All Forum Posts by: Kaci Hunter

Hey Jesse,

I own a rental in Lubbock and would be happy to hop on a phone call with you if you'd like.  

Have a great day! 

Hey Justin, sounds like you're on the right track by reading books and listening to podcasts. That's how I started out as well. I'd encourage you to join your local meetups and even start looking at building your team. It can take time to find an investor friendly realtor and contractor. I'd go ahead and talk to a lender or two, maybe even a credit union, depending on what you're looking to buy as well. Get a game plan in place. Know your credit score, get debts paid off and see how much you can afford. Start researching the areas in which you want to buy and start analyzing deals for practice. Hope this helps. Feel free to reach out if you have other questions and best of luck!

All great suggestions. You may want to consider Abilene and Lubbock as well, both university towns and relatively affordable. 

Two things

Check the comps in the area of all your rentals.  The areas may have increased in home values creating some more equity. 

What's the current interest rate on all your houses? Would giving up that interest rate for a new (most likely higher) interest rate be recovered somehow in the rents? 

How long have you owned the investment property and what type of property is it?

According to an article in Scotsman Guide:

“Two years after the onset of the COVID-19 pandemic, and after massive government intervention and mortgage industry efforts to prevent defaults, foreclosure starts have almost returned to 2019 levels,” said Rick Sharga, executive vice president of market intelligence at Attom Data. “August foreclosure starts were at 86% of the number of foreclosure starts in August 2019, but it’s important to remember that even then, foreclosure activity was relatively low compared to historical averages.”

Among states where foreclosure proceedings began on at least 100 properties, starts grew the most between July and August in Oklahoma (up 80%), Tennessee (up 74%), Virginia (up 64%), Arkansas (up 53%) and Washington (up 50%). Illinois, where one in every 1,926 housing units had a foreclosure filing, had the highest August foreclosure rate among all states, followed by Delaware (one in every 2,387), South Carolina (one in 2,417), New Jersey (one in 2,441) and Florida (one in 2,950).

On a localized level, Cook County, Illinois (Chicago area) had the most August foreclosure starts with 798, followed by Los Angeles County, California, with 740; Harris County, Texas (Houston area), with 465; Suffolk County, New York (eastern Long Island), with 297; and Riverside County, California, with 280."

Great advice from Chris. Here are my steps...

1: Find a mortgage broker who understands investing, your current finances, and your goals. They are the finance problem solvers. 

2. Find a realtor who knows the good, the bad, and the ugly of your area and knows what will maximize your appraisal after the rehab. 

3. I like using a licensed and insured contractor. It's not always necessary, but gives you an extra layer of protection if something goes wrong (particularly plumbing, roofing, electrical).

4. CPA when that time comes. A good one can save you money and an audit headache. 

5. An attorney could probably give you the necessary advice you need on when, why and how to set up an LLC.

BP is a great place to start for referrals and your local social media pages.

Hi Katelyn, 

Did you know that you can get a quadplex with an FHA loan?

So I received a home warranty from the seller when I bought the house, and I had a great experience with it. I live in another town several hours away. The water heater went out and it was minimal to get a new one. Then the tenants thought the garbage disposal was clogged...but the warranty company found a bottle cap and charged my tenants something minor.  So it did save me a lot of time and money.