All Forum Posts by: William R.

I've been "no shave November"ing since college.

I agree with Jason, get an FHA loan on a 2-4 unit multifamily. You will gain some experience and credibility for your future larger purchase.

I had a tenant call to report a rodent problem. He sent me a text later in the middle of the night that he had captured the rodent and would like me to deal with it in the morning. By the time I got there he had already left for work, but in his kitchen there was a large pot upside down on the kitchen floor with several heavy cans on top of it. I was really nervous because it was scratching on the inside of the pot and it sounded big. I also though it had to be sick or dying if he was able to capture it, and I didn't want to fit rabies or anything. So I lifted up the edge of the pot and it swiped it foot out of the bottom, and scared me to death because it's claws looked long. So I slide a plate under the pot and flip it over quickly to get it right side up in the pot and quickly took it outside. I pulled the plate back slowly and it was the sweetest little hamster. Evidently another tenant in the apartment had lost the little guy, even though I had a no pet policy at the time. So I called the other tenants in the building and on tenant had a hipster that his sister claimed she lost at her house two weeks earlier.

I would try to get a 3 or 4 plex in decent shape. I started with a triplex, but wish I spent more and got a larger property to start with considering the low down payment. You will never have an opportunity like you have now (3.5% down). FHA has some pretty strict property standards, so you will probably not be able to get a undervalued property that need a bit of work. If you can find a fourplex that meets the 50% rule, you will be in great shape.

It's on the south side of Old Louisville near U of L. There is a lot of properties in Old Louisville that a prime for renovation, but the numbers often don't align, because so many need all new mechanicals. I think my next reno (if I chose to tackle another) will be a single family facelift.

I've actually read both of those books Steve, but I think they are a bit technical for my wife's enjoyment Michael- I actually have my hands full at the moment with a 6000sq ft multifamily. This post is from a while back. I can't wait for some real estate down time. Id be happy to show it to you sometime if you are interested.

I agree, don't shut them off. I had this happen lat month. We discussed utilities at move in, and I gave them a sheet of how to get them set up. I was a bit surprised when I got the bill a few weeks later. I called immediately and explained that utilities are not included in the rent and that they needed to be changed over immediately. They put the utilities in their name that day. The following day I called again to verify that they had done so, and emailed a copy of the bill and instructed them to include payment along with their rent, and they did. I also called the utility to verify that they were switched out of my name. I think more communication is always better than less, most people are rational and want to do the right thing. I always try to maintain a positive upbeat attitude with tenants, but never become friends with tenants.

@Tim Krahel

Thanks for your reply, I'll check that one out. She has become increasingly supportive this year, but still not actively involved. Welcome to bigger pockets!

My 9-5 is actually 1-9pm, so I'm able to accomplish a lot in the mornings during regular working hours. I run a after school program at a nonprofit in Old Louisville, your neighborhood Michael.

I would not worry about tenants until you have a place, and if it is a multifamily it will most likely come with tenants in place. Finding tenants was one of my big fears when I started out, and it is not as difficult as you might think. I only use Craigslist and often receive over 60 emails in a matter of days. Screening is very important! I would not rent to friends or family. My only eviction has been a family member. I think your time would be better spent figuring out your processes for when you do have a vacancy and working on developing a good lease. I like the book "Landlording" Its a big yellow old book, but has a ton of information that really helped me get started. Good luck with moving forward!