All Forum Posts by: Mitchell Smith

Hey Kim,

Thanks for the reply! I'm going to follow up with her current employer and her current landlord  on Monday. She is only paying $1130 right now and I'm charging $1600. Looking at her bank accounts she only has $2000 on hand. I'm curious if she can really afford the increase with her current spending habits. Would doing a shorter lease with a higher security deposit be a good route? That way I'm not on the hook for a full year potentially.

Hey guys!

I'll keep it short and sweet. Have a lady that wants to rent out my primary home and when we met her she seemed very nice and very interested. She let me know ahead of time that she has more than 3x the rent in monthly income, but she doesn't have a very good credit score due to a nasty divorce 2 years ago. It's sub 550, but she makes roughly $6,300 between child support ($1,000) and her paycheck from work. She has been at her current job for 7 years now and it seems very steady. Most of what her credit report came back with did show a lot of delinquencies around 2015 when she had to pay for a lawyer in her divorce. What are some things that I should look out for in addition to what I've already mentioned? And what do you typically do for someone who has less than amazing credit to help hedge against any risk? Thanks for y'all's help!

I'm a listing agent Harry. I'm with the Mark Spain team. Let me know if need any help!

I like the idea of taking my roommates with me, because then I don't have to find any for the new house. However, I don't want to leave my landlord high and dry with the vacancy. I'll mention it to him as an idea and see what he says! I want to go grab coffee with him anyways to talk about REI, so maybe he'll be even more understanding!

Matt Devincenzo

Thanks for the reply! I like the idea of getting out around february, but I am rooming with 2 other guys and I don't know how happy they would be to have to move out again in six months! I can definitely run it past them for sure.

Also, my land lord is a very nice guy and a family friend. So that probably wouldn't be something that I worried about either.

I definitely believe in the fact that no matter how the market is doing, there is still money to be made!

Ned Carey

I like the idea of educating myself and becoming familiar with my market! I am going to listen to podcast 25 today actually. I listened to a little bit of it yesterday and it seemed like it was very interesting!

Leng Thao

If I buy a personal residence now, with no one in there, I won't be able to afford the rent on my current residence AND the mortgage of the new home. Isn't that right? or is there a loop hole??

Hello everyone!

So, I just left a conference about a week ago where I talked with a colleague about REI and left super jacked and ready to invest. However, after doing my research and talking with a few people, I've been feeling SUPER overwhelmed. I'm slowly realizing that I don't have nearly enough cash to just buy an investment home. I've learned that the best way to do it is to start off with a purchase that you yourself will live in. That way you can get an FHA and a few other perks. The only problem, is that I'm locked in a lease until next July.

My question is this, is there another way? Can I still get my feet wet with little cash? OR, should I just stick to researching and educating myself and waiting until I can move in to a house of my own next year?

Would love to get your thoughts! Thanks!

Hey Curt!

I will double check the REIA's schedule and see if I can at least attend a few over the next few weeks!

As to your last paragraph, is that really necessary if I'm just looking to buy and hold?

Great, I'll definitely look into that!

Would you mind if I email you if I have any further questions??

Thank you Anthony! I do need to stay more on the passive side for now, and if you have any advice/tips, I'm all ears!