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All Forum Posts by: Megan T.

Megan T. has started 6 posts and replied 72 times.

Post: Best renter screening services?

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

I just used cozy.co for our new tenants and the reports were great. $40 total for credit and background check, paid by the applicants. We also plan to use cozy for online rent collection

Post: Unusual response to my listing

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

Sober homes are very popular tenants in my area. While I have not rented to them, I know they come with a few things to watch out for

I would check into two major things:

1. People with disabilities are a protected class, thus you cannot discriminate against them as a potential tenant

2. Double check a three year lease is legal in your state. Some states this qualifies as a commercial lease rather than residential

Definitely speak to a lawyer before signing them on as tenants. The company likely has a legal team, so should you

Don't pay attention to any cap rate quoted by a broker. Do the underwriting yourself, get to your year one NOI (with adjusted real estate taxes based on the sale and including cap ex), and derive your cap rate from there

Cap rates in some major markets for 100+ unit deals

Denver: 4-5

Colorado Springs: 4.5-5.5

Atlanta: 4-5

Charlotte: 4-5

Raleigh-Durham Triangle: 4-5

Austin: 3.5-4.5

Lexington: 5-5.5

Post: Best Conventional Mortgage Rates

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

Who is currently offering the best rates for investment properties??

Any banks/lenders offering unique incentives

I am looking at a conventional mortgage, 20% down, great credit

Post: Engagement vs. Down Payment?

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

Congrats on finding your life partner! That is one of the most important things you can do on your path to financial success. 

My only advice is if you choose the ring, that is just step one. The wedding itself will be expensive (average wedding is $30k) and time consuming. So don't buy the ring unless you are ready to pay for the wedding. If you end up with a three year engagement saving up for the wedding, you could have a cash flowing rental property during that time. If your families are willing to help pay for the wedding, consider asking them to help pay for the rental property.

Hey Tanner! The University of Florida has a fantastic real estate program. They offer a combined undergrad/masters program for real estate. I personally only did an undergrad finance degree, real estate minor at UF, and I feel it very much prepared me for a career in real estate investing. The link below shows the current and previous students with links to their resumes and linkedin pages so you can see where they have been placed and decide if it is a good program for you

https://warrington.ufl.edu/master-of-science-in-real-estate/careers/student-profiles/

Post: College degree for real estate agents ??

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

@Jordan Lucas I've done a billion dollars in acquisitions, so I would say its going pretty well

Post: College degree for real estate agents ??

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

If you want to be a real estate agent, start at 18

If you want to be a real estate investor, go to college. Finance and accounting classes will teach you valuable skills for underwriting deals. In terms of the cost, there are countless ways to 'creatively finance' a college degree through scholarhsips, grants, and loans. Being able to find a way to pay for college will help you find a way to pay for your first deal.

Also, if you have any interest in going into commercial real estate instead of residential, you will need a college degree.

I was a finance major, real estate minor. And I now work in commercial real estate acquisitions

The HOAs in that area can incredibly restrictive. You will have a tough time finding one that allows Airbnb’s, most don’t allow rentals at all for the first few years of ownership. If you are interesting in going that route, I would reach out to a local realtor who could point you in the direction of which associations would allow Airbnb’s

Post: College Student Preparing for Real Estate Future

Megan T.Posted
  • Florida
  • Posts 73
  • Votes 58

Hey Miller,

I would check out a few finance or real estate classes your school may offer before you graduate. I was a finance major, real estate minor at UF and that has helped me a lot

Wishing you the best of luck