All Forum Posts by: Paige B.

So this is probably not the most efficient way, as it is very time consuming, but for lighter rehabs we go on home depot website and find prices of the materials we will need. I find it's much more accurate than some of the software's we tried-plus most software's include labor costs. 

For more extensive rehab's like if you're adding walls and stuff like that, it's easiest just to have a contractor or 2 give you a quote. 

First step would be to collect a security deposit from them. Then you can send the lease. First month's rent is usually due on move-in day. I would also recommend doing a pre move- in inspection with the tenant, as well as taking pictures of the property, that they will sign off on- so you are both on the same page of the initial property condition- so if there is damage when they move out, they can't say "that was there when I moved in" because you will have proof. You can do this when you meet them to give them the keys on move-in day. It's good to give your tenants 2 copies of the keys, and then keeping a copy for yourself. 

Let me know if you have any other questions! 

Hi Donnie! 

Section 8 is great, as it is guaranteed rent payments each month. However, be careful in buying a cheaper property, as section 8 has very strict requirements regarding the condition of the home, and they do regular inspections to make sure you are keeping up with their requirements. So keep that in mind you will likely have higher maintenance costs on these properties, especially since NY has strict tenant laws.  Also keep in mind that section 8 doesn't always pay ALL of the rent, and the tenant's sometimes have to pay a portion, so you will have to collect their portion. I would try to get a connection at your area's section 8 office, so they can review any property before you buy it, to make sure it will qualify for section 8, and they can tell you how much it will rent for. 

Hey Robin! You do have to disclose that there was termite damage when you sell. As far as if you still have to spray, I would recommend reaching out to a termite professional for incite on that, but if it was me, I would keep up it- since the home is clearly susceptible to termites.  

Could you rent out your primary residence and buy another primary home to move into? You can buy a primary residence with only 3.5-5% down. I would avoid pulling from investment accounts. Even if you buy something that needs slight renovations, you can do them while living there, and then in a year or 2, you can rent that one and have 2 units in your portfolio, and buy another primary residence to move into with 3.5-5% down. Repeat this process and you can easily build up a portfolio. 

Hey Jennifer!!

Mississippi has plenty of opportunity for investing! I work with investors here on the coast focusing on various strategies. There are opportunities for short term rentals, flips, and buy/hold long term investments here in the Ocean Springs, GulfPort, Biloxi areas. Not only is it a beach area, but we also have the Airforce base, so we always have people looking for housing! 

There are also opportunities a bit farther North( Lucedale, Moss Point areas) for lower cost long term rentals, and BRRR deals!

Not sure what strategy your are interested in, or what goals you have(cash flow, equity, etc) but I would love to chat with you about the opportunities here and what you are looking for! There's options here for all budgets and experience levels. 

Hey Ben! 

It's totally understandable having some doubts about the property, especially it being new construction. My suggestion would be to get in touch with a realtor in your area(NOT the listing agent) so they can run comps for you. They will also likely have contacts for a property manager, who will help you determine what rents would be(don't just take the seller's word for it) and then you can use them to rent and manage the units if needed. They should also be able to get you in touch with an insurance agent that can give you a quote for insurance. Also, you can call your county to get the correct property tax amount. 

For financing, you can look into a DSCR loan, which the lender will use the potential income for the property to underwrite the loan. Talk to a lender about this.

Let me know if you have any other questions! 

Hey Dani! We have several good cash flowing deals here in South Mississippi right now! Not sure that any would be seller financing, but I do have an investor friendly lender that can help you with multiple different loan strategies! Message me if you'd like to chat:) 

Thank you for your service and welcome to Bigger Pockets!