All Forum Posts by: Robert Kirkley

I would like to agree with what @Stephen Akindona has said in his response.  Even though you may not find a property that can give you a profit after all expenses while house hacking, cutting down on one of the largest monthly costs of your life could dramatically increase your investment portfolio down the road.  Of course you still want to find a good deal, but as Scott Tench says, mortgages and living expenses cover around 1/3rd of our monthly expenses, so cutting down on that as much as possible will create more possibilities.

I would have to agree with many of the responses above.  I have not owned a rental yet, but I would definitely wait for another qualified tenant to come along.  I have heard too many horror stories of bad tenants ruining a year's worth of profit, so waiting a while longer for a qualified candidate will pay itself time and time again.

@Tim Swierczek When looking for a property that needs to be fixed up, is there a certain amount of rehab cost that will qualify it for a 203k loan?  I would love to use that type of loan if I find a property that needs repairing, but I am just not sure what exactly could disqualify a property from being funded by a 203k loan.  Thanks for any advice!

I would recommend that if you decide to rent out to friends, you should really make them understand the lease and treat it like a business.  Like you said, "Lay down the law", haha.  I have heard a lot of stories from the podcast where the guest rented out to friends and they started paying late, or didn't abide to the lease, etc.  If you can manage them like you would with any other tenant, you should be okay.

Hey Tim!  Welcome to BP!  This is a great time for you to evaluate what exactly went wrong in your analysis and use that information for future deals.  If it yields a negative cash flow, I would think of selling it and moving on to the next, hopefully positive yielding, rental.  Good luck, can't wait to see what you accomplish!

One of the sayings I have been hearing from the podcasts a lot lately are that great deals are made and not found (as easily as they used to be). It is important to look for good deals going into investments, but also do your best to improve the property to give you the best ROI.

@Ryan Deasy congrats! What an awesome deal. I am really wanting to use the BRRRR strategy and this has me excited. Thanks for sharing your experiences with the issues of long distance investing. Do you have any tips for finding good contractors in new locations you are looking to invest in?

@Stephen Glover It may be episode 320 with Brittany.. I am not 100% sure though. She created a ton of equity just with that one simple trick, how crazy!

@Stephen Glover Great job at being persistent and not taking their appraisal as a final answer. I just listened to a podcast on which the guest had described how she had done the same exact thing. It’s examples of real life scenarios like those that are the “extra tools on our tool belts” that Brandon always refers too!

Using Private Money of a HML will probably be the easiest course of action if the other property is a good deal. I have heard that you can clump multiple residential properties together in a commercial loan, but I am not too sure about the specifics of that, so definitely do some research if that is something that interests you.