All Forum Posts by: Shaun R.

That number does for PITI including PMI. That is just from the calculator on realtor.com. If this is still available after I get the property closed that I have under contract, I'm definitely going to dig deeper and get some real numbers.

I think the numbers do make sense to me based on my ASSUMPTIONS. This just came up for sale and I haven't done any real research. After I get this first house closed and get a renter in I'm going to look into it if it's still available. I'll be looking to buy as an owner-occupant with plans to rent the other 3 units out. I should have mentioned before that all 4 units were recently updated. I wouldn't have any idea of what kind of condition the major systems are until an inspection was done. But if I'm able to live for free for a while and save up for my next investment property I'd be happy. I guess my question was more is an investment a good one if it cash flows, but there is no instant equity at purchase.

After I get my first rental property closed I'm going to look into refinancing out of the FHA mortgage on my personal residence into conventional, and possibly pulling a little cash out (and keep it as a rental). There are not a ton of small multi-family properties in my area, but I one popped up on the MLS yesterday that got my attention.

The property has 2 duplexes on one lot. Each is 2/1 and about 900sf. I have a good gauge of what SFH's are worth in my area, but no idea about multi's since there aren't that many around here. So, assuming that this thing is listed for what it's worth, and each unit will rent for $800-$900 (I'll say 800 for this exercise), is it worth buying and living in one of the units? The calculator tells me that with an FHA mortgage and 3.5% down my monthly payment would be around $1400 per month. Rents would be $2400 plus I'd get to live in it for free until we were ready to move.

I realize this is probably not the blockbuster deal that a lot of you may be looking for.  But it is worth buying for someone who is just getting started as a house hack?  

My goal is to build a large portfolio rental properties.  I considered starting an llc for a "property management" company, but after doing some research I found out that I'd need a broker's license in Louisiana for that.  

Yes ma'am, I came up with my price from listings I found on-line from different sites.  Up to about 1600 sf everything was right at $1 per sf.  The listing on this house said the living area was 1445 sf, so I rounded the price down to $1400.  The appraisal, however, shows that the house is a little over 1500 sf, and his recommendation falls right in line with what the other houses are listed for.

I just got the appraisal report on the first rental property I'm buying and there is a recommendation for the rent that the house should get.  They showed three rental comps and based on those they recommend that I rent for $1500.  I was planning on listing it at $1400, but now I'm wondering if they know something I don't.  How much faith can you put into the appraiser's recommendation for rent?

It just popped up on my phone... @Brandon Turner is on the Real Estate Investing for Cash Flow podcast talking about trading up from SFH's to multifamily apartments and mobile home parks. I'm going to give this one a listen on my way home from work today.

The closer I get to the closing of my first rental property, the more nervous I get about being a landlord for the first time.  I'm trying to make sure I have everything lined up, and I came across this form on the fileplace on biggerpockets.  There seems to be a lot of good advice on this list.

https://www.biggerpockets.com/files/user/Nancy178/file/before-investing-have-a-plan

It hasn't asked me for  one.  I'm going to have to enter my checking account info to accept on-line rent payments, but it appears completely free to the landlord.  

As I'm closing in on my first rental property, it occurred to me that any rent checks are going to be written out to my name since I'm managing the property.  I haven't been in any hurry to set up a business entity since I'm just getting started and will only have one rental property.  

Is there any good reason not to have tenants write a check to me for rent, or is it necessary to have a business entity set up?  Do you think a tenant will be more likely to try and bend the rules if they are obviously dealing with an individual instead of a company?