All Forum Posts by: Matt Hendrickson

Thanks for all advice. Super helpful. I get confused, which rules? ADA or FHA? I'm getting confused on differentiating between the two.

Help!

I self manage a few properties, one of which is a house that I rent out to multiple college students by room. I just received this email from a tenant: 

"I just wanted to inform you that I got a service animal and that she’ll be joining me in the room."
 -Brandon

I know this is a hot topic/issue, but this is my first time encountering it. I realize FHA will require that I accommodate this request should he provide doctors note, etc. I'm worried, however, about allergies of other tenants as well as potential damage. What have you done about this issue? I appreciate any help!

Greetings Greg, looks like you never got an answer. I'm curious as well, did you have any luck with this? Have you tried it?

Hey Jordan,

Sounds like you have options, which is always a good thing. The hard part is knowing what to do with them. I probably won't be much help, but I own a property there in Provo as well. Sounds to me, your "long game" could be lucrative. I'm a believer in the economics of Utah and don't plan on selling my Provo property anytime soon.

Not knowing your personnel situation and goals, I can't give a great opinion here. In my limited opinion you may want to consider holding it. Who knows, but with the long game in mind some developer (or yourself) may buy up the property for more than market value for multi-family, office space, or who knows what. Worst case scenario you have a long term asset.

That being said, I could also understand reasons for selling. Good luck!

Thomas, excited to hear you're interested in investing. Although investing requires a lot of diligent effort, I think you'll find it really pays off in the long run. To purchase your first property as a true "investor" you typically need 20% of the purchase price for a down payment ($20,000 for a $100,000 home). You will also have other lending fees, title fees, inspection fees, appraisal fees, etc. (typically 1-3% of the purchase price of a home) that you will have to pay at closing.

You could also purchase your first property by owner occupying the home. This means you would live in the home for a year, but could possible put down only 3-5% on the property. This is a way many new investors start out and slowly build up there portfolio. 

Best of luck!

This is all really helpful! Thanks, I appreciate it!

Quick question for all the bright Bigger Pocket's minds. I'm currently living in Kansas City, MO. I own 3 real estate properties at the moment. I'm trying to grow a bit faster in me goal to financial independence.

As part of that effort, I've been exploring alternate financing methods. I'm curious to know if it's possible to use a HELOC from my parent's home to purchase rental properties. I know individuals who own their own homes and have equity in their homes often use HELOC's to leverage rehabs, additional purchases, etc. I'm curious however, if it's my parents' money that they are willing to lend to me (for a small fee) could that negate my ability to qualify for a load? How would a lender see this "gift of funds" if I were to use that money as a down payment?

Thanks!

@Luther Wilson III thanks for the response! I’d love to learn more about you guys. Where can I reach you guys at?

I’ve just put together my first deal back in my home state of Kansas City. This property needs some rehab. Does anyone have good painters, plumbers, and drywaller’s that they wouldn’t mind recommending? I’m looking to paint the existing cabinets.

Thanks for any recommendations in advance!

@Matt Crawford glad to hear there is a fellow Lee Summit on here. I actually own two rental properties right now in Utah that I manage myself. I have connections in the Utah area that make it a lot easier to manage. As i grow my portfolio, I anticipate either selling one of the properties or getting a property manager for both. One of the properties I have is in a great location that I don't plan on ever selling as it is in an area that I like a lot.

I do budget like crazy. I use Mint and have linked all my accounts which has been very helpful in my opinion. I know what our current "burn" rate each month is and I'm working hard to develop passive income sufficient to cover that.

I will be sure to let you know!

@Doug Shapiro Thanks for the advice! I really appreciate it.