All Forum Posts by: Michael Olesky

Hey @Joshua Wilson, fellow Gulf coaster here, I grew up in Seminole and went to Seminole High. All good comments so far and mine are similar!

 First off, you should ask your agent this question as everyone is different.  You just asking this question and showing concern for wasting their time will speak volumes to your agent and they'll appreciate it.  

For me, if you are a serious buyer, pre-approved and ready to pull the trigger when we find what you are looking for, you can't waste my time.  I'll answer every question and spend as much time with you as you'd like.  I also like to provide links to articles (many of which are on this site) so my client can read up on the topic themselves and not just take my word as gospel. 

I think most agents will agree that a big part of our job is to educate our clients.  Being that you are looking to invest and buy multiple properties, it is in your agents best interest to educate you so that you both are on the same page and can work as a team on future transactions.

As for what you can do to help limit your impact on your agent's time, I'd recommend reading as much here as you can on flipping or rentals so you can try to answer your own questions and verify your conclusions with your agent.  Of course you always have biggerpockets for your questions!

Best of luck!

Mike

Hi @Barb Niehaus  My clients have used PrimeLending here in Melbourne,FL with great results.  I've also used them for the funding on my personal home and plan to use them on my upcoming rental purchase.  

@Marci Stein I would not let a tenant handle repairs, especially water!  Always hire a professional to do the work.

Hi @William Mccurdy ,  Glad to hear you dodged the guru up-sell.  One of my favorite RE books is The Millionaire Real Estate Investor by Gary Keller - https://www.amazon.com/Millionaire-Real-Estate-Inv...

 This book focuses on long term buy & hold and is based on interviews with over 100 investors with over 1mil net worth.  I think it lays a solid foundation for a lifetime of investing.

Hey @Steven Silva Doesn't sound like you have closed yet!  I feel like we are missing some info here, but the lawyer is basically saying the court hasn't approved the sale of the property yet.  If you haven't closed yet I'd say you don't have expenses yet.

@Jeff Thillemann  I forgot to mention, if you haven't already read it, The Millionaire Real Estate Investor by Gary Keller is a terrific book on investing and rentals.  I highly recommend it!

http://www.amazon.com/Millionaire-Real-Estate-Inve...

@Jeff Thillemann  I'm in a similar situation with my W2 job and investing in rentals. I've decided to contribute the minimum amount needed to still get the full company match to my 401k and save the rest for investing in rentals.  I used to contribute around 10% to my 401k before getting into rentals.  I also got my RE license and am an agent part time to make some extra money to put towards rentals while being active in my market, also helps when buying my own rentals.

If you can make the monthly cash flow numbers work, a 15yr mortgage would be best, but 30 year will get the job done as well!  

@Shaun Hunt - You'll want to read over your purchase contract to make sure they don't have the ability to cancel the contract at this point. If they don't have the ability to cancel the contract and you are willing to let the property go, you should at least be reimbursed for all your EMD and inspections/appraisal. I'd point that out to them, that you expect to be reimbursed, and then let them know what they'll be paying in Agent fees (probably 6%), along with another two months of mortgage payments. At the end of it they would probably only be a couple thousand ahead depending on the price of the house if they canceled this sale. At this point, depending on the contract of course, they are more or less obligated to sell to you so you should be able to dictate how things go if you are to release them of their obligation. If it were me, I'd talk to them about the added expenses for canceling this sale and listing and if that didn't go well I'd let them know that I'd be meeting with an attorney.

Otherwise you should talk to an RE attorney ASAP about what options you have for forcing them to follow through with the contract.  A strongly worded letter from an attorney maybe all that is needed.  Don't wait to see if they show up for closing, handle this ASAP!

Hi @Alicia Hensley you may still be able to get another FHA loan, check with a lender about your situation. One of the exceptions is relocation.

http://homeguides.sfgate.com/can-two-fha-loans-one-time-3232.html

Relocation

Another exception to the single FHA mortgage rule comes into play if the homeowner moves to a new area not within commuting distance of the current home. The person can buy an FHA-insured home in the new location and keep her existing home as an investment property. And the homeowner can relocate for reasons other than in an employer-forced move, according to the FHA handbook.

@Chelle Knijnenburg

All good advice so far.  I like the graphic on the blog below, simplifies the process some so it isn't so overwhelming.  Before you show the place, be sure to tell the prospects your minimum standards over the phone, such as no evictions, deposit requirements, criminal/credit check.  These standards seem to weed out half the calls I've received on my rental and save me a drive.  Also try to group up showings as inevitably someone will not show.  

If you don't want to fill it yourself but don't want to sign on for property management, most real estate offices have agents that will show the place and pre-screen tenants.  Around here it seems one month's rent is the standard cost but could be different in your area.  

https://www.biggerpockets.com/renewsblog/2013/01/2...

Good luck and let us know how it goes!