All Forum Posts by: Mike Lalor

Thank you all in advance, I am looking to get started in purchasing some rentals in my area. Ive been watching the videos and I think I have a couple of great possible first buys. The catch is on both is they need new roofs. both are in great need of repair, the estimates Ive gotten back are in the 20 K range. My question is, what is the best way to finance this? I have the money for the down payment of current price, I would hope to get it cheaper, but I do not have another 20K on hand to put new roofs on them. Can I wrap those into the actual loan? what is the best way to attack this. Thanks again

Thank you all in advance, I am looking to get started in purchasing some rentals in my area.  Ive been watching the videos and I think I have a couple of great possible first buys.  The catch is on both is they need new roofs. both are in great need of repair, the estimates Ive gotten back are in the 20 K range.  My question is, what is the best way to finance this?  I have the money for the down payment of current price, I would hope to get it cheaper, but I do not have another 20K on hand to put new roofs on them.  Can I wrap those into the actual loan?  what is the best way to attack this.  Thanks again

I am from the rockford area and am looking to getting started in investing in rentals. hope to have great exchanges in the forums

Mike

I have only posted a few times as I am hoping to start purchasing rentals soon.   For those of you that have had rentals for several years, maybe even a decade or more, I know there is not a exact number for this, but what is would you say is your average time a renter rents from you?  I know you may have someone for years but also may turn a unit over 4 times in a year. I am debating between a college town rental and a non college town, with a college rental i know for the most part I will need find new renters on a yearly basis, but I am wondering if that if much different than a normal rental.   Houses I am looking at would be mid to lower end.  nothing high level for sure due to my budget.  Duplexes with a rental in the 5-7 hundred dollar range.

thanks for any input on this.

If you dont mind me picking your brains some more....how do you set up the lease with college kids?  do you make it  a year lease, or do you make it a month to month. What month do you typcialley start the lease and then end it?  thanks

I sell one of the major TV options out there, direct, dish, cable etc.  Can I make that part of the lease that only the type that I sell in my other job can be used within my rentals?  Am I violating any freedom issues there?

thanks

This is great stuff....Scott how do you target specific major kids.  What a great idea.  Had not thought of that angle.

Very interesting.  Thank you for your input.  what types of automatic payments do your recommend?

I am considering buying a duplex in a college town, about 2 blocks from campus.  Does anyone have experience in college towns renting to college students?  Are they more or less reliable making payments?  How do you determine their income and say even credit scores being so young? any thoughts on this appreciated.

thank you all for the feedback. The knowledge here is incredible one issue I am facing is one town I am looking at just redid their sewer and septic and people are having massive water bills. In the hundreds of dollars per month. Its insane and would cut into profit margins quickly if I have to pay