All Forum Posts by: Kristin Caras

@Jessica Brown Set for Life by Scott Trench & Rich Dad, Poor Dad are two great ones to start with.

@Joseph Weisenbloom that's great that you have had such high demand. I believe Airbnb gives you the option to contact people before approving them, so do as much screening as you can that way beforehand. I would think that if any issues arose/damage to the property you could contact AirBnB and work through them? Doesn't really matter if it's 30 days or 1 day, if you get someone in there who does some damage...something to look into if you're interested in going down the Airbnb path. Maybe even add some type of clause to your information section so people have to agree to it before staying with you.

@Christian Andreach welcome to BP! You'll find a lot of great resources here like the forums, webinars/podcasts and the books. Check out Long Distance Real Estate Investing by David Greene if you're interested in buying out of state. 

@Roger R. I would say, remember that you have the property thus you have the upper hand! Don't let them play games and waste your time. Don't be afraid to move on entirely, or show them that you're prepared to if they don't get serious.

@Joseph Walsh welcome to BP! That is a great plan -- Austin is an expensive city and if you can reduce/eliminate your housing expenses by house hacking that is awesome. Good luck!

My best advice would be to find a good agent, that can help you determine an offer price, that is familiar with your area and knows the ins and outs of foreclosures.

I would definitely have the seller professionally treat the mold and provide a letter. Then follow some of the steps other members suggested to ventilate the space to prevent it from coming back. It isn't worth the hassle down the line if someone gets sick.

@Daryle Smith If things fall through with this house, have you thought about purchasing another multifamily house? Using an FHA loan you can put minimal money down, secure a cash flowing property and house hack. It may be worth taking a look on realtor or zillow and use the biggerpockets calculators to analyze a few properties.

@Maureen Nixon if you can, drive around the area and ask yourself if you'd feel comfortable getting out of the car and walking a few blocks. Crime maps and keeping up with the local news helps. I work near one of these "war zones" and the crime/danger really varies by street, so maybe you would be better more on the outskirts of the area you're interested in? You may be able to catch a turning market but it is hard to do and you can get burned. 

I think it comes down to if you, personally, feel comfortable with this guy living in your property and if you feel comfortable renting to felons in the future. Of course verify his income is 3x the rent and see what more you can research about his felony, if possible, online. If you can meet face to face and ask pointed questions you'll probably find your answer. Everyone has given good input, but in the end it comes down to what you're comfortable with. If this situation will be keeping you up at night with stress, pass on it.