All Forum Posts by: Marvin Meng

 Montclaire Bowl???

Sorry to hear that. So many times I've been cringing while I signed a lease only later to realize what a mistake I'd made. I finally quit trusting myself to do the screening and switched to a screening service who never meets the applicants. I blindly follow their recommendation. This isn't always easy. Right now I have a $1500.00/month property sitting vacant. I've had to turn down two applicants who, if it had been up to me, I would've approved (probably). I'll PM you the name of the screening company (if I can figure out how). I recommend them highly although BP doesn't like posting names of companies in the forums.

Thank you - good info!

Hi BP-ers!

Recently my REIA hosted a speaker from a firm who write self-directed IRAs. This seems like a valuable tool for investors but when I spoke to my accountant about it she said they could only be opened by individuals below a certain income threshold which I am not (for now anyway... airline pilot).

I'm curious if any of you have experience with this and if so what advice you have about opening one (assuming that's possible for me), and about shopping between companies that service them.

Thank you!

This is all great information, thank you! I'm in Illinois so I imagine these laws will apply. It sounds like RUBS might be the way to go.

Please don't take just my advice on house hacking - there are risks (I'm sure you're aware). But BP has tons of podcasts on it. But if you've got 100% equity, I'd say you have great BRRRR options. Keep posting how this progresses please.

Hi all! I'm curious if any of you have switched to sub-metering on units for which you previously paid water. I've got 9 units I'm presently paying for water on. Can you generally describe what your experience was switching over? Thank you!

I agree with you that the price for entry in real estate is high. I would've never been able to had I needed 20% (the norm in my area). I was able to take out a home equity loan which I used for the down payment on my first rental, then refi that one to buy the second (now known as a house hack). I don't know your situation but options you might have (assuming it's a great deal) would be to use equity in your home and/or a 401K loan. 

But please make sure it's a good deal! That we you can refi/cash out and be on your way to your next deal with more options than you have today. Good luck (and congratulations on getting started)! Don't give up! 

So far, so good... One late but he's always late and says...

wait for it...

the check's in the mail! 

Now, on the downside, I've got two vacancies and showings have fallen way off. One is a 4br 3 ba that rents for $1500.00. Thinking about lowering the rent on that one.