All Forum Posts by: Shane Johnson

Fantastic news - i know im two months late, but glad to hear you found a great tenant! Your patience looks to have been rewarded. :)

My advice would be to first increase your income, increase your savings, and get a non-occ co-signer if need be (your grandfather for example).

At $350 a week, your going to struggle to get approved for much .
That is $1487.50 a week (gross? or net?(after taxes)
at 40% DTI , with no other debt - that is $595 a month.
It may not be impossible, but with tighter lending requirements, no savings, and no work history, it will be very tough.

I would suggest waiting to buy a property until you have gotten your RE agent career going. I would also suggest picking up a 2nd job to increase your income. If you have read Robert, or any other zero to hero story, you will learn that its going to take a lot of hard work and sacrifice in the beginning.

My last suggestion, buy a duplex, owner occupy it, 3.5% down FHA, live in it for a year or two, and then rent both sides out when you are financially able to purchase another property.

Depends on how nice your rental is, and if you want it to stay that way.

And you live in a climate area that has a cold winter. You think hes gonna go outside to smoke every time? I watch my neighbors who rent, smoke out the windows and doors all the time, even though they are not supposed to. I know their landlord loves it.

"Live like nobody else now, so you can live like nobody else later"

It sounds like your wife wants nice things, and is afraid to sacrifice.

Remind her that using the money to invest, if done wisely, will pay for those things she wants in her forever home. Simply saving for the forever home first, means no money to invest. Investing makes you money, couches and nice finishes in your home do nothing positive for your pocket book. Invest first, treat yourself later ;)

Forever homes are a loss and an expense. Flipping homes and rentals create income, which can offset a property like that, which is why you will find me trying to invest in other houses before I make my house as nice as I want it. :)

I currently do this. The only reason it works for me...

1. we were friends before hand. i knew his party habits, his line of work (bartender and in school)

2. we both arent perfectly clean, we get in tiffs occasionally, but we work it out, because we are friends. i have a doberman which adds to the mess, and hes working on not leaving stuff laying everywhere.

3. hes a non-smoker, single college guy, no pets, and also into staying in shape, and similiar hobbies. I wouldnt date, nor will i rent to a smoker. He has also been respectful so far about bringing back women, which is very nice.

4. for a while there i needed that extra income per month, now it just helps me live a more comfortable lifestyle. ive looked at it different ways ( pays half the PITI, or pays my harley and insurance :) )

Renting a room in an older house is a challenge, or any house where you share common spaces. If you have a multi-level home where they can have the basement and only share the kitchen at worst, then it works even better.

I intend to move up to the attic in the future, which will help. If my girlfriend ends up living with me, we will ahve to figure that out, they get along, but if she moves in, I imagine it will no longer make sense to have him for the extra income, unless i finish the attic/basement, to add more space.

Welcome Sawyer!
and @Randy Beadles !

I live in Hudson, so not far from both of you. :)

Randy, what and where do you invest? In RF? College Rentals?

maybe not the best, but if your up 700k+ and have a (now free and clear?) rental that takes in 2k a month, id say your doing fantastic.

@Eric L. - did a flip last year in Northeast. Havent seen or heard much from him sense.

Eric you still alive and kicking? Any new flips? Give me some motivation to keep on the grind.


Its definitely harder to find deals this year than it was the last 2 years. I wish i had about 200k in 2010, I would have quit my day job by now....

I am in Hudson, so not too far. I actually attend church in Roseville, at the Northwestern campus. Similiar goals over here, just sold my first house, living in/fixing my 2nd house, and hoping to cash out some equity soon. Currently seeking Land Contract BAH opportunity, and OFF-MLS rehabs.

I have been thinking of attending an REIA meeting here soon. I think there is actually one tomorrow? First tuesday of the month if I remember right?