All Forum Posts by: Matt Nico

Cool, thanks. Good to know someone else using it. 

Thanks Mike. I actually took a look at that one also. That came in 3rd place. I'm sure I'll get it eventually.

Hey BP,

Can anyone recommend a few good credit card options for a business? Im looking for a business card with decent rewards and a good 0% introductory period. I have had a Bank Of America credit card for well over a year now but they dont really give big credit increases or great rewards points. I need more purchasing power on a monthly basis. From the research i have done it seems like there are 2 great options:

1. American Express blue business cash card; 2% back + 12 months of 0% interest

2. Chase ink business card; $750 bonus after spending $7500 the first 90 days and 12 months 0% Interest.

If anyone knows of anything better please post here.

Happy Housing,

Matt

@Ryan Howard

Your life story sounds identical to mine just about 4 years ago.....LOLOLOL. I am married to a beautiful Venezuelan woman as well (from Caracas/Valencia).

If you need a hand finding a house hack let me know. My house hacks meet almost a 2% rule. And either way we could meet up. My wife enjoys talking with every other person from her area.

-Matt

@Victoria Torres

I have met a couple good lenders on here i could refer if youd like? I just refi’d a home on Wednesday down to 2.5% interest myself.

-Matt

@Dominique Mitchell

Call the county and ask them about the 4-units. Ask if it is permitted and legal. If it is, tour the property. If everything checks out it sounds nice a cool deal.

If its not permitted and is in fact illegal, you could still technically buy it. Just offer a much lower price and then either permit the work (usually exposing walls so inspector can see) or tear it all out.

@Randall Re II

I bought a property in Orlando late last year and the same thing came up with my property. There was a $15,000 water damage claim. It turned out to be a broken water pipe in the wall. It was fixed and then new flooring and a new vanity was put in before i even was under contract.

Ask to see a receipt or something that said a licensed contractor fixed the problem. Assuming they did i wouldn’t worry about it too much. Maybe ask for a concession with the expectation that you will close even if they dont budge.

Richard, 2 things:

1. If you trust your agent and you are very confident they are good at what they do, then I would trust them.

2. Your "Gut" is another way of saying your intuition. Intuition is based on your underlying knowledge (in the subconscious), which is then brought to the forefront..... In this case, since you don't have any rentals yet, it would not be wise to listen to your gut, because it doesn't know anything yet.

With that being said, you should definitely be conservative with your numbers. If he is telling you that you can get $2,500 in rent, then assume you can only get $2,300 in rent. If it works at $2,300, then buy it. Also if you are house hacking it, you are only putting 5% down anyway. Thats a pretty low risk move.

Hope this helps,

Matt

My advice to all of you trying to find a PM for rent by the bedroom is to do it yourself at first. No property managers want to deal with the renting by the bedroom approach. Once you get 4-5 of them, you should be making enough cash flow to hire someone in-house and train them to do it the way you want it done. Nobody cares like you do.

I am giving this advice because I am on the same exact trajectory. 

Hope this helps,

Matt

@Doug Webb

I know this will sound crazy but let them smoke inside. If its not cigarettes and ONLY marijuana, it wont stick to the walls and smell the place up once they vacate. Have them sign a lease addendum allowing smoking inside but whenever they leave any damage or smell is paid for by them.

-Matt