All Forum Posts by: Samuel Rosenak

@Patrick Menefee thank you. I have more confidence to carry out what we are hoping to do! Thank you!

@Bjorik Mutize thank you for your input. I got a solid game plan moving forward now!

I’m an investor in the college town Lawrence, Kansas and Currently I am living in a three bed two bath condominium with my wife and two babies. My wife and I are trying to move out into our forever home so we can rent this current living space out.

My question is this: should we find our house first and get it under contract with intent to close, and then try to process finding out a renter?

Or would you go ahead and get our current house under contract to be leased out, and then start looking for the dream home?

Or some other third option?

If I do the first option our House could for some months be vacant and we lose that months rent longer than we like, or if we do the second option we would be rushing to find our dream home and that would be chaotic. Just hesitant and unsure as to what to do and it looks like either option is stressful.

@Chris Svendsen You do have to treat all tenants equally. Partiality ruins leases. It’s not your fault they want to change. It’s on them. Firm but fair.

@Jennifer Bott ask an attorney.

@Doug Phillips if there is a vendor you keep going to, categorize that vendor. Like Home Depot for “repairs,” so it is automatically imputed versus manually categorizing each expense. Happy hunting.

@Joe Pearson if your asking I would say "no." It's a hard answer, but here's why. Learning is a lifelong commitment and making a huge decision a shouldn't be your first one unless you're prepared for the risk. The fact your asking about risk leads me to believe your haven't studied up enough on "risk." I'd say "do it," if you make no excuses and take the money out of the ROTH IRA to prepare for vacancies and have a plan in place to do many more deals after this... that's a short answer long.

I have a question on the legality of what I am about the set up via the tenant enrollment process. My strategy is when I have potential tenants wanting to apply for my property, after I’ve prescreened them over the phone and after We’ve done a sufficient walk-through, my strategy was to have them Sign up on an app via mailchimp (on my iPad) which puts them in an email list which sends them an immediate email that breaks down the tenant application. Because this is not a pen and paper process, I wonder if because it’s an email format that that effects of the authenticity of the legal documents. Any thoughts, I’m trying to automate the overall application process... Thanks!

@Michael Bennett I would only recommend google sheets(googles, excel,) if you are proficient in using its functionality. For example, for $0/mo you could make your own google sheet fix and flip calculator by studying the functions excel was designed to carry out. A calculator for flips, I would copy the functions of the flip calculator on this website and transpose it to google sheets. For example, Income: $900 Expenses: Mortgage = $700 10% Cap Ex = $900 * .1 = $90 10% Invest = $900 * .1 = $90 #% miscellaneous category #% miscellaneous category Sum $880 With sheets, the math is automatic. Set your percentages at what you want them. I just would rather copy the values and the categories bigger pockets has set up. Godspeed.

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