All Forum Posts by: Luka Milicevic

Interest rates can only go higher from here. I think the rent on this property is too low for the value, but then again, I don't know that market. 

If you can't raise rents then I would most likely sell.

Alternatively, if you don't want to sell, refi to a fixed, but put some money down in order to lower your monthly payment. 

If it was me and I wasn't able to raise rents to $1500 (At least) I would sell and move one. 

$90 cash flow is not attractive to me.

Most definitely keep the beams.

The cabinets-Could go 2 ways.....

1) Clean them and keep them to keep the character of the old house.

2) Paint them a modern color, like others have said-grey-ish color would work well.

Brick fireplace-I would for sure tile over it with stone. The cabinets above the fireplace, paint those with a modern color to give the entire room a much more updated feel.

I would also get rid of the paneling in the room and put in newer drywall.

The best thing you can do on your end is inspect the actual toilet, and possibly get a brand new one. They aren't terribly expensive. 

It's just fact that some toilets clog more than others. 

If the current toilet seat has a small opening then consider getting one with a larger opening.

As far as being a landlord that's what you can do. You can always recommend they flush more often....

Originally posted by @Daria B.:

From what I read of the 1st 2 sentences, it would appear @Justin Bushis now in the process of getting a HELOC on their primary property. And also about to go through the process if not already into it to buy another property. Is that right?

In my case, I am looking to open a HELOC but am not in the process of getting another investment property. I want to do the HELOC first and then later on go through the loan process for the next investment property. Not do both at the same time.

@Luka Milicevic in your experience do you know if a person that already has a HELOC in place, if going for a new loan, would the new loan process from the lender look at the HELOC like they look at all other things: ie credit cards, bank statements, existing mortgages, etc.

 I guess most people answered your question already.

As a general rule, know that your lender looks at EVERYTHING.

This is absolutely amazing. It is one of my ultimate goals to take an unconventional building and turn it into a rental. I saw a guy convert a retired fire station into an apt complex while still keeping the character of the fire station. Absolutely amazing, thank you for sharing!!!

This is most definitely the place to be. Welcome

I'm not too sure on what you're asking, but if you are in the process of applying for a mortgage your lender will be very unhappy if you open new debt during the process. In fact you had to sign a form saying you won't do it, or if you do, you would let the lender know ASAP. Not sure if this helps any....

Originally posted by @Tomas Calvino:

I did not like when the yard was not kept up on my property. I would drive by and the grass would be about a foot tall. The property is in a nice neighborhood so it definitely stood out. Now they hired a lawn service so I haven't had that issue to worry about. I think from now on I will include lawn maintenance in the rent just to keep the property in good condition. Does anyone else recommend this idea? 

 In one of the podcasts, I think Brandon or Josh had mentioned if his tenant doesn't keep the lawn in good condition, he would hire a lawn care company to cut the grass and then bill the tenants. 

How is the rental market in Mt Juliet and Madison? I'm not all too familiar with the area, but I do know it's quite affordable. Do most people living there commute to the downtown area for work?

Nashville is hot right now. Investors are buying up land, demolishing and re-building on the lot.

East Nashville (Nations) is getting major renovations right now. Same with West Nashville.

I personally can't afford Nashville right now or the surrounding area because I can't compete with the cash offers coming in. I have gone to Mboro and Smyrna now. Both very good rental markets.

Flips I would say east/west Nashville assuming you can afford it.

Rentals, I would venture out to Mboro, Smyrna, and Hermitage.