All Forum Posts by: Luke Reninger

If fixing the floors and paint / cleanup will get you 750 a month, buy the house vacant and find new tenants.

Any tenant who says I can’t afford more with three adults and four animals is going to be a problem. Buy the place vacant if the place makes sense. If the seller can’t get them out, that will tell you to run fast

This post reminds me of facebooks ads. Lots of problems in great detail. Promises of a fix with no details. 

I’m waiting on the click funnel or online guru course to appear.

I say that in jest but am curious if you found another method of short term rental. By me, there is a large demand for 3-9 month rentals for contractors to the space center. 

Is 72 temperature inside the house or temperature coming out of the vents? 72 coming out of vents isn’t good. Now if they want the house 64 degrees, that is a pipe dream.

If you already own the home, they don't care if you go to school somewhere else as long as the bill gets paid. The GI bill people (VA) don't talk to your VA loan lender.

If you haven’t bought a house yet and don’t plan on occupying it, that’s different.

Yes just a regular VA loan. There is a funding fee but it's usually way less than paying PMI. You can roll the fee into the loan as well.

It made sense for me because I knew I wanted to use cash to fix up the place.  

I would call lenders and get preapproved for a dollar amount in the city you plan on buying in NY. It will answer all your questions. 

You won't have a problem renting your house if you move for college. You also won't have a problem getting a new loan if DTI is still good.

You need to realize they have funny rules about the second VA loan though. It usually has to be more money and the fee goes up (unless disabled). Also 99 percent of VA lenders won't accept rental income as credit until it has been rented 12-24 months.

If your navy base is likely to be around awhile, and renting is a popular option there, I would buy a house with renting in mind. BAH continues to rise at almost every base regardless of the local economy.

I bought multiple houses while in with 0 down. Now I rent them long distance. I still cash flow a little and honestly I’m super happy I did it.

I’ll never do carpeting again in any house that allows pets. Carpet just doesn’t last. It will be wood look tile next chance I get to change my homes.

Find comps by calling around local mobile home sales places. There is a starting number.

Then add the maintenance, then the moving and setup. See if the deal still makes sense. 

 If your lot isn’t setup for a mobile home now, it may be expensive and have permitting issues.

I strive for $400-500 minimum cash flow on my mobile home deals. That is after all expenses.  There are just to many variables working against you to do it for less. 

Biggest mistake was giving discounted rent in exchange for putting off capex (flooring). The tenants stayed four years at $150 off market rent. Flooring cost  me 1k out of pocket. Nearly 6k in lost rents. 

I was worried about finding a tenant even though history told me my house would never be empty more then two weeks