All Forum Posts by: Leah Slaughter

You honestly will want the deduction from home ownership to help with your tax bill, so I would always buy a personal home first and THEN buy an investment. In addition, you're throwing money away renting which will never make sense.

We collect first months rent at move in and prorated second month (to secure as much money up front as possible.) To prorated, you divide the rent by days in the month and multiple by the number of days tenant lives there.

Honestly? If I have to hold an open house for a rental property we are doing something wrong. LOL

Is it your debt to income ratio that is the problem? Fannie Mae can go up to something like 50%. Some lenders can use the income from the property if already rented, as well, so if you qualified for one mortgage, you might quality for another. Sounds like you need a more creative lender!

Qualifying really doesn't have much to do with age but moreso to do with credit, income, etc. If you're going Fannie Mae, that's your best bet. That said, you have no income so no way for you to qualify unless you have some form of income or you go hard money but doubtful even hard money would lend with no income or track record?

Most leases in Texas say only a small number of small nails may be used. This is not small nails. I would bill the actual cost to repair it. If you are going to do it yourself, then take your supply cost + a reasonable hourly rate.

Leveraging (within reason) is how you build an empire. There are blanket portfolio cash out loans that would be a great option and that would open back up 10 doors to go do 10 more Fannie Mae loans. Call Chris Hamilton at Origin Bank. He is amazing.

Odds are mother won’t want this on the daughter’s credit. Collect against tenant and mom may pay. 

I would always have the wage earner on the lease. But in this case, she wasn’t. 

I’m a big believer in valuing your time and hiring it out. The truth is your time can be spent making money scoping other deals and it’s more valuable than doing a rehab and losing all that extra time. Your investments are only as successful as your team and your team should include great vendors.