All Forum Posts by: Hendrix P.

Okay, thanks. I thought I should do it myself but wasn't sure how to go about it.

Regarding the keys/locks, I thought about changing the locks so I limited who had keys but maybe I'll skip that.

Currently there is no effective contract.

Long story short, I'm not comfortable with my property manager. In replacing him should I contact him myself or should I have my new PM take care of it?

Also, in changing a PM should I have the locks changed also?

Hendrix

I'm dealing with my first vacancy/getting a new tenant. My prior tenants were fine and have handed in there keys. I was wondering if I should change the locks on the doors when I change my tenants.

Regarding 15-30 yrs...IMO it depends on the interest rate and the payments. Usually the interest rate on a 15 yr loan is less than the interest on a 30 year loan. That being said, your monthly payments will be more on on a 15 yr loan but might not be too much more and it might make sense to pay a couple extra bucks a month to cut down the time of the loan in half.

Regarding the PM, I think it's better to start doing it yourself. I think you will learn so much more doing it yourself then paying someone to PM. And, if there comes a time where its just too much for you to handle you can always hire a PM at that point but you know what you are paying for.

Good luck!!

okay, thanks... That was my major concern jumping in two number two before I knew what I got myself into. But I'm fairly comfortable and will start looking again.

Thanks guys.

I just finished my first purchase. It was a SFH and I went that route because it was my first and I wanted to keep the first property as simple as possible. My question is which do you guys feel garnishes the most stability tenant wise?

IMO, I feel that SFH are more likely to be rented by a family where they might be turned off my a mulit family property. Am I wrong?

I just closed on my first deal last week and already thing about my next. I am buying property to rent. I don't want to get too ahead of myself and was wondering what would be a considered a reasonable amount of time to wait before looking for another property?

The biggest problem with the financing was just finding a lender that didn't mind taking on such a small loan. I will say I got pretty lucky because the bank I am going through I got via a referral from another lender whose bank add points for small loan amounts.

I'm hoping so. This is my first deal so I'm not looking to get rich off of it but I hope to make a some money and gain equity and learn for my next deal.

Sure....

The its a SFH that I got for $38k...The seller bought the property this year with the intent on rehabbing it and selling it. When I went to go look at properties he was just finishing up the renovations. He had a tenant lined up in case he was unable to sell. By the time I made an offer the tenant had signed a month to month lease.

I took out a conventional loan fixed rate with a 15yr note. The difference btw the 15 and 30 yrs note when you take into consideration the different rates wasn't much so I went with the 15. The bank is having me put down 25%.