All Forum Posts by: Mike Walsh

The tenant emailed us over the weekend that they cannot get the thermostat unlocked. 

Is it our responsibility as the landlord to send out an HVAC tech just to unlock their thermostat?

Or is it the tenants responsibility to figure it out?

You both are very wrong. 

People come for Derby all throughout the year. 

Plenty of people want to be within walking distance of the tracks. 

The rates for derby weekend are enough to pay 6 months of mortgage, taxes, and insurance.

Isn't there a saying for people who assume things?

 I quit my job and only have 5 months of income for my business as well as no tax returns yet for my business. I know 2 years is the minimum.

@Erik that was incredibly helpful, thank you.

Hello Bigger Pockets. I currently own a house in Louisville Kentucky which I am going to start using as an airbnb rental. So I need a place to live.

I recently quit my job because I have 2 companies that make more than I did at my job. I am pretty sure I would not qualify for a loan. However I strongly believe I can get a loan in 2 years.

I found a house with the owner willing to finance. It's 1,300 sqft in Saint Matthews and I believe it's worth $250k but needs minor repairs. It also has a full attic which I will refinish giving me another 5-700 sqft. With houses selling at over 150/sqft that'd add $75-100k to the value correct?

Here is what they want:

$230k purchase price

$10k down

9% interest (They will not move even one percent)

Over 30 years

No pre-payment penalty 

I realize these numbers don't meet requirements as a rental property, but it will always be a primary residence. Would I be crazy to pay 9% interest on it? Or does it make sense because there's significant value add and 20k in instant equity? Would I be better off renting for 2 years then getting a loan through the bank?

Thanks in advance.