All Forum Posts by: Matt Slakey

Hi!

I would contact the title company (or attorney if that's what you do in NY) that you plan to use. They are probably experts at what rules apply to your areas.

My first thought is, "How are you going to show it?"

Critical for people who plan to occupy it, not so critical for an investor. I think some decent pictures would do for most investors. Or if its currently occupied that would probably be enough.

I am (planning) on doing a combination of the two. Build up a reserve of about 6-9k and then pay down the principle. Having the reserve money is awesome because it allows us to make mistakes, which we do, and things to go wrong, which they do.  Over the last year we've had to put about $8k toward capex from deferred maintenance from the previous owner.

@Dana Dunford: Thanks for the tip!

Hey All,

Does anyone know of a good plumber in Richardson Texas? Looking to have a gas test done and one guy wants to charge me $375!

Thanks for any assistance!

Matt

• Rent rolls- time, date, and amount of rent actually collected. Can give a clue to problem tenants. Also a copy of any notices served to tenants.
• Check-in sheets for tenants. If you don't have this, assume that you will have to eat the cost of a tenant punching a hole in the wall, destroying the carpet, and breaking the fridge.
• Bills or anything to verify what the actual expenses are on the property.
• Cutting closing costs: pay with cash

It's hard to understand your question due to grammar errors. If you are asking about advice about buying this place from your friend, I would go over the actual income and expenses and see if there is any deferred maintenance. I would also recommend reading more BP articles and forum posts relating to what you are looking for specifically. There are a lot of experienced investors who contribute to the forums. I would be astonished if the questions you have are not answered in the forums.

Congrats on reaching your goal! I'm excited for you to see what this new phase of life brings. And kudos for sticking to the plan of traveling. It's easy to put it off for a "better" time, as you said. Good luck and bring me back a t-shirt!

Welcome Mike!

1. Go with what your market supports. If nobody is living in rental houses, don't do rental houses. First though, I would listen to the podcasts. Keep reading, keep learning. Keep up on Zillow or Trulia and craigslist. Find out what properties are selling for, how long they are on the market. You don't need to know everything but check out the best book list for ideas. 

2. I would make a decision about #1 with your wife, you have GOT to be a team. And a baby on the way. Doing a full day's work on 2 hours of sleep is... unpleasant. What helped me was my wife saying to look at "scary" situations with the mindset of, "Logically, what's the absolute worst scenario that can happen?" If I'm okay with that possibility, then go for it.  There is also a risk if you don't invest. What if you lose your job or the stock market tanks or social security goes away. You could also point out that putting money under the mattress is actually losing money from inflation. And there is plenty of opportunity to be frugal with rental properties to fill the void.

I would go with what feels right.