All Forum Posts by: Molly Morlino

 $1095/mo... We're building 4 more on this property and will be looking for land closer to home in a few years. We live in Johnson City which is an hour away. 

 Oops, we built them from the ground up! They're brand new construction. We spent about $40k per house.

All of the furniture is IKEA (including the kitchen cabinets). I believe the kitchens ran us about $4200 each, including the scratch/dent (or on sale) appliances. Granite counters, too. 8.5x8.5 kitchen. 

My husband and I dreamed of these for the last 18 months... We pushed, paid things off and saved money... Did much of the work ourselves, and here we are!  Landlords!  (well, we are taking applications this week)  They are single family 400 sq ft 1 bedroom, 1 bath homes.

Alright folks... I'm super pumped over here!  We just finished construction on our two first-ever, brand new rentals in Kyle, TX.  We're very proud of them :-D  Now it's time to get landlord insurance and rent them out.  We do not live on the property.  I want to be covered, but not over-covered to where we're paying an excessive amount for something that isn't needed.  

What are the recommendations?   We've banked with USAA for years and would probably go with them IF they are comparable to others.  We DO plan on requiring the tenants have rental insurance as well.  In addition to these two rentals we have a mortgage on our family home.

They are 400 sq ft 1/1 on a slab, hardie siding , metal roof and septic.  We built them for about $40k each.

@Aaron Gordy - thank you very much for the recommendation!  I e-mailed them and am looking forward to a response.

Hi everyone!  We're about 30 days out on our kitchen installations on our new "little houses" (1/1 rental homes).  I wanted to get everyone's thoughts on your favorite granite supplier/installer in the Austin area.  We're actually in Kyle, so anyone from Austin down to New Braunfels would probably work.

So far I've only seen some adequate granite at Home Depot - on sale for $32/sq ft, including installation.  This will work just fine, but I haven't heard great things about HD installers.

We have two kitchens that are 25 sq ft each, including a 30" sink cut out.

 I'm not experienced enough to say anything definite... but that's been my conclusion as well.

 Thanks for the advice, Ken!  I grew up in Kyle - way before it was so big!  When I was growing up in the 90s it was less than 3,000 people!  I left in 2004 for college and it had just started it's boom.  Now it's at 30,000 people.  My Dad (dentist, retired in 2015) began building rent homes in the early 90s as his retirement plan.  So that's what my husband and I are doing, too!

Please forgive me... my husband and I are pretty new to this business. We're currently building two rental homes in Kyle, TX and will be building four more within the next 18 - 24 months.

We're thinking of opening up a HELOC in order to build the remaining four rental homes. They're small homes, and cost about $30,000 each to build, so we would need to borrow about $120k. We purchased our home in 2013 for $260k and currently owe about $230k on it. The market has exploded here and comps are in the $350s right now - our home could easily reach $375k.

Our mortgage is our only debt, we both have 800+ credit scores, my husband is a Professional Enginer and I work part time... With all of our extra income plus the rental income on 6 houses we would be able to pay the HELOC back within 12-18 months. Would this be a good option for us? Or is it too much money/too risky?

Thanks so much for any insight! I love reading and absorbing everything at Bigger Pockets!

@Ciera Hutson - I, too, would like info on the properties.   Feel free to message me.  Please let me know if there are any restrictions on them.