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All Forum Posts by: Maurice Caulk

Maurice Caulk has started 5 posts and replied 14 times.

Post: First tenant call this weekend

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4

I thought the exact same thing! Since this is my first rental and she's only been there for 4 months I want to keep her happy, but just like you stated I'm not going to babysit.

Post: First tenant call this weekend

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4

Hello everyone! I wanted to share with you my first "service call" with my first rental.

So my Tenant called me this weekend saying theres a problem. She ccontinued to say her next door neighbor dog continues to come over and takes a poop in her backyard! She says she went over there and try to talk to the neighbor  At first she refused to answer the door but once she finally opened it she said  "If you want me to keep my dog  out of your yard tell your landlord to fix the fence and then I'll try to keep my dog out of your yard"

What the neighbor is referring to, its a divider fence  in between the two houses (town homes) the Landscaping slopes so there's a small Gap underneath one side of the fence. I already went over there to fix it even though I didn't have to do anything. 

So I was wondering what would you have done? Also what would of been the proper way tof handle the situation?

Post: Made my first purchase!

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4
Originally posted by @Tzvi Balsam:

@Maurice Caulk

Good luck, maybe you share some more details, maybe even some pictures.

 Absolutely once I get it all cleaned up! Thanks

Post: Made my first purchase!

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4

I just wanted to say I'm officially getting my feet wet. I jumped in and brought my first rental property. I'm at the first phase and its time to do some repairs! Lol

Post: Newbie

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4
Originally posted by @Rumen Mladenov:

Hey @Maurice Caulk, welcome to BP! New Castle county requires rental properties to be registered biannually, at no fee. City of Newark requires a rental permit with an annual fee for any rentals within city limits. Have you decided where you want to invest?

 Hey, starting out I am looking for the "Good sections" in the inner city as we all know crime and drugs are bad in the city but there are plenty of good streets where theres never any issues and those are the spots I would like to be.

Post: Newbie

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4
Originally posted by @Eric Armstrong:

Build your network.  If you havent already, join DelREIA(monthy meetings), get into local and national Facebook group (again DelREIA, Greater Delaware Real Estate Investors, Wholesaling houses full time, etc), stay active on BP.  There is a local group from here that may be meeting in May......someone here will probably be able to lead you to the link to get on the mailing list.  All the best.

Regarding your loan, if you don't plan on living in the property you will still probably need 20% down payment.

 Yes I'm prepared to put a 20% down payment. I haven't looked into any of the DelREIA. I will do that now that you've mentioned it. I also have a question. Do I need to get a renters license I'm delaware? If so can i apply for one before I get a property?

Post: Newbie

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4

Hello, everyone I'm from Wilmington, Delaware and I've been listening to most of the podcasts (I'm not going to pretend like I heard all of therm lol.) I have tried to invest about a year ago but things just didn't workout. I'm trying to get back on the horse and make that jump. Even though this is my second time trying I still have those normal beginner fears even though this is my second time trying.

I am currently pre approved for a loan and I have a realtor. I just wanted to post this just to communication with everyone my experience and process as a rookie lol and to also get feed back from everyone to help and call me out on my mistakes lol.

Thanks for reading

Post: Renovation money

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4
Originally posted by @Franklin Romine:

@Maurice Caulk

I'm a believer in using existing equity to finance yourself to the finish line.  The only thing I don't like is taking out a unsecured loan or second loan on your rehab property.

If you have primary residence with equity, get yourself in a position now prior to buying a property, get a line of credit a line you can use to operate with. 

Running out of cash is like drinking to much beer at the bar, you make very poor decisions.


Frank

 That is great advice Anderson your spot on with this one!!! I started to do a little more digging and thats the same answer ive been seeing. Thank you it's nice to know some people are actually out to help others and not just themselves!

Ps. I love beer quote lol

Post: Renovation money

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4
Originally posted by @Franklin Romine:

@Maurice Caulk

Have some of your personal capital for the project.  Borrowing money this early in the game for renovation expenses doesn't sound like a good plan.  


Frank

 Yeah that's what I was worried about. I didn't think it would be a good idea to start out with the double loan. I read some people took some equity out of the house to do renovations also.

Post: Renovation money

Maurice CaulkPosted
  • Wilmington, DE
  • Posts 15
  • Votes 4

Hello, I'm actively look for my first rental property now and I've noticed that most of the houses I go to needs a little TLC.

My question is, what's the best way to come up with renovation funds (ex. the money to fix up a bathroom or kitchen?) Should I be using out of pocket money or find other creative was to fund these projects?