All Forum Posts by: Devin Morgan

Hey everyone. I'll try to shorten this as much as possible. I rent out two bedrooms in my home. When JR moved in he didn't have to share a bathroom and was paying 525/mnth with everything included except gas & electric. I made JR *perfectly aware* there would potentially be a third roommate in the future. 5 months later M moves in. Now he has to share a bathroom. M pays 500 for the smaller bedroom and shared bath. My roommate before them that had JR's room paid 600, M pays 500 for less space. I told him as a mild inconvenience I'll drop his rent to 500 (mistake number 1 as it was nothing in the contract about if/ when someone else moves in) 

He text me later saying he doesn't think 500 is sufficient as that is another person in the space, using hot water, in the living room, using W/D etc (which the living room I furnished and all of that I pay for). He goes on to say his rent should be reduced by at LEAST $75 (see mistake number 1 lol). I told him I don't see your rent dropping to 450 unless nothing is included so you would pay 1/3 cable, internet, water/sewage, etc which would end up being more than 500 anyway. Then I reminded him if he finds it unreasonable the clause in the lease contract states he can terminate the contract as long as 45 day notice is given. We decided we'll talk more once he gets home although I honestly don't see it going anywhere. Opinions? 

I paint small/ medium projects with my Critter and I honestly don't see how I lived without it. It's a relatively inexpensive paint sprayer and I love it. Easy to use, fast, smooth finish, no brush strokes.

And excuse my spelling grammar errors it's 230am and I'm debating whether I'm legitimately sleepy or awoke lol

Hey Toni newbie here so tread with caution lol. Based on research I find you may want to rework your numbers if you plan on buying 2 properties back to back. You're only allowed a FHA loan on one house. So more than likely you may need a conventional loan for your second home. I know the standard is 20% and up down payment for investment properties but you MAY be able to get a 2nd home for as low as 5-10% down especially if it's owner occupied (but you would have to move into that home). My honest opinion it's better to wait until you have a decent down payment because 1. That should lower your overall payment 2. Looks better to the bank 3. No PMI. Definitely research! Oh and I think getting like a duplex would be great. I purchased a single family home but I rent out 2 of my rooms and am using that to go towards a down payment on another house. Goodluck!

I agree with Carl. For what the houses go for in the area it won't leave much wiggle room in my opinion. It would be great for buy and holds but I personally wouldn't flip a house on Lafayette. If you're into complete renovations I know a program where you can buy distressed houses for CHEAP. But they need a lot of work. Either way good luck!

Hey I feel bamboozled. I thought oh cool he's gotten so successful in REI that he doesn't have to be a FBI agent anymore. And then I was like oh.... he changed his picture lol. Congrats!

Welcome! I'm a new member myself. Just a bit of advice, don't have dreams have goals. To say you want to be wealthy isn't enough. What are you willing to do or contribute or sacrifice to attain that wealth? If you have no destination you'll have no direction so try to narrow down to exactly what you want to do and focus on working at it! 

Hopefully I don't sound like a description on a dating site lol but hey all! Hope every is enjoying their holidays.

So I've been lurking in the shadows  on BP as my obsession with real estate grew. I figured it's not as productive as being an active member so here I am.  I'm Morgan a young woman interested in real estate. I love DIY, home improvement, and pretty much creativity. I bought my primary residence this year and rent out 2 of the rooms to help me get to my goals faster. 

My 2015 goals *drum roll* (put here to hold myself more accountable) are to get my real estate license in January which would give me direct access to MLS and save cost on buying/ selling houses.

Purchase 2 properties 1 as a buy and hold, and 1 as a flip. My ultimate goals are to have buy and holds with a couple flip projects a year. I look forward to networking and soaking up as much information and giving as much information as possible.