All Forum Posts by: Jennifer Z.

There are many real estate related paths to choose from such as: property management, appraisers, inspectors, tradesman (electrician, plumbing, construction etc)

It doesn't matter what anyone else recommends. Take an assessment of your own personality and skills.

Assess what type of work you enjoy doing. Do you like working with your hands? Do you like seeing a project to completion? Do you want to interact with others on the job or do you prefer to work alone? 

Try one out for a specified period of time and move on to the next if it doesn't suit you.

You can become a real estate investor within these fields or outside of them by networking and putting in the effort to learn and take action.

Good luck!

Yes, some lenders can do 97% conventional financing if the property meets their criteria- I know of a lender in my area too. It just depends on what loan products they lend on. Typically, lenders will do conventional with 5% and up at most major banks.

This may depend on the state you are selling the home in, but in Texas, we were able to sell our property to a friend with the help of the local title company.

Going to the title company is super helpful. They have state specific forms for you and the buyer to fill out and submit to this title company to complete the purchase legally and go in/or remote notary sign the closing documents.

If your sister is getting a mortgage, then the mortgage company can help her walk through other items like title insurance. 

What are the numbers if you rent it out vs selling it for a profit now?

Aside from the neighborhood, if it is also a rural town/city, then your comps can stretch to other neighboring cities.  

In my area, if your property is "unique" like two homes on one lot, then the appraisers will comp properties up to 1.5 hrs away.

The best way to do this is to stay on top of what is selling in your market. I regularly look at zillow to find actual comparable properties (sometimes you do not know it until your look in the description or notice something in the photos not written). If a similar property shows up for sale, I'll write down the address/details and follow up later to document when and what it sold for. 

Doing this helped me achieve a $15k increase on an appraisal since the appraiser was lazy in their analysis.

Good Luck!

You can open a HELOC following a refinance- although if it was a cash-out refinance there probably isn't equity available. I have done a traditional refinance and HELOC account the next month.

If you do not have a balance on your HELOC, the available credit is still taken into consideration for your credit ratio. Like you have $4000 student loan balance with $50000 total available credit across your credit accounts. So, it does help the credit utilization ratio rather than a $20000 total available credit and 4k debt.

However, opening a new credit account like a HELOC does decrease your credit score for a short time. For me it was about 3 months and only 20 points or so. If your current credit score is 800, who cares because you will still qualify for a great loan rate.

The best place to ask this question is with your local city building/zoning/planning department. These people can guide you through how and whether it is possible for your specific situation and lot.

In my area, I had to submit the engineered plans for approval first. Then, get a checklist of items completed prior to construction like local fire department, electric company, and septic/sewer approval. Once construction starts, a city inspector visits the site when prompted after each required check points like foundation, rough in plumbing, electrical, drywall etc. Any step that applies to your plans will be reviewed and after the final check, the city will issue a certificate of occupancy.

It was a huge undertaking in my area, but the result was definitely worth it. If the numbers make sense in the long term and you have the drive to complete all the tasks with patience then do it!

What market are you in? Try listing your rehab estimates, purchase price and after repaired price here. Then, someone in your area can help you with the figures.

I do not know what market you are in, but consider how the renters in your market find a place. Do they use craigslist primarily or a Facebook local marketplace? Advertise where the potential tenants you want hang out.

In addition, does your area have military you could connect with or traveling medical professionals. Think about the type of tenant you prefer and seek them out.

For the rental price, make sure you have an accurate price based on listings not just Zillow estimate. And objectively look at your property with all the advantages and disadvantages of the unit and location and rental pool. It can be a challenge to see your property as is.

@Michelle Fox 

Get an ozone generator- under $100. I bought one for $80 on Amazon. Just plug it in, let it run for a day in a vacant unit and you will not smell it again. It's a miracle worker!