All Forum Posts by: Kevin L.

Find out when and where your local REIA (real estate investor association) meets. You will be able to network which is VERY important for wholesaling and you will also learn a lot. A simple google search should be enough to find it! Good luck!

Go to a local REIA meeting. You will meet a lot of motivated buyers and be able to talk to other investors about how they analyze deals in your area.

You can still call that a primary residence even if you aren't there all the time. BUT, I have a duplex with an FHA loan and I specifically remember at closing when they told me that I could not do short-term rentals on it. This stipulation could have just been my mortgage provider being strict. If you have a good relationship with yours, it cant hurt to bring it up. That would be the person to let you know if it is some sort of grey area. Let me know what you find out! That would be pretty cool if you could pull it off.

I have done this before and I just divide by the number of days in the month that this is being done. Since months have different amounts of days, this ensured that I still received the correct amount of rent that month. Your rent price doesn't change when February comes around and there is only 28 days.

Leverage is a BEAUTIFUL thing. Rates have been dropping lately too.

Don't forget about paying the tax man! There are ways to avoid or minimize this, so make sure you have a plan ahead of time. If you are happy with that ROI then yes, it is a good investment! Not to mention all the money you aren't spending on rent somewhere else

I recently purchased a multi-family property with an FHA loan. They will count the current rental income towards your personal income which will allow you to purchase a more expensive property. I believe that it will change from bank to bank if it is 75% or 80% or even 100%. You could call around to a few local banks and ask.

You should go talk to some banks and get pre-approved for a loan. There are definitely banks that will lend to you for something like this if your financial history is somewhat clean and the property isn't completely trashed. That way when you find a property like this, you can confidently put in an offer and don't have to worry about the financing. 

Dan, it sounds like this could be an awesome deal. If it really is, then you shouldn't have an issue finding some help with a down payment or rehab costs.

You will want to increase the rents to the market rate quickly because that missing money is counting against your bottom line. Yes, some tenants will move out due to the rent increase, but this will be a good time to rehab the vacant unit and raise rents even more. If the tenant stays, then it is also a win because you just increased your NOI on the property.