All Forum Posts by: Mike Ojo

I'm getting ready to do a refi on a Single family property. The house was bought as a 2 bed 1 bath. I've since added a 3rd bedroom and 2nd bath.

My question is with staging. What will the appraiser look for? for example, the 3rd bedroom is currently setup as a office/game room. Do we need to change the setup back to a proper bedroom setting? is that more presentable and adds value or not?

Also doing some fresh landscaping this week. Will that add some value as well?

Please advise. Thank you.

The deeper I get into business and investing, the more I realize using a CPA won't cut it. Being self employed also brings about new challenges when dealing with the banks to get a loan. So moving forward, I'll like to change things up and I could use the help of a great Tax strategies. If you are one or know of one, could be local or remote. Please reach out. Thank you.

Thank you Percy

I recently just started educating myself on HUD. I hadn't thought about Hud or section 8 programs until a friend who is an active investor was telling me about their recent deals. I've been presented with a deal of 200+ units and I've been thinking hard about it, discussing with a group of investors to go in together.

Assuming a deal and financing is put together, what are other things to look out for? Can anyone who is an active investor in HUD multifamily please advise on the basics and what to expect? thanks.

In the last 12 months, I purchased my first 2 investment properties. One tenant occupied, and one Airbnb. Both are single family properties. Here are the numbers.

Property #1

- 3br Single family 

- Purchase price: $175k

- Out of pocket cost: $0. I partnered with a family friend who provided all the funding.  My stake in the deal is 30%

- Tenant occupied @ $1445/month

- Net Income so far: $250/month

- Equity gained so far $5,000

Property #2

- 2br Single family

- Purchase price: $140k

- Out of pocket cost: $35,000. $33,000 went into renovations. The property is now a 3 br house with private access for Airbnb guest.

- Airbnb

- Net Income so far: $500/month

- Equity gained so far $75,000

I am starting to receive applications on my first rental property (all digital applications). I need some advise on what exactly I should be looking for to qualify each tenant please.

Income: What multiples of the rent should their income be? Also is 3 months of rent upfront standard? (first/last month rent + 1 month rent security deposit)

Employment: What is the average job tenure to look for? I see some applicants here with less than 12 months.

Credit: What's a good minimum credit score to qualify? also what other important metrics to look for on the credit report?

Past rent: What is the average past rent stay to look for? for example I have applications from college students who's average stay at their last housing is less than 6 months. Does this matter?

Co-applicants: How do you treat multiple 'unrelated' applicants?

Quarterly rent: Have you experienced this before? I have an applicant who wants such arrangement.

All answers and advise are greatly appreciated. Thank you.

For a single family property, do you require your renters to have their own insurance in addition to the home owner insurance already in place?

Well that was easy. Thanks guys.

Is it even possible? 

The utility accounts are newly setup in our name upon purchasing the property. Do we have to set it up in the tenants name instead? or how does this typically work? please advise. Thank you.

Great, thank you.