All Forum Posts by: Rhiannon Then

I have by no means created any wealth yet, but I have gotten started. We moved to a rural town in Az from Austin Texas in 2014. I was not thrilled but agreed to be closer to my husband's family in Vegas without actually moving to Vegas. We purchased our first home using all of our retirement money. We rolled it over to an IRA to avoid being penalized. Realized life in rural Az on one income was not possible because of the horrible pay. We were going to stick it out but my health crashed. I couldn't dress myself due to severe pain and swelling in every joint. We planned to move to Phoenix to be near my holistic doctor and for better pay. I am doing way better. Thanks to ozone and chelation therapy (health plug). We decided to rent our home in Az, which lead me to BP, while doing research. I was hooked and reading real estate books and staying up all night on BP. I got idealistic and wanted to hustle big time but with three small children, I am not there yet. I have my plans that work for my family and lifestyle to keep us purchasing. We refinanced our home and pulled out about 30% of our equity for new multi-family purchase. Closing in two weeks. We took what we had and decided to use it to create a business instead of allowing it just sit there, hoping it would be enough one day. My personal retirement would have not been much in the long run, as I have chosen to stay home with my kids. Now, I can be home and help my family create wealth, as oppose to just the small side jobs I use to do to get by.

Hello All, I'll be closing in the next couple of weeks and will be creating a new MTM lease for my two inherited tenants. What are some addendums that my fellow landlords feel are vital to a lease? One of the tenants has pets.

Thank you everyone. I have settled this my realtor and lender.

We are closing 7 days before tenants are expected to move out with the 30 days notice the current owner gave. My husband is concerned about what happens once ownership becomes ours. Are the the tenants bound by the agreement with he former landlord? Could this prove to be an issue for us?

Bob McKee If your thinking about moving to Austin you won't regret it. I moved there to attend UT and stayed for 14 years. We rented being a one income family and did just fine. I wouldn't imagine now is the time to invest there without great hustle. If your motivated then go for it. I hope to the next crash. Maybe try San Antonio which is an hour and 1/2 away and live in Austin. Make some cash flow, so you can afford Austin later. Or investigate one of the cities in between like Kyle, Buda, San Marcos. I'd think San An would have more deals being a big city. Now, property taxes are tremendous in Austin. My husband had a friend paying $7,000 in taxes. That was as much as my yearly rent at the time. But, it's a hot market and am sure rents can make up for it. Now, if you want to know where to rent or best areas, I can help you there. There are some zip codes that may have some potential for investing in but you are looking at $250,000 for a SFH. Depends on rents. Maybe rent by room to college students. Get creative! Hook' Em ;)

John Laney Wondering if you knew about typical tiny home building. What if someone wanted to buy an empty lot and build a tiny home on it as oppose to converting and splitting land. What are rules and regulations would one have to be aware of?

Thank you everyone :) Started to write a message and had to attend to my baby. Sent it without knowing.

@El w @Cr

So my mom used to be an apartment manager, and I was asking her about a potential tenant I may rent to and discussing two other M2M tenants I will be inheriting soon. She brought up a great point and used someone we know with a narcissistic personality as an example of what I could be dealing with as a new landlord. Which reminded me that I have to leave my emotions out of land lording or risk getting conned. I have a background in Psychology and Eduction, and I highly advise anyone becoming a landlord to study the characteristics of sociopaths. They are all around us, and people don't realize it until it is too late. Half the time people never realize what they are dealing with.

Anssi Viljanen Yes, my goal for this property was to Airbnb. We are in the middle of a big transition; we just moved and are displaced, so trying to wrap my mind around my goals. I appreciate your thoughts and offer to help me be diplomatic. The first question is an easy answer. I move out the tenant who has kept her unit amazingly clean and well kept. That way turn around is short. The second question: I will be uncomfortable wording my plan to the tenant, but really my big issue was figuring out my specific plan of action for the property. Now, I can think about how to address it with the tenant. Your input would be great, once I come up with a script. I think Airbnbing the one unit makes sense. I don't have all the furniture, but have been a thrifty my whole life, and know some ways to find quality items for cheap. I've been keeping some essentials aside for the future. Hope I addressed all your comments. Thanks again!