All Forum Posts by: Jeff B.

First book he put out is the best -IMO. Go to YouTube and listen to it for free, heck, you can listen to them all.

why wouldn't you just put your property up for rent and let the prospects dictate if you new to furnish or not. I've listed my properties with and without appliances. In my rentals without I give the tenant the option if he/she is on the fence about appliances you can always tell them you can rent appliances from me for $20 a month each additional appliance you put in there or they can rent from a rental appliance place for higher prices.

My region, yes, majority have them already in but I get creative with my listings. Tenants some times make decisions on appliances and they don't know if landlord can be flexible or not with this topic.

Here is my situation. My conventional loan is 172,900 - it appraised for $190k and "off the record phone call from the appraiser to my broker" the appraiser mentioned that all the houses in the area are going for $250+ (many going for $330k) why the purchase of 172k?, the appraiser said he valued the house at 190k because it hasn't been updated since 1970 and if/when the buyer (me) upgrades the property with some minor upgrades it would be valued in the $250k's at least. My broker relayed the conversation and my thoughts are….

When will the PMI come off my loan (I put 5% down), 5% is because I felt my minor investment isn't needed on this property and since I run 3 other cash flow biz's I could use that money to increase my cash portfolio. i knew it would appraise higher then my loan and I could remove the PMI within a few years rather then the schedule plan of 8 years.

My closing docs state that i have a scheduled removal of the PMI in 8 years.

Question is if i get it appraised again in 2 years (after the updates) and it appraises above and beyond the 20% of loan and i submit my appraisal report to my lender can't I get the PMI off the loan? Or does this have to take affect after 2 years as the Title Officer mentioned? I guess it depends on the lender?

Does this sound right?

Next question, if my lender says i must live as primary home, but the lender gave me 2 months before moving in, but there are corrections that need to be made based on sfh inspections (purchased home as is after the inspections - i was able to get a reduction of the overall price of the home by $5k) and it may take me more than the 2 months to correct the issues ( duct work sprayed and cleaned and new windows) do I have to move in?

I wanted to rent the home for more than 2 months to a friend who will fix these issues (duct work and windows), but will the loan fault if i don't' personally move in because the correction isn't cleared.

I don't want to move in with my family with the ducts and no egress of the windows, will i jeopardize the loan if i don't move in within 2months? will they check to see if i'm living in it?

Thanks in advance on these issues…Jeff

Murray Gale I lived in Logan and Hyrum, while my mom and dad attended USU. Mom graduated, dad continued school at BYU, have relatives in Nibley and much of cache Valley, good part of the country. 14 months ago I purchased my first property: 4 plex, my FHA loan was 5% down and I had 4 current tenants, I gave 30 days on one tenant so that my wife and 2 year old could live in the unit. I introduced myself to the other 3 tenants as the maintenance guy/ property manager. It worked, got to get the dirt on each tenant and didn't have to put all that pressure on myself as owner/landlord. I learned a lot, I spent a ton of time on YouTube learning best tricks to fix, repair, and save money on properties. Fast forward 13 months, I'm moving out of the 4 plex and closing on a 6 bed/ 3 bath house with 2 car garage huge backyard and I have a new tenant ready to move in our 4plex unit. It's possible, it starts with grooming your credit, paying bills down, saving, and cutting all costs, if you need help you can get some cash from a relative and report of as a gift and use that as a part of a down payment. I sold off my cars as I work from home so we still have one left to use to get around. Cut insurance. Cut spending.... Banks look at your spending habits too... Read up, I've been reading for years, educating myself. The best advice, quit renting and jump in, you have to live somewhere why not let other tenants pay your way.

Looks good!

ahhhhhh, gotcha! I was in the same boat you were in, I waited till the car was out of the way so my money wasn't wrapped up in payment and I could use that money for remodeling instead of credit cards.

Personally I would wait a year, get the car paid down (if not off). Get the credit scores to recognize the payoff and check credit, DTI is really focused by the banks/underwriters. Plus the car payment is over and now savings for a down payment or assistance on a remodel is in effect.

@Roy N. I agree with you - less then 30 days, with the goal to start advertising the property before the current tenant moves out. And have it re-rented by the time the current tenant moves. I usually have 6 month and 12 month contracts and what I do is 2 months before there contract is up I send a formal letter notifying about the end of the agreement is 60 days out and I usually offer them to fill out a form that is attached to the letter if they plan to stay or plan to leave and I give them a 6 month/12 month option extension also based on current rental prices I would have the new rates (or same rates - depends on if it's a good tenant paying on time). This helps plan the processes if they respond that they plan to move. My window of turnover is short but if the tenant has lived there for a long period of time there may be more abnormal fixes and updates to the unit.

My 2 cents :)

Go to post office- pick up change of address forms, usually you get a moving packet/envelope with 10% off Lowes coupon (along with other moving incentives)take and I use my citi rewards card gain a ton of points and bought a new range with my points for one of my units (got 25 year old stove in one) with the new appliances I just increased rent and the tenant is very happy to pay the increase.

Koob Moua Welcome! I'm a avid BiggerPockets follower and read many of the posts and podcasts. I came across your post and have some similar ideas. I wanted to get in the game, I would sacrifice anything to succeed. My biggest gain in this whole thing is do the numbers and look at 100's of properties a week to get a feel for the markets and property's in the areas your interested in. A little history on me, I'm a fresh rookie out of the minor leagues. Exactly one year ago I moved from Irvine California to Albuquerque and bought my first 4 plex (lived in One/rented 3) and as of today I'm closing on my second property within 10 months and increasing my portfolio, i look at Trulia/MLS and Zillow before going to bed and review potential properties. Keep at it and you will get there.