All Forum Posts by: Morgan Klein

@Nelly R. Be patient, find the right deal.  Do what @Nathan Gesner suggested, on all points.  That’s good advice. I’ve used a Realtor for every property I’ve purchased.  If the communication is not what you think it should be, move on without burning any bridges.  Interview other Realtors, and find someone that will hustle for you.  They’re out there!

It sounds like your income to debt ratio isn’t keeping you from getting financing for an additional property.  So I agree with @Adam Gollatz, all you’re doing is shifting debt.  It sounds like you have a solid cash flowing asset in your rental, I wouldn’t sell it.  Pay off the $20K at 22% interest ASAP and then restructure your remaining debt to a lower interest rate, if possible.  In the meantime, look at one of those “numerous” duplexes as a house hack and start building equity in an additional property.

@Mark Frattini 

Is this an eviction situation?  Are they drawing a line in the sand?  Sounds like they’re just asking if you’ll accept a pet deposit and monthly payments in exchange for keeping the dog.  If you simply said “No”, would they find another solution for the dog, or would they move out?  If it’s the latter, they’ll be breaking the terms of their lease and I’m guessing you have a clause keeping deposit, last month’s rent, etc.  If you can fill the vacancy quickly and depending what your PM charges to find new tenants, you might make money saying “No”.

Personally, I allow dogs for a $500 refundable deposit, but it’s limited to certain breeds.  I don’t have a size restriction.  I like the $200 + $25/month pet fee, as that $25 goes directly into your pocket, guaranteed.

Cody,

Your renters pay utilities.  At the end of the day, will your rent cover your mortgage, insurance, taxes, property management (if you don’t manage yourself), vacancy, and repairs....and if so, is that amount a worthwhile investment to you?  

@Nick Gray 

You don’t need a career in real estate to be successful in real estate investing.  What you need is the ability to borrow money to fund your investments.  If you hate your job, you should quit.  But it’s unlikely you’re going to find an entry-level career in real estate that compensates you the same as being an aerospace engineer.  Find something you enjoy (or can at least tolerate) that will provide the same borrowing power as your current job.  Personally, I’d suggest something in B2B sales.  Let real estate investing be your side hustle until it generates enough income that it doesn’t have to be.  

Go with the agent that brought you the deal and cultivate that relationship. 

Not only should your agent submit the low offer, they should back you up on it.  If you and your agent are not aligned on your investing strategy, then it’s time to move on.

@Anthony Testino

I think it depends on the type of work you're having done.  I've found quality work at budget prices on painting, light carpentry, landscaping, and roofing (we have so many roofers in the area, competition drives costs down).  I don't go cheap on anything electrical, plumbing, HVAC, foundation, remodels, etc. (anything requiring code and/or inspection).

I would find someone local.  With a home warranty you are forced to use vendors within their network and the process to get approval and repairs done can be agonizingly slow.  

The only benefit you get is being perceived as a nice guy.  Anything else that could arise is problematic.  I'd tell her you need it for parts, and get it out of there.