All Forum Posts by: Guevara M.

Properly screening tenants is my biggest concern. I'm new to this as well and will be following this post. I do plan on trying SmartMove or Cozy to help with my screening process.

Plans were to remove the popcorn ceilings and re texture it. That will show imperfections though? Main reason I wanted to remove it is because I'd like to install recessed lighting. As of right now there is only a chandelier hanging on one side of the room over the small dining area. The chandelier actually plugs into the wall and not hard wired into a switch. Other than that there is no lighting in the living area.

Thanks. Gray with white was the colors I was leaning towards. Seems like those are the colors in all new construction homes/apartments in my area. Guessing that what buyers and renters are preferring. I have have enough room to mount a microhood. The carpet will be coming out for sure and replaced with vinyl luxury floor planks. Used them in my current home and really like it. Easy to install and very durable. Debating on if I should remove the popcorn ceiling at this moment. I know it's a mess and would have to texture it again and paint. Would you guys leave it or just remove it and be done?

Thanks for the replies.  Trying to decide on colors for the unit.  What interior colors are best to go with?  Thinking either neutral light brown colors with white trim or neutral gray colors with white trim.  The kitchen is small and debating if I should ditch the vent hood in place for a microwave.  Most units I've seen like mine don't have a microwave in place of the vent hood and counter space is limited for someone who wants/needs a microwave.  What do you guys think?  

I have a 1 bedroom, 1 bath townhome that is only 540 square feet. It's an upstairs unit in a nice community in a good neighborhood. My tenant of the last 10 years just gave notice that she will be moving out to care for her ill mother. The unit needs some good updating throughout the inside. Landlords in the same community are renting from anywhere between $675-$875 for the same floor plan as mine. The landlord under me has her occupied for $875 but hers is updated with nice laminate floors, tile in the kitchen and bath, updated counter tops by miracle method, updated appliances, nice paint on walls and trim, etc. My appliances are very old and do not match for the most part. Dishwasher hasn't worked in years. Still have popcorn ceilings with white paint everywhere. Ugly maroon color carpet throughout, way outdated counter tops in kitchen, kitchen cabinets need paint, living/dinning room needs lighting and lots of other stuff. The units that I've seen updated are renting for the higher prices and are only taking a short time to get renters into them. The ones renting for cheaper are sitting longer. So considering all of this should I update it as nice as I can and rent for top dollar or try to do as little as possible and rent for less? I will be doing most of the work myself. Any advice and guidance would be much appreciated. Trying to do this right this time around compared to when I first purchased it years ago. Thanks.

I don't hate the idea of having a mortgage.  I was just always told that it's best to have rental properties paid off and that I should be paying it off as soon as possible before purchasing another investment property.  Now the folks that would tell me this were not anyone off of BP, just people I've met along the way who have had some rental properties.  

How does debt to income ratio come into play on getting a loan for another rental property?  If I have 2 mortgages with one being the home I live in and the other being an investment property along with a vehicle note will it be hard getting a loan if I can put at least 20% down in cash?  At the moment I am trying to save as much capital as I can to help get into my next property.   

Originally posted by @Inshad Kaller:

I would buy another one instead of trying to pay it off your tenant is paying down your mortgage for you. Then I would give notice to the old lady that either she pay current market rent or she needs to leave when her lease is up. Make a few minor updates as cheaply as possible and then rent it out for full price. Then you have two income producing properties and you can start saving for a third. That's just what I would do but I'm very new to all this as well. Good luck.

It's going to need more than a few minor updates to compete with the other units on the complex.  New flooring, paint, updating countertops, removing popcorn ceiling, upgrading appliances, updating bathroom, etc...  All this is stuff I can do so would save some money.   

I'm here in Corpus and looking to purchase some sort of investment property this year. Trying to do my homework and figure out which way I want to go.

Mike, to be completely honest I'm not 100% what my passive income goals are. Trying to decide what is the best route to take with the least amount of risk. Is it bad if rental property isn't generating any positive cash flow monthly? Came across a foreclosure that was built 2 years ago. If purchased at the right price I'd have about 20% equity in the house and it's in move condition so should be able to get it occupied pretty quick. I'd like to take a 15 year mortgage on it which would mean my payments would be higher and considering what the average rent is going for in my area I'd be breaking even monthly. 

This doesn't seem like a wise decision when I think about it but an older gentleman I work with who has acquired lots of rental properties throughout his life told me he's done that plenty of times years ago and was ok with it because they all went up in value throughout the years and they all ended up being paid off which at that time generated plenty of positive cash flow.  So just trying to way my options and come up with a plan so I can start to attack it. 

It's been a good while since I've been on here and I want to get a little more serious about getting into real estate investing for my future. I purchased a 1 bedroom, 1 bath townhome years ago and it's been rented out since then. Really isn't making me much money other than the equity its acquired throughout the years. Principal and interest payment is $330. and HOA is $178. Annual insurance comes out to about $40 a month. I'm only renting it out for $600 a month due to the same older lady has been there for years and I know she can't really afford much more plus the unit needs some good updating in the inside. The unit downstairs from me has the exact same floor plan and square footage as mine and is being rented out for $875 a month but it's been completely updated throughout the inside. Plans for mine were to pay it off as quick as possible and then go in there and update it to rent it out for more money but now I'm thinking if I should just use the money that I was going to pay it off with to purchase another rental property.

I owe about $25K on it and have about $25K saved.  If I pay it off I'd probably put half of the $25K towards the principle and pay the rest off within the year. So wondering if it is wise to just pay it completely off then go in and update it, rent out for more money and start saving again to purchase another rental property in a couple of years or should I just use the money I have now to purchase something else and pay off the $25K later down the road.  

I have plans to use my current home that I purchased back in 2009 as a rental as well sometime in the future. I just refinanced it down to a 15 year fixed from a 30 year fixed, went from a 5% interest rate to a 2.9% interest rate. I'd like to have at least 3 paid off rental properties within the next 10 - 15 years or less. I know that doesn't seem like much to most of you guys but for me that's a lot. Now of course if I can have more rentals then that would be great.