All Forum Posts by: Jeff Lee

I own 1 rental and I'm looking to purchase another home. Now, I could buy a $50,000 home with 100% cash, but I want to get a mortgage so I can keep money as reserve, plus let the tenant pay the mortgage.

Looking into the different types of mortgages, should I go with a something traditional (like a 30 yr) or something else? I've been looking into a 5/1 ARM specifically because I can/will pay it off in 5 years and I want to take advantage of the lower fixed-rate. Any information and advice is appreciated. Also, is it possible to get a cashout refinance on my rental property with a 5/1 ARM?

Should I prime the whole room or just areas with damaged drywall?

Originally posted by @Joe Splitrock:

@Jeff Lee I am major DIY guy who has done most everything. I have patched countless holes and even done some repair similar to what you are facing. That being said, I would pay a guy $200 (at most) to make this look nice. It will be money well spent. Finish work on drywall and texturing takes experience. For the small amount of money you can pay an expert to do this, it is just not worth messing with yourself. 

After the texture is done, use a dedicated drywall primer and two coats of semi-gloss paint, which is better for wet areas than eggshell. Paint+primer should not be applied directly on bare sheet rock.

If you attempt this yourself, do not leave ANY wall paper. It will look like crap after it is painted. I speak from experience. Get all the wall paper off. 

I just finished removing all wallpaper. This is my plan, please tell me if I'm in the wrong anywhere:

1. Patch up holes using joint compound and repair patch.

2. Skim coat the whole room with a taping knife.

3. Texture using joint compound + roller.

3b. Knock it down.

4. Drywall primer (do I need to do this if there's joint compound on drywall?).

5. Paint. I plan on using paint/printer in one. (Yes/No?)

Am I missing anything? All expert opinions appreciated.

@Jim K. - Knockdown. I steamed a majority of the wallpaper off. The remaining wallpaper wasn't coming off with my steamer. I'm looking into a solution to remove it.

@Colleen F. - Thanks!

@Thomas S. - What alternatives are there and/or what would you suggest?

The wallpaper you see is the original. I removed the layer above it.

If I remove it (steaming), will I risk damaging the drywall?

https://drive.google.com/open?id=1OIBgwOJAkB4aiK2o...

The link goes to a handful of photos of my bathroom. My goal is to use apply texture using joint compound, then use a paint+primer to finish.

The question is, what do I need to do prior to applying texture? I know I'll have to use a scraper to clear/flatten things down, patch holes, sand those parts down..... that's about all that I know to do. Am I missing any prep steps?

I visit my rental once per month to collect rent and change the filter. Says it in the lease.

Am I too anal?

I have 805 credit and one rental that is completely paid off at a value of ~$110,000 and is occupied.I would like to borrow against my rental to buy another house (as a rental) all cash.

I've contacted two companies and they've given me a 5.375%, 30 yr, on $75-85k borrowed.

Note: The two companies that I've contacted... ARE they giving a HELOC or something else? I'm new to this.

My thinking is more along the lines of, "Shouldn't a tenant be able to meet the 3x rent requirement without having to use his/her child's SSI?"

If a tenant has to require on SSI from their offspring to meet the requirement (1/3 of amount) .... I feel that it's a bit desperate and/or using SSI the incorrect way. Yes, I saw the part about SSI being used for shelter, but what everything else on the list?

If a large portion of their SSI is being used to meet the rental obligation, shouldn't said tenant be looking at a location with a lower cost?

Potential applicant wants to use the SSI of his/her offsprings to count towards the 3x rent/income requirement.

Thoughts?