All Forum Posts by: Jennifer Voegele

I'm looking for my first rental property and many of the older homes in my area have wood burning fireplaces.  I really don't want the extra expense of cleaning/maintaining a fireplace, not to mention the potential fire hazard if someone uses it incorrectly.   I had ruled out these properties but keep finding good houses where the numbers work and the fireplace is the only drawback.  

Is it possible to somehow close up the fireplace or otherwise stop tenants from using it?   Could I just tell them it doesn't work and not to use it?   Any other options?    

I would definitely suggest calling several different lenders, both local and national.  I just went through the pre-approval process with a couple lenders and they required 2 years of tax returns and income documentation.  The requirements could vary a lot depending on the type of property you are considering and the loan product you want.  Call around and find out what kind of loans they can offer and what their requirements are. Once you have identified the right loan program and who can offer it - then you can compare rates.  

See if you can find a local realtor that is also an investor. Our agent also invests in rental properties and has been a great source of information and local contacts. He understands that offers are going to be rejected and that's just part of the business. That being said I am careful to be respectful of his time. He set up an automated MLS search for us (takes him 5 minutes to create) and I do all the homework from there. I don't ask him to show us anything until I've run all the numbers, checked out the neighborhood, and would be serious about offering on the property.