All Forum Posts by: John Collins

Don't feel nervous about it - just present yourself as a businessman. Who cares if you sell pens, scaffolding, concrete, weed or alcohol?  That should be your mentality.

Yes, I would keep dialogue's open. Tell them your current salary and plans on real estate, but give them 3 options. 

1. Downpayment of $60k

2. Downpayment of $30k

3. Downpayment of $15k

They don't need to know you don't have $15k and it will hurt you as a first time investor. Make them think you might spend the extra 40k on rehabbing , money you don't want to spend interest on, whatever. When you present yourself as inexperienced and without a whole lot of cash, they make it harder for you with higher interest rates. 

Maybe I missed this, do you plan to buy this home as an investment property or a home to live in for the first 1-3 years? If it's for you to live in and maybe rent out a room or househack, they give you lower rates. 

Here is a secret to get rid of it, but I recommend you doing it outdoors because the fumes will be very strong- 

muriatic acid - dilute 1:1 with water and scrub away. 

Or have a commercial presure washer go at it. 

If it's only the rubber ring, just call the company and replace the part. 

Are you high right now? That's what lenders are thinking.

As someone who warned people about "vaping" and how the vape industry would crash due to health issues 5 years ago, I have no problem lending to legit marijuana operations in legalized states. 

I do think marijuana is a short feel good high to cover up people's inability to deal with actual issues but it sure as hell beats Pharma. 

The guys who approve loans in banks agree with me - it's no longer seen as illegitimate or unsustainable. They seriously question whether people can remain productive while smoking though, so there will be bureacracy you have to deal with when people in these legalized states are figuring things out. But until then it will always be a case by case basis with no generalized consensus. I have received dramatically different responses from different BRANCHES of the same bank! 

I would already start talking with local and large banks about what percentages you can get at what down payment - I saved for 10 years before jumping into real estate and couldn't have done it without the savings. The larger downpayments and high credit helped me set comfortable rent rates and maintain a cash flow. 

Books are boring, get in the field and embarrass yourself! Don't let the nerds win who tell you need an apple watch to know how many steps you've walked in a day. The best solution would be yoga/meditation to break all your barriers. Jump in!

Do the human thing here - something an economics textbook might not teach you - but something your parents or life should have. This is part of being a landlord, and in a place like Oklahoma you can get them into an extended stay with a kitchenette for $400 / week during the offseason. It's a no brainer since it gets below freezing at night (weather.com says 18 degrees tmrw night). 

 YES, and as someone who wants to prevent scammers, I use a lockbox on properties! Are you cool with inviting squatters in? You can't get in unless you break in a window! When someone who is on craigslist realizes they can't get in , they'll likely realize the fraud they were dealing with.

Unless it's an inside job and the scammer has your lockbox code, in which case, you can track down who has had access to it and send em to the guillotine. 

Recent reviews of rentredi? For SFH units?

 At the very least, you should have a lockbox? Or you're inviting trouble. There's generally a sign outside anyways with the basics and most showings are given a time verified by realtor. Why wouldn't you put in an extra 10 minutes of your time before the house is put on the market?

This is what I use and am very flexible

https://www.showingtime.com/my-home/

Originally posted by @Jeremy Gengenbach:

The brick is fine - it's the red that's gross. 

What are the HOA regulations regarding painting it?

This is such a small house it would be so easy to paint the brick, but a better option would be changing the red portion to either black, dark brown or a dark blue. White brick is actually quite popular amongst modern reno's at higher price points -

The bars around the gates should be taken off if the HOA allows... sounds like it isn't a high crime neighborhood.

If you're old enough to rent, you're old enough to use the internet, and you really should be using something easy to track like zelle or cozy. Check is fine too, but has to get annoying if you're traveling or have to deal with a missed payment.