All Forum Posts by: Samantha Elgin

Hey guys! We wanted to reach out and search for some advice. 

We recently moved across the country. We left behind a house that we turned into a rental that is cash flowing. Since our move, I still receive a small amount of income from my previous employer as a nice gesture. They still kept me on the payroll. My plan was to start my own small business at our new place as well as deliver with DoorDash and other side hustles. My significant other, owns his own business but hasn’t had income the last few months, because of our move. 

We don’t have lack of funds. We have reserves and we still make plenty with our side hustles but unfortunately have been tuned away by banks since we haven’t hit the two year make on several of these income streams.  

The property that we are wanting to get, currently has renters and cash flows. It also has a lot of potential to increase that cash flow. 

We have called tons of banks, credit unions, small banks, national banks and it sounds like covid is really screwing with the loan process. The owner has talked about owner financing but would like more of a down payment then we were planning. 

I just thought I’d post this and see if anyone had any suggestions. We always know there are more deals but we are trying to fight and make this one work. 

Thanks in advance! 

@Domenick T. Thank you for your response. That is very helpful. I will spend some time looking at similar rentals and running some numbers.

I am new to real estate but have known since i bought my house 5 years ago that someday I would want to turn it into a rental. As the years have passed my passion to invest in real estate has really grown and I am excited to get started. As I work towards getting a second property I want to start preparing my current house to be a rental. I know its important to check out nearby houses but I was just curious on a general basis what you guys think the most important upgrades are for a house. My house is in an average neighborhood, its 2 bedroom, 1 bath, an added on laundry room, a shed and the house is about 840 square feet. Kitchen is tiny and could be expanded by knocking down the wall between the kitchen and living room. Cabinets are grimy and would probably need to be replaced, not just painted. Bathroom isnt bad just a little outdated. Laminet flooring has some scuffs but not too bad. There is no dishwasher, it doesnt bother me but Im not sure if that would be something worth adding. I have also thought a garage could really increase the value. Thats kind of the breakdown of what could be done, just wanted to pick your brains. Thanks!