All Forum Posts by: Sean Lambert

I just walk them through the process.  I buy a dump, fix it up, refinance it and pull some equity out and then rent it out.  

If they don't get it, I just move along and let them call me a slumlord.

real estate isn't a get rich quick and quit the day job right away gig.  

Plan it out and let the plan germinate, grow and flower before you submit your letter of resignation.  

what's the rental history of the complexes that you're reviewing?  It might be an instance of housing being more affordable in the town with the complex you're looking at, compared to the city that the renters commute to?

Welcome aboard!  Portland is an interesting market right now.  

I have the majority of my tenants snail mail me rent checks. Some of them pay with money orders. I have one tenant that pays cash, so I pick it up. I deposit the checks by scanning them with my bank’s app, which cuts down on trips to the bank.

what's your plan for the property?

it's my understanding that you would still get the capital gains benefit, since you would have lived in it 2 of the last 5 years.  I think you'd still have to recapture the depreciation that you reported for the years that it is a rental.  I'd review your options with a CPA.  I'm not a CPA.  Good luck!  Keep us updated!

You could find a mortgage broker as well and see if they can find you a better rate.  You'll pay extra for the broker, but it will save having to knock on several bank doors.

Is seller financing an option?

Congratulations!!

Screen screen screen!  A vacant rental is better than having it filled with a deadbeat tenant.

Find ways to increase cash flow. 

One example, I've had one renter take me up on paying rent every two weeks, instead of once a month.  The way I set it up, it ends up being the equivalent an extra month's rent a year, but the tenant likes it because the payment matches their pay schedule better and they don't have to budget.

Keep reading and learning!  Good luck!

I work with a broker.  As mentioned above, they can do the loan shopping for you and are usually familiar with your finances, especially if you work with them often.