All Forum Posts by: Jenni Utz

Love the analogy Daruis!

Hey Zachary! Awesome you are thinking about that. I live in MD and own a few Airbnb's in Raleigh, NC. When I bought the property I had measured each room and done an inventory of the furniture I would need. I purchased almost everything online and when I went down for settlement, I had everything delivered stayed a few days to set it up. There are also great management companies or Airbnb specialty companies who can do all of this for you (including picking out the furniture or even renting furniture to you). I have a lot of insight on this topic so feel free to reach out with further questions.

Down payment loans are usually for first time home buyers, or people who are purchasing their primary residence. In addition there are requirements for these loans, as well as targeted areas you would have to stay within, etc. 

My suggestion in this situation would be to buy a property that you plan on living in- takes a lot less cash up front, and then rent it in a few years. You can then buy your next property as a primary residence- keeping that down payment low as well. 

Something to consider- check the restrictions on the down payment loan if you plan on renting at a later date.

This is awesome!  So many people get to the education phase and get scared to take the next leap, but you did it! As far as wholesaler tips, I would start looking at sending mailers, finding run down or vacant properties and making contact with the owner, and creating a referral system with Attorneys who will come across divorces and estate sales which could be a great opportunity for you.

Best of luck!

I love that you are looking to get your cash working for you-even overseas! The first thing I would do is determine the area you want to invest and create a team on your side to include, Realtor who specializes in investment properties, a contractor and a property manager who can manage your investment while you are out of the country. By bringing those two players into your circle you will be able to locate properties, determine the extent of a rehab (if needed) and determine market rent. Those are all factors that will play into whether it is a good deal or not. 

Hey Vashist getting into property management is a great job providing steady income. It also can be stressful as there are a lot of things you need to do/handle on behalf of the owner, tenant and property. It is not a 9-5 job and there will be nights and weekends involved, pending tenant issues and maintenance emergencies. Things to keep in mind, if you have no experience you usually will start off in an assistant role to learn the job and how your employer does things. Once you have proven yourself you can advance to different types of roles to include Leasing Agent, Property Manager, Business Development, etc. In most states you are required to be a Realtor in order to do Property Management so I would check with your local laws. By taking that training you will have better insight as to the role of a property manager. But in my opinion, that is not enough. You should look into the organization National Association of Residential Property Management. They have a ton of training and conferences that will help you better understand the industry. 

If you only plan for this to be your side hustle, I would highly recommend finding a different side hustle. You will be in charge of the publics most valuable asset and if you can't give it your full attention, it may be best leave that job to someone else. 

Best of luck!

Sounds like a good plan! Couple things to keep in mind, the bank considers anything over 4 units as a commercial deal. Your multifamily would need to be under this if you want to include this as your primary residence and rent the other units. 

As long as you have lived in the single family unit and not buying it as a primary residence and quickly turning it into a rental, the bank shouldn't have any issues with your plan (pending you are properly qualified to hold the single family and purchase your next investment.) 

If you find a multi-family property another financing solution could be owner financing. It could get you into the property, while also getting your single family rented and showing cash flow before you try to go to the bank for a loan.

Great to meet you! 

I agree with the above comments. Ask a Realtor for comparables, look at Zillow, use RentRange, etc. However, you may be in a situation where the market rental rate for your property is less than your mortgage payment. Then you will need to make a decision what your next steps should be. The last thing you want to do is the price the home out of the market just because you need that much to pay the mortgage. Your property will sit on the market and you will have little interest at the higher price.

I would create an addendum to the lease stating the ownership name change and have a spot for the tenant and new ownership to sign.