All Forum Posts by: Sarah Brown

I currently use my software, but I have investigated RentPrep and liked it.  You put in tenant name and email, tenant puts in their sensitive information and it sends you back scores based on your parameters. You can even have the tenant pay for it. 

@Mitch Pascarella

My minimum cash flow is by personal preference.  I usually set it on a per door basis.  That's not to say I don't pay attention to other metrics.  They are still important.  

Why are you assuming purchase price?  Is that what the property is listed at, or are you offering a lower price? Or, are you just hoping to offer that to the owner and he will take it?  

On the surface, the math looks good.  However, I would confirm a purchase price and then run your numbers again.  When I analyze properties I buy for me, I have a minimum return expectation.  If I can't get it, then I will walk away from the deal.  Try to figure out what the max you can pay is and still get the return you desire.  It will make it easier for you to negotiate when it comes time to buy.  I'm not saying to offer that out of the gate, just know how much you are willing to give before the deal is no longer of value you to.

I would definitely encourage you to get your 4 yr.  You can stick to Business Administration.  Most people won't select you as an agent because you have a degree, they will select you  based on your knowledge and likability.  However, getting a degree isn't just about the topic.  It teaches you HOW to think.  What are good questions you need to ask, what are some other way to look at scenarios, how can I apply some creativity to this to make it work for my client, how can I work to make this transaction work well for everyone, etc.  It's also a good backup if things don't go as planned.  Think exit strategy.  

On  side note, if you decide to become an agent you will need 2 years of solid income before you can qualify to buy a property.  SO, if you are wanting to do that sooner rather than later, it might be worth it to get a job first, and then start your RE career. 

Good luck!

I was going to recommend the same thing as @Kyle J.  Could be knocked loose from changing out the water heater.  Could be coincidence in timing if aerators haven't been changed in recent memory. 

@JaMario Price

Depends on the program.  Some will allow it after a year, some require more years. None of them allow it out of the gate.

Hire a property manager in the area that is familiar with the laws.  It'll likely save you a ton while you learn the ropes of the area.

In Idaho there are some first time home buyer programs that let you get in with minimum down.  Check with a lender and see if you have those available.  Your other option would be to find a private lender. 

Is it lower on just the hot water, or the hot water and the cold water?

I would check with your real estate agent on which lenders they would recommend. Congrats on your first approval!