All Forum Posts by: Jeremy Roberts

@Christopher Davis I agree with Mitch Messer and apply my fees the same way. Consult your state's landlord/tenant act. 

@Mary Jay I didn't realize it was an out of state investment. I guess this goes down as a great lesson in due diligence with inherited tenants. I know I've learned something. Thank you.

@Mary Jay As inconvenient as it may be, you need documentation, at a minimum, that you reported the threat. I also recommend using the report to start the eviction process. Crazy Joe's lawsuit threat against you will resurface when you file eviction now or at the end of the lease when you discover the damage to his residence. You might as well get out in front of it.

@Keith Perkins I have a first position HELOC with one of the big banks for my primary residence. I asked if problems would arise if I moved and rented the house and was told no. In reality, all they can do is discontinue the draw period, which is 10 years, but that isn't in their best interest.

@Steven Stutzman I'm not sure what your living situation is, but why not house hack now? Rent a spare bedroom, build more equity and save more cash for the next investment. I bought my first house in 2001 using my VA loan. A 2005 cash-out refi was likely one of the biggest mistakes (learning experience) I've made.

@Nicole Dechow If you're fairly certain the property is worth $170k renovated and your rehab numbers are good at $30k, you can offer seller $106 with an inspection period to find any hidden issues and a no early payoff penalty so you can grrr after rehab. Confirm your lender's seasoning requirements are 6 months or less and you can refinance using the brrrr for $136k aas long as appraisal comes back at $170k ensuring your lender refinances at 80% LTV. Although, it is best to find out why seller desires to carry financing instead of just cashing out. I'd recommend using escrow company to ensure your payments are going to the mortgage if you aren't sure about seller's motivation.

@Parsa Izadpanah I recommend realestateexpress.com if you want self-paced learning for pre-licensing. However, I don't recommend getting your license if you want to wholesale or flip. Yes, you can save on commissions, but do you want a job or investments? Ultimately, @McCall Rollins is correct in suggesting you do some research to determine your best move. 

@Dustin Burt The word "I" is all over your post. I agree with others about bringing value to a potential mentor. It sounds like you have some confidence in your skills and abilities and you have people who might invest with you. Did you ask them to invest? What is truly keeping you from using your skill? If you can bring a deal to any investor, give away a larger percentage of the deal so they know you're serious about the relationship. Just like Brandon Turner says, your first deal isn't going to make you rich. It also isn't going to teach you everything. If people are too busy, find other people, books, webinars, YouTube, or stand outside of someone's project asking them what help they need while wearing your toolbelt...bottom line, you know you can do it.

@Jonathan Newsome Based on the numbers provided, it looks like a decent buy and hold for you, cash flowing $180/month after holding back 20% of rent for maintenance and vacancy. ($1100 - 420 - 150 - 55 - 75 - 220) The ROI is 14.4% if you're all in at $15k and don't refinance, but a portfolio lender should be able to improve that. A first time homebuyer would likely be interested since there isn't much cash flow for other investors at $80k ARV.

Discounting the rent sets the precedent you'll discount every time the house needs work. I understand the inconvenience factor, but maybe you can show some other form of gratitude. (i.e. gift card for dinner or spa treatment) If the house is livable, the rent should be paid in full.