All Forum Posts by: Joel Calkins

Hey Andrew, I applaud you for wanting to get into real estate so early.

I'm not sure what your specific market looks like or what an MFR/ rent by the rooming house looks like in your area but you will have to get creative with financing. Luckily since you're looking to house hack you are able to go with an FHA-style loan. At the lowest, you're looking at 3.5% down. This is of course dependent on your creditworthiness and DTI ratio.

As for condos/townhomes. I may be biased against condos but they are usually tricky to make cash flow. Also, there may be restrictions on sub-letting in a condo/townhome. Although the repair costs can be low and someone comes to mow the grass the HOA usually eats away at your cash flow.

Do your due diligence and compare the two options. 

Feel free to contact me with any of you REI related questions. Goodluck man!

I don't have much experience with foundation/ slab repair but you have quite a significant crack in that slab. This is no backer rod and filler type deal. I wouldn't recommend doing this sort of work yourself or at least consult a foundation specialist. Doing this incorrectly could cause some significant problems with different parts of the house settling faster than others.

There are many schools of thought on this subject but here's mine.

This really depends on your goal as an investor and how you are going to reach those goals. Most people say becoming a real estate agent isn't necessary because there are plenty of agents who are amazing at their job. Essentially this will allow you to focus on your end of the deal, whether that's rehab, management, or anything you can bring to the table.

Personally, I have decided to pursue my license to gain more insight into the real estate world because what's wrong with having more knowledge? 

Feel free to contact me with any of your REI questions. Good luck Matthew!

Hey Heather,

Here are my two cents. The objective of direct mail marketing is to bring in a wide group of people to bring in a lead. So why not try to be a little broader to draw in a wider range of protective sellers. If you say you need one unit vacant this could push away potential sellers but who knows maybe a lease is up in 2 months. 

This is just an idea. 

Good luck!

Yes, you can! 

Hey Ross,

I think you may be falling into "analysis paralysis" mode which I'm guilty of as well. Look at other ADUs for rent in your local market. With you being in a sort of 'nursing community' I don't think you would struggle with renting it out. 

Having that said the choice of ADU or SFR or MFR is completely up to you and your goals as an investor. Maybe run some numbers on the ROI of a 200k rental property in your area and see if this deal would make sense.

Feel free to contact me with any other additional REI questions. Good luck!

A little trick called security theatre has done the trick for many investors that I know. A fake security camera and yard sign is sure to keep most criminals away.

Just a thought.

This is not usually an easy process. This is because, in essence, a quitclaim deed needs to be created to overwrite the pre-existing deed where you can then add your wife on the title. Usually, this process only requires a notary public which shouldn't cost more than $100. Circumstances could be different in your area, make sure to contact a title company, lawyer, notary, and do your due diligence!

Hey Jamie!

So in most instances, they take the average of your last two years of your income and calculate your DTI ratio. Lenders don't like to see anything above 36%. Another general rule you can utilize is lenders want to see a total monthly payment (PITI) is 28% of gross income or less. As for preapproval, the range varies from about 2-3 months. And yes the banks will put a hard inquiry on your report so best to limit hard inquiries.

Don't hesitate to PM or ask me any of your real estate related questions. Best of luck!

Hey Alexander, 

The best ways to analyze rents quickly and free would be. Craigslist comps, or rentometer in certain markets. If you are willing to pay for a service BP offers the new "BP insights" which I have found works pretty well.

It may not be a perfect assessment but it will usually be close to the fair market rents for your area.

If you have any other questions don't hesitate to reach out. I'm always down to make connections and talk REI!