.

I have a solid day job. I've been an RN for 11 yrs and would consider myself half-burnt-out on the profession. I would like to go part-time as and RN or move on from it all together someday. I have a strong desire to earn money in an entrepreneurial fashion and utilize my skills in new ways. I am motivated to learn, hustle, increase my income, and abundantly provide for my family.

Goals:

-Educate myself. Planning to use BiggerPockets, a recommended reading list, and meet with an older longtime investor friend and explore a mentor relationship down the road. Open to other suggestions!

-Obtain a second property. Would like a multi-family property. My wife and I would be willing to live in it for a year if advantageous in the big picture. We have great credit, no debt and a small amount (25K) saved for a down payment. Saving more all the time.

-Expand properties to buy and hold. Create moderate cash flow and build equity for retirement. 

Challenges:  

-I live 35 miles NE of Seattle and the market continues to boom. Low supply, high demand, competition, and expensive property. How can I get my foot in the door on a decent deal in this market? And is it a bad time to get in with home values through the roof? 

Thank you for any feedback. Happy to find BiggerPockets and join the community!