All Forum Posts by: Star Reid

Hello! New investor here of 5 months! Purchased a duplex with two great tenants. One lease is up in September so I’ll have my first turnover that I’ll be dealing with. The unit is in good shape I’ll just make sure after they leave. Here is my issue. Once I put it up for rent I don’t have the time with my w2 work schedule to physically show the property to tenants to be rented out. Does anyone know anything that could help me with this situation? Thanks in advance. 

HI Shana! - I also live in McDonough GA and im in the same boat as you. I did just get my first deal done but it was a very different type of deal. My next one will be a multifamily more than likely! Cheers to us! 

 All great things!! Thanks so much!! I already did my email but I didn’t think of google drive. I’ll also check out all the others!!

Boy am I jumping into an unknown field here. I’ve done all the research on the front end of how real estate works (like running numbers, knowing loans, and the process of buying the home) but none when it comes to managing it with tenants. Luckily the seller of my first property is understanding and has given me some things to take care of in terms of changing over utilities and such (this is a duplex). Both units have tenants living in them and he is giving them the 30 day notice that management will be passed along to me. I will then have to come up with my own lease agreement with them. I don't even have a payment system or anything in place. That is is why I am here. Can someone give me a checklist of some sort that would help me on my first rental property to make sure am as prepared as I can be?  Also I know I have rentreadi though biggerpockets but my seller uses Avail and suggested that to me. Does anyone else have any recommendations? How about other apps that could be helpful? I am a long time user of YNAB (You Need A Budget), so I will be creating my first business budget and I am excited! Scared and excited! Any other YNAB users here? Thanks in advance for all responces! 

 Hi!! I’m about in the same boat. I’m in the McDonough area. I plan on looking up things on meetup as well!

 Thanks Rachel. All good things to keep in mind!

 Thank you! Yes I am searching for a private money lender as I dont WANT to pull from my retirement accounts but if thats what I have to do, I will! I am also aware of things that could change and things I need to look up about the park! Im in full investigation mode right now!

 Thank you! Yes those are the numbers in my head and Im going for the cash flow for my first deal. This one just makes sense! Yes I would be able to fund all of it with my 401k and Roth put together. 

Thanks so much. I have considered that. 

Short back story - Became debt free after paying off $30k - Currently have $25k saved - Have been doing research, listening to podcast, read the book on rental property investing by Brandon Turner, and became a ProMember of BiggerPockets (learning how to run numbers with the tools here). Its time for the first deal, and I may have it. But I have some questions I need to ask about things I don't know quite yet. 

So I found a for sell by owner property that is a mobile home that has been converted into a two unit duplex (units have been furnished by owner). The home sits in a mobile home park. The units are currently occupied with tenants and is being rented for $1280 each ($2560 minus $500 HOA: $2060 Net Earnings). Each tenant has 6-8 months remaining under their current lease agreement. I have proof that the tenants are paying on time, and have the current rental agreements to look over. I also live about 20 minutes from the property so i would be local.

The seller is asking for cash and I believe I can come up with 85k. I would love to take a personal loan out but there is a problem with my past. In 2017, I filed for bankrupty (being young and dumb). I have since then increased my net worth to over 100k invested and completely debt free with a credit score of 745. I tried yesterday to get a personal loan from SoFi and was denied (due to the bankrupty). So I am now in search of trying to come up with the remaining cash I need (60k). Does anyone know of a hard money lender or anything that I can use to get the 60k? I don't look like the best candidate, but my story speaks for itself. Its almost like im stuck until 2027 when the bankrupty falls off. 

My last resort is to borrow from myself. I do have a 401k and Roth IRA I can pull from to make this happen but that is my last resort. If I have to, I have to, but that's why I came here to ask for help. I also have over 100k of available credit on credit cards I could use (I have worked so hard to create great relationships with CapitalOne and Chase after bankrupty to have this, and don't live on credit card float). I looked into one of my cards, the Venture X. I have a 30k credit limit but my cash advance is only 10k. I don't think I can access the full 30k for this deal. Another option I thought of was getting an Auto equity loan on my 2018 Ford Fusion. I think I could get around 10k for that, which would help me but not fund the whole deal.

Also if anyone has any information for me about buying a mobile home inside a mobile home park, please let me know. Is there anything I need to know or anything I should watch out for? Could I get a home equity loan on a mobile home in a park to pay myself back? 

If anyone can help me or has any thing advise it would be appreciated.