All Forum Posts by: Nathan Yaun

I have been using Rentalutions for two months now and while I don't feel like the interface is 100% there yet, I really like the features.  I had them post an add for a vacancy and had 13 replies in one day.  For me, this and the application and screening process makes it worth every dime.  My older tenants don't trust the internet so they won't use the site but not has worked well for everyone else.  

Hey there, welcome.  I am in Waukesha as well.  When it comes to borrowing money, the amount you owe, and will owe with a mortgage, has to be balanced by your income.  Make sure that the bank takes into consideration the rent from multiunit property that you live in into account.  This will make you look better on paper... And in actuality.  As long as your not living paycheck to paycheck right now you will probably be OK to get a loan.  Remember to shop around to with banks.  They are not all the same.

Let need know if you need anything else.

Glad to have you aboard!

Welcome Alex, BP is a great place to learn.  There is a Milwaukee Meet up page that you should join to stay in the loop.

First, a HELOC is a Home Equity Line Of Credit. You get to use the money as if its a checking account to an extent. You can get some low interest rates that way as well.

If had enough cash to buy a property outright I would strongly consider using that money to put 2-4 down payments on multiple properties and get the cash flowing in.  It depends what your goals are though.  You could make more if you stuck the money into several properties instead of just one with high Equity.  Equity that is your own money isn't profit.

Good luck.

Thanks for all of the war stories and great advice!  I think I know how to move forward with confidence now.

Thanks everyone for the great advice!  I was torn between the whole "they are my customer so I need to keep them happy" and "they are adults and should resolve this on their own" issue.  I'll be firm with them and tell the lower that he can leave if he thinks that he is being harassed and the upper that if I ever find evidence that he is harrasing the lower tenant that he will be evicted ASAP!  The rent is a little low anyway, I can raise it $100 if one leaves.

I have an upper lower duplex with very nice hardwood floors.  The upper renters are a husband a wife with two dogs and have been there for 10 years.  I have owned the place for 1 year.  The lower tenant is just a mid 40s loaner that minds his own but is grumpy.  Until a month or two ago they all worked for the same towing company.  At some point the guy down stairs was told that the uppers "have it out for him" .  Ever sincesince he is calling me about issues that I can't prove happened.  His water heater didn't work but now it does.  His garage remote didnt work but now it does.  Now the dogs are to loud upstairs and lord knows that he's doing it all on purpose to drive him out.  I'm not going to accuse the guy in the upper of anything for no reason.  He has been very helpful and even just coverscoversof the minor repairs himself.

I feel like this isn't my business.  I probably won't get away with calling the grumpy guy paranoid and, after all, he might not be.  They both legally have possession of the property that they are leasing and this isn't any different than not liking any neighbor that you have.  The other neighbor, in the house next door, calls me to complain about them parking the tow trucks in the driveway because he's a gumpy old pot head.  I could care less because its not harming the driveway.  I don't see why just because I own the property I have the be the group counselor.  I would like them to get along but don't care if they don't as long as they dont ruin the place.

I think you get it.  My questions is, how involved do I get in all of this drama?  How involved am I obligated to get?  Having my businesses best interest in mind of course.

Welcome Zach!  Use the calculators when you think you may have a winner.  They help you stay as objective as possible.  This is key when buying properties.  Good luck!

Welcome Nicolai.  You will definitely find a wealth of knowledge on here.  It might be good to buy a multi unit and live in it while in college and rent out the rest to get your feet wet.