All Forum Posts by: Jeff Ronningen

@Alex Salzman. I’m going to speculate that your landlord writes the lease so that each tenant is liable for the full amount of rent, that way if your girlfriend leaves the landlord is still getting full rent. Why would they do it any other way? Get out and move into something less expensive. Each $100 reduction should qualify you to borrow about $18K more.

@Jessica Barnes. Make sure you understand the differences and trade offs of an FHA vs conventional loan such as qualifications, closing costs, mortgage insurance, etc. By making calls to lenders and asking them to help you choose you'll quickly figure out who knows what they're doing and who doesn't. An FHA offer is less attractive to a seller since it will likely result in work orders and the process takes longer. If you go FHA it may help if you have a letter in hand saying you've been prequalified.

@Sharlene Burch Other than some onesie-twosie investments I started seriously building an REI business at 50. Age might influence your REI business model and investment criteria but it shouldn't keep you from jumping in. Your life expectancy is probably 30 more years.

@Trevor Kramer. Doyle & Hassman

@Oxana Malashonok. Talk to an accountant. I think that’s below the tax threshold for inheritance.

@Chandra Mcculloch.

You: “Say there listing realtor, you worked with the seller to set the listing price, please send me comps that will help me justify offering a lower price and make it less work for my realtor.”

Listing Realtor: Click

My business partner and I have accumulated enough rental units that we need to start developing efficient systems to scale. One of the early steps is to develop a web site and business email addresses. The obvious route is GoDaddy but my knowledge in this area is limited. Looking for feedback and suggestions.

@Luis Prieto. Your first mistake was accepting half rent. You’re fortunate that they returned to paying full rent and are slowly chipping away at the unpaid balance. If you plan to sell in a year it’s not worth the cost or trouble to play hardball. Simple answer to changing the locks.....no. I assume he’s on the lease. If she takes formal legal action such as divorce proceeding or restraining order, then consider changing locks at her expense. Their spending habits are really none of your concern as long as they make monthly payments. Sorry for your personal family challenges but they should not determine how you manage your business.

@Justin Reyes. Start saving money to invest and educate yourself. You might consider reducing your 401K contribution and saving it for REI. Make sure you contribute enough to max out employer match.

Don’t know if you own a house now or not. If you don’t you could consider house hacking and down payment required would be small. If you own a house you’ll need to save more.

Flipping is not passive and would not help you spend more time with your daughter. So I assume you want to buy and hold. Start looking at properties online and doing financial analysis. Determine your financial criteria and your business model. Figure out which neighborhoods you want to own in. Don’t be in a hurry to buy, prices are high and good deals are hard to find. Lessons aren’t cheap, don’t learn the hard way.

@Jay Turingan. From spending about a minute on hud.gov in "About Buying HUD Homes" section.

".......it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase."

Placing an offer based on hoping a loan can be secured is probably not a good idea. Your friend needs to invest more effort to be prepared to buy.