All Forum Posts by: Kathy Henley

@Brooke Hallock The market prices were not mentioned in your post. Do the high rents cover the costs of buying in this cycle of your market? The price must make since, but you will be trading your rent payment for a mortgage and in time, save for your next property. You are young and have the time to rally with your spouse.

Read, "Duplexes, Triplexes, and Quads" for a good perspective on how this is done. By Larry Loftis.

Could you find a deal before it comes on market? Call the number on the shabby yard signs, 'For Rent', that look like they have been in use for a decade.  Someone must be tired of being a LL or, not good in managing tenants.

@Rebecca Diuguid In which state did you file the divorce? California is a community property state so half of the assets, in general, belong to each of you. Details are talked about, in dividing the assets, on whether the marital property was paid for with marital funds ('community' funds), or not. This includes the record collection and cars, etc. Each of you need a lawyer so that difficult partners don't bully their way to the finish line, regardless of which state. 

Lenders have papers for everything so that details are understood BEFORE a divorce clouds the issue on the division of property. In MO (where our divorce was filed), the marital waiver is used. It is for YOUR protection. The lender needs to be certain that party on the side line is not entitled to any equity the property as part of the division of property. It is a tough spot, divorce. May the settlement be reached soon!

@Campbell Agyei What does it say in the lease? If roaches are common in your area, like the stone foundations of the homes in my area, one must plan for treating roaches. We give our tenants an action plan for their part in discouraging pests from setting up household. This includes storing food in covered containers (even breakfast cereal), vacuuming the baseboards and appliances of crumbs. More diligence if pests are present. Before bed, the dishes should be washed, stored and the counters wiped dry, close off the drain with the stopper and spray entry points with smelly disinfectant (roaches hate this). This means the crack where the counter top meets the walls and baseboards. The web is full of great tips. Publish a summary on a flyer and share it with your tenants.

@Hossam Elaskalani Frank Gallinelli helped me understand cash flow, 'What Every Investor Needs to Know'.

@Hossam Elaskalani Listen to podcasts and real estate investing books and apply the principals in your area. Where can you buy property where the tenant's rent payments cover the expenses of owning the property?

@Sid Naik What could you do with the property to generate income? Write up a business plan with facts and figures and see if you could make it a success. Put numbers to 'location is desirable'. Make an offer based on your research.

@Jeremy Roach Of course you should ask. The conversation might include your offer to pay the union dues and to cover the medical insurance expense during the period of your absence, to hold you position in the union. A fix and flip project is a job, after all. Your wages will be represented by the profit, when the project sells. Have funds in reserve for the unexpected.

@Victor Cervantes Live below your means and keep your credit clean. Get a job at a property management company and learn stuff.

@Jason Roldan Every city has property management companies and real estate agents. Reach out to some, in the cities that interest you. I got names from Yelp reviews and apartment listings and made calls. It is financially important to get a property manager on your team, for approving property locations before you buy. PM's know the area rents and the costs of getting apartments ready to rent. They have a duty to the owners to pay the bills and keep them rented, like you. They will help you understand the costs. 

@Enrique Kratz It has to do with the intention of the money. I put my money to work for me (investments) whereas my sister works to live comfortably. My children lived in a small 2bedroom house with us, their parents. We didn't move to a bigger house. We drove used cars. Our disposable income went into buying rental properties. My sister's houses grew with the size of her family. The one with the pool was a great place for our big family gatherings. She hasn't spoken of retirement.

We eventually sold our primary and bought two more investment properties. Multi-family properties.

Yes they can be combined. Those last two properties were near a university. They rent easily. I moved into one of the properties when I left my W-2 job and divorced. It needed work, which I undertook. I enjoyed the hip neighborhood for a time. When ready, I moved to another vacant unit across town. It wasn't hip, yet. But it will be.