All Forum Posts by: Sam Lewis
Sam Lewis has started 10 posts and replied 277 times.
Post: Should I invest in a rental property or buy my own home first?
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
Originally posted by @Devan Kaye:
Hi everyone! I am interested in acquiring my first rental property through Rent to Retirement turnkey company. I am still renting an apartment for myself. Would it be smarter to buy a house for myself to live in before buying a rental property? I'd love to househack, but I can't qualify for a loan large enough to purchase a multifamily residence yet. I've been abroad for the past 3 years. I just got back to the states early this year and finally got a job as a property manager assistant. About 25%-50% of my income is commission through leases and banks need to see 2 years worth of income if the job is commission based. I have enough for a down payment for a few of the homes with the turnkey company. It would be a while until I can get approved for a loan for a multifamily residence to househack. Looking for advice on whether to pull the trigger now on a home through Rent to Retirement or wait until I qualify for a loan to househack (could be 2 years from now). I've heard that it's easier to buy your own home once you have a few rental properties and not the other way around. Thanks in advance for your help. I'm on my 4th real estate investing related book (2 of those were by Brandon Turner) and I'm eager to get started!
In most cases I would say that househacking would be the best alternative, but seconding all what is said above, I think your best move would be to sling shot into rentals.
That being said, I think "BRRRR"-ing a property would be your best move, rather than turn key. You can achieve quicker growth this way, but it comes with risk.
Post: Novice: My First Rental: Keep or Sell?
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
@Alan C. What Alan said!
Post: Does this qualify for Breach of Lease?
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
@Sofiya Cherni consult a RE attorney - if you have proof or testimony from neighbor of long term visitors, or potentially video surveillance evidence, then you would have a case in the court of law.
There is also a technology that tracks foot traffic and how many people are in a house at anytime. Pretty cool. Give it a google search.
If you need a RE attorney you can pm me
Post: Paying Utilities in a Househack
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
Each tenant has their own rent based on room, and we split each monthly utility bill monthly. So in the monthly rent reminder email I send them I say they owe me "rent + utilities"
Post: Funding options for your first BRRRR ?
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
I went ahead and used a conventional downpayment (20%) for my first BRRRR. In hindsight, a hard money loan could have worked better, but the property was in good enough condition to qualify for a mortgage.
Post: High Appreciation vs. High Cash Flow... What's your pick?
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
High cash flow!
Post: Good title companies in baltimore that work with wholesalers
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
I use Lawyers Express Title (LET) in Lutherville-Timonium. I have never gone through a wholesale deal with them but I would give them a call and make sure they could - I don't see why not.
Good luck!
Post: New Member Introductions
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
As it has been said many times here before, househack is the way to go!
Why?
- Can use low down payment option to qualify for a large purchase
- Immediately start renting out rooms to ideally cover mortgage and more
- Hands-on opportunity to learn how to manage property and tenants
Find a good realtor in your area and make sure they have helped clients in the past with househacks
Post: Partnerships in Maryland
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
It sounds like you are looking for someone to be boots on the ground while you receive your W2 income to fund deals and qualify for loans. Love the plan.
I think your best move is to develop relationships with multiple contractors who are accessible in the areas you plan to invest in. Then you can slowly narrow down who your "go-to" is and they can handle all your rehabs.
Lockbox + good contractor you trust + money to pay contractor = success
Post: Looking for BP members to be on a webseries
- Real Estate Agent
- Baltimore, MD
- Posts 283
- Votes 227
Originally posted by @Mindy Jensen:
Originally posted by @JD Martin:
Nice job, man. And you do have great hair, as much as it galls me to say so :D
UGH, do NOT encourage him, JD.
@Mindy Jensen whattt so are you like Tom from MySpace but for BiggerPockets?
You were my first BP friend : )