All Forum Posts by: Jenni Utz

I had the pleasure of listening to Geoff Woods talk about "The ONE Thing" written by Gary Kellar and Jay Papasan. In this book it talks about setting goals and creating a To-Do list. This list is not your ordinary to-do list. It is a list of should do's and could do's. When you categorize your daily tasks by priority of should do's, and creating the uninterrupted time in your day to get it done, the results will be astounding. My favorite line from Geoff was "What is the ONE thing I can do such that by doing it everything else will be easier or unnecessary." 
Wow just wow. Have you taken the time to think about what that could be in your life? If you haven't, maybe your ONE thing everyday could be focusing on what outcome you want in life, and figuring out the ONE thing you need to get there. 

I'd love to hear what your ONE thing is!

"People do not decide their futures, they decide their habits and their habits decide their futures" -F.M. Alexander

Hi and welcome to the real estate world! Do you have any questions?

I will first start by saying I don't know the laws of Florida, but in my location, in order to consider a den a bedroom it needs a window/exit door and a closet. 

I agree with @Sheldon Gudde. I would also add that if you don't want to necessarily be partners with your FIL, he can just be your bank. Set up financial terms for using his money. How much interest will he make on you using his money, how long will the note be, what is the amortization period, etc. Setting it up this way allows you to fully run your operation the way you see fit, while your FIL is financially benefiting from lending you money.

I own 3 companies and several properties in multiple LLC's. I have them all lumped into one policy. One of the companies is the named insured on the main policy, with each of the other entitys added as well. I had to show them my LLC information, but it was very easy to do. And the savings bundling them, was well worth it!

There are several avenues you can take:

1. Work with a lender who specializes in using your 401k to fund a deal

2. Negotiate the deal where the seller will hold the mortgage or a second mortgage.

3. Find a friend/family member who has money and bring them in on the deal

4. If you have parents or an older family member who doesn't have a mortgage on their home, you can ask them to do a reverse mortgage. They can be your bank.

Networking. Everyone I talk to I let them know I am looking to buy more properties. In my area, a lot of the multifamily properties are owned by the older generation. Most own the property outright. By building a relationship with them, they trust me. When they are ready to sell, they may not offer owner financing, but consider it, when I ask them.

I understand your concerns, but in the world of owning rental properties this should be a good thing. If people can't afford to stay in their homes anymore, they will be moving into a rental. The one thing that we know for sure is people need somewhere to live. If they can't do it on their own, they will do it through landlords. When the real estate economy tanks, I usually find the property management world doing extremely well. 

Also there is a National company called PetScreening.com that will fully screen the pets for you. The owners are certifying several things, and they also verify emotional support animals to make sure proper paperwork is submitted. Top Notch Company!

The first would be price vs rental income, in addition to that, I would look at location, the friendliness of the State/County/City on Tenant/Landlord issues, and who you have lined up in the location for "boots on the ground" (property manager, contractor, real estate agent, etc)