All Forum Posts by: Katie Phillips

@Sharon Katz Look on here or ask another agent to help you! Most agents have contacts in every state. Make sure you interview your agent too. We expect that you are going to be talking to multiple agents before choosing one that's a good fit for you. Ask questions like if they have worked with investors before, are they investors themselves, or at least know investing principles, how they communicate with clients, etc. If you want more help, message or call me anytime :) 

@Christian Jones RentPrep.com has lease agreements. I use it and it has worked great. You could just edit it to include the furniture. Furniture is not always a plus for tenants, so I would offer it as an option, but be willing to put it into storage if necessary. The amount you should charge depends on your area.  I would look for other furnished rentals, and then look on roommate websites such as Roomies and Roomster to find single furnished bedrooms. Those are usually easier to find than long term furnished rentals. You can ask for a larger deposit, but some states limit the security deposit amount. Also, in Ca you can only charge one month's rent for unfurnished, and two months' rent for furnished, so look into your state's laws. A larger security deposit will cover you in case your tenants destroy your stuff, but it also limits the number of tenants financially able to rent your place. Just something to think about! 

@Sam Clemons Are they offering to do the work? If so, I don't think that's unreasonable. 

@Arthur Riccio jr I'll PM you! 

@Andy Park With a cosigner, you won't have any issues. My advice is to look into house hacking. You will be able to put down 5% (3% without a cosigner). This will keep a ton of money in your pocket for your next deal! Open a credit card, and buy the first house, and you'll be building credit in no time!

@Jeremy Rosner I agree that you should get in touch with an agent who works with new investors. They will be a great resource, and a good agent will help ease your nerves too. For safety reasons, some agents won't show homes without a pre-approval letter or proof of funds, so it's best to get pre-approved as soon as possible. Your agent can give you a couple of lenders to choose from.  Also, like Brad said, you can't make an offer without a pre-approval letter. Best of luck on your investing journey :) 

@Sean Parno I am in Sacramento, Ca, so I understand your frustration. Cash flowing properties can be hard to find here as well. Some investors require at least an 8-12% ROI, while others are willing to take negative monthly cash flow for the appreciation. If you are a buy and hold investor looking for appreciation, negative cash flow is not ideal, but doable. Do not consider negative cash flow unless you are financially able to handle the payment. In my opinion, I would never consider property where the negative cash flow is greater than the principal payment on your loan. Your principal payment acts almost like a savings account for yourself. So, even if your property never appreciates, you are still building equity. I know this isn't a straightforward answer, but it's really up to you and your strategy.

@Ken Dunbar Mentorships require a lot of time from the mentor, who is usually already a very busy person, which is why they are successful. I recommend getting an entry level position for an investor, broker, or agent. Determine what your strengths are and leverage them to provide value to others. When you do this, a mentorship will be able to develop naturally. 

I use Fidelity, but there are a bunch of options out there. Best of luck :) 

@Rich Conley You are able to negotiate with a Realtor to write up a contract. In Sacramento, 2.5% to each agent is pretty typical, however all commission is negotiable. If you come to them with the deal and terms are already worked out with the seller, I think you would be able to find someone to do it for much less. Or, you can go with an attorney. I do not suggest writing it up yourself. Let me know if you would like more info. I'd be happy to discuss a deal with you that can work for everyone!