All Forum Posts by: Scott Johnson

Hello all, just looking for input on how to address the following situations with a rental application:

a. Applicant has indicated previously owned a home with spouse but is currently going through divorce and living with relative along with two minor children and is unable to provide previous landlord references.

b. Applicant's wage income is below 3x rent and does not qualify on this basis, but has indicated government assistance for two minor children. Including assistance for children income exceeds 3x rent. Can applicant be asked to provide proof of assistance and treat this as qualifying income for purpose of renting?

 I wondered whether the above should be treated as red flags for screening or not?

Thank you.

 Thanks!

When I click the link, it says that the video is private, and I can't open it up.

 Thanks!

When I click the link, it says that the video is private, and I can't open it up.

Hi,

We will be listing our property 3 bed / 2 bath for the first time in a few months after we do some maintenance, get it furnished, and do some landscaping. People say to use multiple platforms. For example: If someone reserves the property on Airbnb and we also have VRBO or others, do we manually have to go in and fill in those dates as reserved so that the property is not double booked, or is there some sort of software / management system that will do it for us? ...... If so, what do you use? ...... Any other info that you care to share will be great! .... YouTube is full of videos about STR's, but the more you watch, the more confusing it gets. ..... We have no idea what we are doing, but need to learn as much as we can in the next few months.

Thanks! :)

Yesterday I did something incredibly stupid. I was bidding on a house at a Sheriff's Sale online. During the auction I went to increase my bid and accidentally ended up bidding on the wrong house (I know baffling). Turns out there is no way to cancel an active bid.. After winning I immediately called the Sheriffs department and was told there wasn't a lot they could do. They gave me the number to the law firm representing the bankruptcy and I'm communicating with them now but.. From what I can see online the news will not be good..

I already made a $4000 deposit to gain the ability to bid, and this money is obviously now locked up. I've read that in many places failure to pay the full amount (usually in 30-90 days) will or may result in contempt of court. Any other options I should pursue? The deal wasn't that good either given the little research I did on the house after the fact. Seems like there is some potential that is mostly dependent on the interior condition, but I really don't want the headache. I've already accepted this nightmare, just hoping to reduce loses. Any Advice? 

 Thank you all for the advice! It is greatly appreciated. For more context, I am about 40 episodes into the BP podcast. I've read Rich Dad Poor Dad, Think and Grow Rich, and a few other books by this point. I have also connected with a local investor named Diego Corzo in the past who recommended me to Bigger Pockets. I am also considering joining RECA in the near future. I will look into that Rental Property Investing book. I've heard good things about it. Will plan to post more as I begin to analyze deals. Thank you all again.

I am glad you're open-minded in regard to learning more about the industry. As a Marine and Investor in Austin, myself, I can say you have my respect for wanting to dip your feet in the water. There's a variety of places we can obtain information from, and - similar to what @Scott Johnson mentioned - I would say that the forums, BP Books, the BP Podcast, & Networking with other investors locally is a FANTASTIC way to learn more about the niche you're interested in overseeing. 

The biggest teacher is Experience. Jumping into it - backed by numbers and logic, of course - is a great way to not only build a track record, but also provide insight to others about what you've learned throughout your time investing, too! 

I'd LOVE to give you tips and advice on how you can get started with carving out your path to being a successful buy-and-hold investor. Reach out to me if you want to talk.

@Jonathan J. so you have over $100K of equity in your house... You could sell and put 5% down on a socal duplex and take advantage of owner occupied loans and the great appreciation here. Perhaps buy a bit of a fixer to add value to the property during the 3 years you plan to live in it, then either sell and buy again where you move or rent out the duplex.

Owner occupied government backed loans don't let you buy in a LLC. Don't waste your money on the seminar, book, LLC filing fees for your first time buyer deal.

Go hunt for down payment assistance. Get your FICO score up. MAximize your income and liquid assets... instead